the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE
published August 2022
table of contents
Each month, we release the rennie review, a detailed look at the real estate marketplace in Seattle and Bellevue. This report examines our take on the latest NWMLS data for the Seattle Region, overarching market conditions and detailed county- and city-level stats.
02 INTRO
03 WHAT YOU NEED TO KNOW
04 KING COUNTY
06 SEATTLE
Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com
Ryan Wyse SENIOR ANALYST rwyse@rennie.com
09 BELLEVUE
12 AREA MAP
Copyright © 2022 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of August 11, 2022. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 2
King County’s housing market regaining its balance A decline in overall sales combined with swelling supply has ushered King County’s housing market closer to a balanced market than it’s been at any point in the last two years.
long-run average while condo listings (1,080) were 23% lower. All of this has nudged overall market conditions closer to balanced territory than they’ve been in more than two years, as the months-of-inventory (MOI) ratio for July came in at 2.21 (though 4 to 6 months is considered a balanced market). The last time King County had more than 2 months of inventory available was back in May of 2020, when the MOI ratio was 2.24. August’s MLS activity levels in King County are often similar to those in July as summer market conditions stretch into the season’s dog days. And with the trajectory of macroeconomic conditions—the labor market, inflation, and interest rates, specifically—remaining unchanged for the time being, we expect these latest trends to continue into at least early September.
With summer now in full swing—the kids are out of school and Seattleites are traveling in large numbers—conditions in our local housing market continue to evolve in predictable ways. Specifically, MLS sales activity was down in July while the total number of listings available expanded, as would-be buyers hit pause after a frenetic two years of activity and recently rapidly rising interest rates to spend more time at parks, on patios, and on planes. The result of this slowdown in activity is that overall market conditions, while still favoring sellers, have moderated to a level not seen since May 2020. So how did we get to this closer-to-balanced market? Certainly, and most simply, the biggest factor is declining sales counts. Overall sales in King County declined 24% in July when compared with June, were 38% below the total from July 2021, and
were 25% lower than the past 10-year July average. In fact, the 2,531 sales last month represents the lowest total for a July in more than a decade (2011, to be specific). And while sales counts were down substantially across both home types, demand for residential homes sagged the most, with the 1,874 sales in July lower by 41% than the past 10-year average, while condo sales (557) were 31% lower. While sales were on the decline, total listings expanded in July for the seventh consecutive month, with the total number of homes for sale sitting at 5,586, an 8% increase over June. Inventory, however, remains well below the historical norm for this time of year, with July’s total listings finishing 24% below the past 10-year average for the month. Notably, inventory is constrained fairly evenly across both home types with residential listings (3,790) 20% below the
Copyright © 2022 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of August 11, 2022. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 3
kingcounty
RESIDENTIAL-JULY202
AVERAGEPSF PRICE - VS 2021
HOMES FOR SALE
MONTHS OF INVENTORY 2.0 SELLERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Thenum berofresidentialhom esforsalein KingCountyin July,at3,790,was10% higher than lastm onth and 96% higherthan lastyear. W ith 1,874 in July,residentialclosed sales were25% lowerm onth-over-m onth,and 41% dow n year-over-year. Therewas2.0 m onthsofinventoryfor residentialhom esin July,reflecting selers' m arketconditions.
▲ 5% VS 2021
▲ 3% VS 2021
▲ 96% VS 2021
▼ 41% VS 2021
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
1,874 3,790
2,501 3,443
-1.0% -3% 47% -25% 10%
3,166 1,935
231% -41% 96%
Them edian sold pricein Julywas$900,000, 3% below June,and 3% abovevsJuly2021.
$1,160,492 $900,000 2.0
$1,172,144 $925,000 1.4
$1,102,922 $870,252 0.6
5% 3%
Theaveragesold price forresidentialhom es was$1,160,492,1.0% below lastm onth and 5% higherthan lastyear.
-
- -
-
-
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
1.91
1.83 1.82
$1,000,000
$935,000
$900,000
$870,252
$825,000 $820,000 $785,000
3,790
3,443
3,166 2,876
2,711
2,666
2,568
2,501
2,405
2,381
2,209
1,874
1,935
2,256
1,935 1,767 1,634
1,1061,264
1,730
1,401
1,117
783 526 575
735
Jul.-21 Jun.-22 Jul.-22
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
4.5
4.5
800
600
2.5
2.4
400
2.0
1.9
1.9
1.2
200
0
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
301 261 1.2
824 445 1.9
770 378 2.0
826 434 1.9
454 189 2.4
183 72 2.5
176 39 4.5
254 56 4.5
M onthsofInv. Closed Sales H om esforSale
Copyright© 202 renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofAugust1,202 .Aldatafrom NorthwestMultipleListingService& Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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4
kingcounty CONDO -JULY202
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 10% VS 2021
MONTHS OF INVENTORY 1.9 SELLERS' MARKET
▶ MARKETSUMMARY Therewere1,080 new construction condo hom esforsalein KingCountyin July,7% higherthan Juneand 10% higherthan July 2021. July'snew construction condo closed sales were17% lowerm onth-over-m onth (at557), and weredown 31% year-over-year. Therewere1.9m onthsofinventoryin July, reflecting selers'm arketconditions. Thenew construction condom edian sold price in Julywas$495,000,2% below June,and 9% abovevsJuly2021. Theaveragesold pricewas$585,861,4% below lastm onth,theaveragePSF salesprice was$541,down 4% from lastm onth
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 9% VS 2021
▲ 7% VS 2021
▼ 31% VS 2021
▲ 7% VS 2021
PREVIOUSMONTH
PREVIOUSYEAR
THISMONTH No. $541 $585,861 $495,000 1.9 557 1,080
No. % Change
807 980 7% 7% 9% 60% -31% 10% No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$566 $608,102 $505,609 1.5 670 1,007
-4% -4% -2% 29% -17% 7%
$505 $546,380 $455,000 1.2
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$620 $636
$541
$549,950 $535,000
$505
$495,000
$455,000 $475,000 $465,000 $465,000
1,080
1,007
980
865
836
714 752 670
725
724
807
691
601
840 841
557
557
731
680
405
544
517
463
347 306 367
KING COUNTY SEAT LE
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
6.9
103
3+ bdrms
300
196
5.1
4.9
4.6
200
293
2 bdrms
533
2.7
100
1.8
1.6
161
1.2
<2 bdrms
351
0
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
205 170 1.2
324 198 1.6
240 89 2.7
111 62 1.8
64 14 4.6
36 7 5.1
44 9 4.9
55 8 6.9
M onthsofInv. Closed Sales H om esforSale
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofAugust1,202 .Aldatafrom NorthwestMultipleListingService& Rennie.W hiletheinform ationand datacontainedhereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshouldand canbeobtained from arennieandas ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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5
seatle
RESIDENTIAL-JULY202
AVERAGEPSF PRICE - VS 2021
HOMES FOR SALE
MONTHS OF INVENTORY 1.6 SELLERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Thenum berofresidentialhom esforsalein Seatlein July,at1,059,was13% higherthan lastm onth and 31% higherthan lastyear. W ith 655 in July,residentialclosed salesw ere 22% lowerm onth-over-m onth,and 40% down year-over-year. Therewas1.6m onthsofinventoryfor residentialhom esin July,reflecting selers' m arketconditions.
▲ 10% VS 2021
▲ 10% VS 2021
▲ 31% VS 2021
▼ 40% VS 2021
THISMONTH No. $1,165,491 $950,000 1.6 655 1,059 -
PREVIOUSMONTH
PREVIOUSYEAR
No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
844 938
0.5% -1.6% 45% -22% 13%
$1,061,382 $865,500 0.7 1,097 811 -
119% -40% 31%
Them edian sold pricein Julywas$950,000, 1.6% below June,and 10% abovevsJuly2021.
$1,159,507 $965,000 1.1
10% 10%
Theaveragesold pricewas$1,165,491,0.5% abovelastm onth and 10% higherthan last year.
- -
-
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
1.80 1.86 1.81
$960,000 $995,500 $950,000
$865,500
$829,000 $825,000
$775,000
1,097
1,059
938
940 876
920
841
827
803
844
780
811
716
655
692
722
641
410 477
560
486
354
328
280
219
214
Jul.-21 Jun.-22 Jul.-22
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
250 300
4.5
200
150
2.1
1.8
100
1.7
1.6
1.5
1.3
1.3
0 50
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
60 45 1.3
261 147 1.8
268 174 1.5
225 168 1.3
117 69 1.7
39 25 1.6
30 14 2.1
58 13 4.5
M onthsofInv. Closed Sales H om esforSale
Copyright© 202 renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofAugust1,202 .Aldatafrom NorthwestMultipleListingService& Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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6
seatle NEW CONSTRUCTION CONDO -JULY202
AVERAGEPSF PRICE
HOMES FOR SALE ▼ 22% VS 2021
MONTHS OF INVENTORY 7.0 BUYERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Therewere98 new construction condohom es forsalein Seatlein July,9% lowerthan June and 22% lowerthan July2021. July'snew construction condo closed sales were50% lowerm onth-over-m onth (at14), and weredown 26% year-over-year. Therewere7.0m onthsofinventoryin July, reflecting buyers'm arketconditions. Thenew construction condom edian sold price in Julywas$822,495,4% below June,and 37% abovevsJuly2021. Theaveragesold pricewas$903,236,4% below lastm onth,theaveragePSF salesprice was$771,down 11% from lastm onth
▲ 37% VS 2021
▲ 41% VS 2021
▼ 26% VS 2021
▼ 4% VS 2021
PREVIOUSMONTH
PREVIOUSYEAR
THISMONTH No.
No. % Change
-26% -22% No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
14 98
$869 $937,236 $857,500 3.9 28 108
-11% -4% -4% 81% -50% -9%
$805 $638,700 $599,000 6.6 19 126
$771 $903,236 $822,495 7.0
-4% 41% 37% 6%
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$805
$771
$822,495
$792,650
$724,950
$706,950
$692,500
$541
$643,500
$599,000
$505
127
126
108
99 93
96 92
93
98
82 91
77 73
56
52
39
19
34 40
31
36 35 28
30
14
28
SEAT LE KING COUNTY
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
15.0
6
30
3+ bdrms
21
20
6
2 bdrms
7.0
43
5.2
10
4.0
3.2
2
<2 bdrms
34
0
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
31 6 5.2
16 5 3.2
15 1 15.0
4 1 4.0
7 1 7.0
M onthsofInv. Closed Sales H om esforSale
1 0
15 0
9 0
Copyright© 202 renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofAugust1,202 .Aldatafrom NorthwestMultipleListingService& Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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7
seatle
PREVIOUSLY-OW NEDCONDO -JULY202
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 6.0% VS 2021
MONTHS OF INVENTORY 2.5 SELLERS' MARKET
▶ MARKETSUMMARY Therewere529previouslyowned condo hom esforsalein Seatlein July,8% higher than Juneand 6.0% higherthan July2021. July'spreviouslyowned condo closed sales were18% lowerm onth-over-m onth (to215), and weredown 27% year-over-year.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 2% VS 2021
▲ 7% VS 2021
▼ 27% VS 2021
▲ 3% VS 2021
PREVIOUSYEAR
THISMONTH No.
PREVIOUSMONTH
Therewere2.5m onthsofinventoryin July, reflecting selers'm arketconditions.
293 499 3% 1.7% 7% 44% -27% 6% No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
215 529
262 489
0.6% 5% 2% 32% -18% 8%
Thepreviouslyowned condom edian sold pricein Julywas$505,000,2% aboveJune, and 7% abovevsJuly2021. Theaveragesold pricewas$579,747,5% abovelastm onth,theaveragePSF salesprice was$627,up 0.6% from lastm onth
$627 $579,747 $505,000 2.5
$608 $569,840 $473,000 1.7
$623 $551,245 $495,000 1.9
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$627
$608
$485,500 $525,500 $505,000
$473,000 $475,000
$462,500 $451,000
$541
$505
529
499
489
435 462 436
344
313
256 297
293
221
217
304
306 282
215
261
176
262
234
252
223
198
177
163
SEAT LE KING COUNTY
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
200
13
16.5
3+ bdrms
39
150
11.0
98
100
2 bdrms
7.0
234
5.0
50
2.4 2.8
104
1.7
1.2
<2 bdrms
0
256
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
M onthsofInv. Closed Sales H om esforSale
105 61 1.7
179 75 2.4
127 45 2.8
31 25 1.2
22 2 11.0
10 2 5.0
21 3 7.0
33 2 16.5
Copyright© 202 renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofAugust1,202 .Aldatafrom NorthwestMultipleListingService& Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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8
belevue
RESIDENTIAL-JULY202
AVERAGEPSF PRICE - VS 2021
HOMES FOR SALE ▲ 265% VS 2021
MONTHS OF INVENTORY 2.5 SELLERS' MARKET
▶ MARKETSUMMARY Thenum berofresidentialhom esforsalein Belevuein July,at201,was12% higherthan lastm onth and 265% higherthan lastyear. W ith 79 in July,residentialclosed salesw ere 23% lowerm onth-over-m onth,and down 52% year-over-year. Therewas2.5m onthsofinventoryfor residentialhom esin July,reflecting selers' m arketconditions.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 4% VS 2021
▲ 3% VS 2021
▼ 52% VS 2021
PREVIOUSYEAR
PREVIOUSMONTH
THISMONTH No. $2,034,301 $1,700,000 2.5 79 201 -
No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$1,967,327 $1,638,000 0.3 165 55 -
663% -52% 265%
103 180
-13% -10% 46% -23% 12%
Them edian sold pricein Julywas$1,700,000, 10% below June,and 4% abovevsJuly2021.
$2,327,459 $1,880,000 1.7
3% 4%
Theaveragesold pricewas$2,034,301,13% below lastm onth,and 3% higherthan last year.
-
- -
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
2.93
$2,250,000
2.56
$1,805,000
2.04
$1,850,000 $1,700,000
$1,712,500
$1,638,000
$1,650,000
180
201
165
136 134 117
131
103
103
104
95
73
123
79
96
44 47
15
13
57
52
55
51 39
20 33
Jul.-21 Jun.-22 Jul.-22
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
50 60
5.2
4.3
40
30
2.4
2.3
20
1.5
1.0
0 10
0.6
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
M onthsofInv. Closed Sales H om esforSale
1 1 1.0
4 7 0.6
54 23 2.3
41 17 2.4
19 13 1.5
26 5 5.2
56 13 4.3
0 0
Copyright© 202 renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofAugust1,202 .Aldatafrom NorthwestMultipleListingService& Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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9
belevue NEW CONSTRUCTION CONDO -JULY202
AVERAGEPSF PRICE
HOMES FOR SALE
MONTHS OF INVENTORY 0.0 SELLERS' MARKET
▶ MARKETSUMMARY Therewere0 new construction condohom es forsalein Seatlein July,100% lowerthan Juneand 100% lowerthan July2021. July'snew construction condo closed sales werehigherm onth-over-m onth (at1),and weredown 80% year-over-year.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▼ 1.9% VS 2021
▼ 14% VS 2021
▼ 100% VS 2021
▼ 80% VS 2021
▼ 19% VS 2021
PREVIOUSMONTH
THISMONTH No.
PREVIOUSYEAR
Therewere0.0m onthsofinventoryin July, reflecting selers'm arketconditions.
No. % Change
-19% -2% -14% -100% -80% -100% No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
0 1 -100%
1 0
$1,182 $1,631,200 $1,850,000 2.2 5 11
Thenew construction condom edian sold price in Julywas$1,599,995,14% below vsJuly 2021. Theaveragesold pricewas$1,599,995,which wasaround 1.9% higherthan than lastyear; and theaveragePSF salespricewas$956.
- - - - -
- - - -
$956 $1,599,995 $1,599,995 0.0
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$1,850,000
$1,182
$1,599,995
$1,500,000
$1,432,900
$956
$1,412,674
$1,332,673
$949,000
$505 $541
11
10
8 9
7
7
6
6
3 4
1
1
5
0 1 1 2
0
6 1
4
4
1
1
1
0
SEAT LE KING COUNTY
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
1
1
3+ bdrms
0
0 0
2 bdrms
0 0
<2 bdrms
0
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
M onthsofInv. Closed Sales H om esforSale
0 0
0 0
0 0
0 0
0 0
0 0
0 1
0 0
Copyright© 202 renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofAugust1,202 .Aldatafrom NorthwestMultipleListingService& Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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10
belevue
PREVIOUSLY-OW NEDCONDO -JULY202
AVERAGEPSF PRICE
HOMES FOR SALE
MONTHS OF INVENTORY 2.8 SELLERS' MARKET
▶ MARKETSUMMARY Therewere108previouslyowned condohom es forsalein Seatlein July,37% higherthan June and 100% higherthan July2021. July'spreviouslyowned condoclosed saleswere 28% lowerm onth-over-m onth (to38),and were down 47% year-over-year.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 45% VS 2021
▲ 53% VS 2021
▲ 100% VS 2021
▼ 47% VS 2021
▲ 25% VS 2021
THISMONTH No. $699 $973,234 $804,000 2.8 38 108
PREVIOUSMONTH
PREVIOUSYEAR
Therewere2.8m onthsofinventoryin July, reflecting selers'm arketconditions.
No. % Change
72 54 279% -47% 100% No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
53 79
3% 10% 9% 91% -28% 37%
Thepreviouslyowned condom edian sold pricein Julywas$804,000,9% aboveJune,and 53% abovevsJuly2021. Theaveragesold pricewas$973,234,10% above lastm onth,theaveragePSF salespricewas$699, up 3% from lastm onth
$676 $885,501 $735,000 1.5
$561 $668,953 $524,950 0.8
25% 45% 53%
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$699
$800,000
$804,000
$561
$541
$660,000
$505
$657,000
$647,500
$587,500
$524,950
79 108
78 83
61 58 58
60 62
72
38
36
33
54 62
53
51
46
14
16
4
22
12 16 23 27
SEAT LE KING COUNTY
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
30
7.0
11
3+ bdrms
25
27
20
20
15
2 bdrms
64
3.0
10
2.3
1.9
1.5
1.3
0 5
7
1.0
<2 bdrms
17
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
2 2 1.0
25 13 1.9
28 4 7.0
21 7 3.0
9 4 2.3
5 4 1.3
6 4 1.5
M onthsofInv. Closed Sales H om esforSale
12 0
Copyright© 202 renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofAugust1,202 .Aldatafrom NorthwestMultipleListingService& Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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11
renniereview
AREAS
Copyright© 202 renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofAugust1,202 .Aldatafrom NorthwestMultipleListingService& Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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12
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Copyright © 2022 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of August 11, 2022. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 13
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