the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR SEATTLE AND BELLEVUE
published October 2020
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 - RESIDENTIAL
05 KING COUNTY - CONDO
Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com
Bowen Behan Pausey DATA ANALYST bbehan@rennie.com
06 SEATTLE - RESIDENTIAL
07 SEATTLE - CONDO
08 BELLEVUE - RESIDENTIAL
09 BELLEVUE - CONDO
Copyright © 2020 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 12, 2020. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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. 4
home sales hit a 15-year high in September
Home buyers remained very active throughout King County last month even as the school year got underway and concerns persisted around the impact of the pandemic’s second wave. Demand has been strong for all home types.
Strong demand, combined with limited supply, has unsurprisingly yielded relatively rapidly increasing prices, with the median price of condos up 9%, and that of ground- oriented homes up 14%, compared to last year. These are the fastest year-over-year price increases seen since the middle of 2018. Continued low interest rates and the ongoing job recovery (uncertain as its trajectory may be) have combined to create fertile ground for the county’s housing market. With stock markets once again wobbling, and the fixed income market mostly returning less than a penny on the dollar, hard assets such as residential real estate look evermore attractive to end users and investors alike. With all of this in mind, it is conceivable that sales counts in 2020’s remaining months could give September a run for its money.
Most of the attention given to the September housing market statistics for King County have, rightfully so, focused on the sheer number of transactions that took place. Indeed, the 3,755 sales tallied last month were the most for a September in at least 15 years (9% higher than the next-highest September, in 2016), were up 43% versus September 2019, and were 41% higher than the past-decade average for the month. A less heralded observation from recent months is the existence of what appears to be a sort of “Covid-effect” within the County’s housing market. Specifically, while condos accounted for 21% of all sales during the 12 months before the pandemic took hold in April, they have accounted for 19% of sales since then, with buyers increasingly looking for larger homes with more outdoor space.
As real a trend as this may be, the condo market has nonetheless been very active: the 715 condo sales in September were the most in any month since May 2019, were up 34% year-over-year, and were 27% higher than the past 10-year average. As Oscar Wilde might have said were he a current- day housing analyst, the death of the condo market has been greatly exaggerated. The number of homes for sale, on the other hand, remains constrained, with September’s 4,958 total listings representing the second- lowest September total in 15 years (only 1% higher than 2017’s 4,910). Additionally, the total number of homes for sale in King County was down by 25% last month compared to September 2019, and was 45% lower than the past-decade average for the month. This was led by ground-oriented home types, whose September inventory was 58% lower than the long-term historical average.
Copyright © 2020 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 12, 2020. 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
king county
RES IDENT IAL SEPTEMBER
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
42 % DOWN
16 % UP
-
14 % UP
47 % UP
0.9 SELLER’S
There were 2,503 residential homes for sale in King County in September, 12% below last month and 42% lower vs September 2019. Residential closed sales rose by 5% month- over-month, to 2,899, and were 47% higher year-over-year. There was 0.9 months of inventory for residential homes in September, reflecting seller’s market conditions. The median sold price in September was $750,000, 0.5% above August and a 14% increase vs last year. The average sold price for residential homes was $920,259, 0.9% higher month-over-month and 16% above September of last year.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
2,503 2,899
2,837 2,773
-12%
4,295 1,971
-42% 47% -60% 14% 16%
CLOSED SALES
5%
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
0.9
1.0
-16%
2.18
$750,000 $746,000 $920,259 $911,700
0.5% $660,000 0.9% $793,184
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$729,950 $750,000
$725,000
$679,950
$660,000 $650,000 $642,625
1.80
1.72
1.65
4,295
2,899
2,910
2,697
2,745
2,533
1,756
2,781
2,503
1,971
1,973
1,848
1,654
1,270
Sep-19
Aug-20
Sep-20
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
. . . 0 0 0 0 0 MONTHS OF INV. CLOSED SALES HOMES FOR SALE SELLER'S MARKET BALANCED BUYER'S MARKET
Copyright © 2020 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 October 7, 2020. All data from Northwest Multiple Listing Serivce & 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. 4
king county
CONDO SEPTEMBER
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE 25 % UP
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
17 % UP
10 % UP
9 % UP
34 % UP
2.2 SELLER’S
The number of condo homes for sale in King County, at 1,602, was up 6% month-over-month and 25% above last year. September’s condo closed sales, at 715, were 6% above last month and 34% higher than last year. There was 2.2 months of inventory for condos in September, reflecting seller’s market conditions. The condo median sold price in September was $435,000, up 5% month-over-month and 9% higher year-over-year. The average sold price was $547,999 with an average PSF sales price of $473 (up 7% and 5%, respectively, vs August).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
1,602
1,507
6% 6%
1,284
25% 34% -7% 17% 10% 9%
CLOSED SALES
715 2.2
673 2.2
535 2.40
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
0.1%
$435,000 $413,975 $547,999 $512,446
5% $399,950 7% $470,138
AVERAGE PRICE PSF
$473
$452
5%
$430
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$439,225 $420,000 $429,375 $435,000
$422,500
$410,000
$399,950
1,602
1,350
1,284
1,032
926
815
593
715
670
614
535
494
366
356
KING COUNTY
SEATTLE
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS ›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
SELLER'S MARKET
BALANCED
160
BUYER'S MARKET
3+ bdrms
208
396
2 bdrms
772
159
. . . . 0 0 0 0
<2 bdrms
622
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2020 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 October 7, 2020. All data from Northwest Multiple Listing Serivce & 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. 5
seattle
RES IDENT IAL SEPTEMBER
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
13 % DOWN
10 % UP
-
10 % UP
59 % UP
1.3 SELLER’S
The number of residential homes for sale in Seattle in September, at 1,222, was 0.2% higher month- over-month but 13% lower year-over-year. With 975 in September, residential closed sales were 7% higher month-over-month and 59% higher year-over-year. There was 1.3 months of inventory for residential homes in September, reflecting seller’s market conditions. The median sold price in September was $799,475, 2% below August but 10% higher vs September 2019. The average sold price was $960,047, 1.1% above last month and 10% higher vs September 2019.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
1,222
1,219
0.2%
1,407
-13% 59% -45% 10% 10%
CLOSED SALES
975 1.3
909 1.3
7%
615 2.3
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
-7%
$799,475 $815,475 $960,047 $950,005
-2% $730,000 1.1% $871,748
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$784,950 $749,000 $778,000 $799,475
$730,000 $720,000 $720,000
1.68
1.67
1.63
1,407
1,222
1,068
906
909
763
975
921
553
665
651
615
548
442
Sep-19
Aug-20
Sep-20
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE ›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
SELLER'S MARKET
BALANCED
BUYER'S MARKET
. . . 0 0 0 0 0
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2020 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 October 7, 2020. All data from Northwest Multiple Listing Serivce & 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. 6
seattle
CONDO SEPTEMBER
AVERAGE PRICE
AVERAGE PSF PRICE 2 % UP
MEDIAN PRICE
HOMES FOR SALE 49 % UP
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
18 % UP
6 % UP
51 % UP
3.6 SELLER’S
There were 1,004 condo homes for sale in Seattle in September, 8% above August and 49% higher vs September 2019. September’s condo closed sales increased by 21% month-over-month and were up 51% year-over-year. There was 3.6 months of inventory for condos in September, reflecting seller’s market conditions. The condo median sold price in September was $475,000, 3% below August but 6% higher vs September 2019. The average sold price was $585,394, relatively unchanged from last month; the average PSF sales price was $583, down 1.5% from last month.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 928 231 4.0
% Change
No. 672 186 3.6
% Change
HOMES FOR SALE
1,004
8%
49% 51%
CLOSED SALES
280 3.6
21% -11%
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
-0.8%
$475,000 $489,000 $585,394 $585,245
-3% $447,500 0.0% $497,303 -1.5% $570
6%
18%
$583
$592
2%
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$483,500 $475,000 $480,000 $475,000
$447,500 $450,000 $453,000
1,004
798
672
545
509
431
315
280
251
233
186
170
139
135
SEATTLE
KING COUNTY
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS
›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
SELLER'S MARKET
BALANCED
22
BUYER'S MARKET
3+ bdrms
77
146
2 bdrms
431
112
. . . . 0 0 0 0
<2 bdrms
496
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2020 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 October 7, 2020. All data from Northwest Multiple Listing Serivce & 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. 7
bellevue
RES IDENT IAL SEPTEMBER
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
38 % DOWN
12 % UP
-
12 % UP
31 % UP
1.0 SELLER’S
There were 139 residential homes for sale in the Bellevue market area in September, 27% below last month and 38% lower vs September 2019. Residential closed sales increased by 9% month- over-month, to 135, and were 31% higher year-over-year. There was 1.0 months of inventory for residential homes in September, reflecting seller’s market conditions. The median sold price in September was $1.28M, 0.5% below August but 12% higher vs last year. The average sold price for residential homes was $1.52M, 2% lower month-over-month but 12% above September of last year.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 190 124 1.5
% Change
No. 223 103 2.2
% Change
HOMES FOR SALE
139 135 1.0
-27%
-38% 31% -52% 12% 12%
CLOSED SALES
9%
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
-33%
$1,275,000 $1,281,500 -0.5% $1,135,000
$1,522,776 $1,559,378
-2% $1,359,162
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
MILLIONS
$1.37
$1.28
$1.21
2.18
$1.20
$1.14
$1.14
1.96
$1.04
1.87
223
186
154
139 135
134
126
69
119
103
81
75
66
42
Sep-19
Aug-20
Sep-20
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
SELLER'S MARKET
BALANCED
BUYER'S MARKET
. . . 0 0 0 0 0
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2020 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 October 7, 2020. All data from Northwest Multiple Listing Serivce & 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. 8
bellevue
CONDO SEPTEMBER
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE 74 % UP
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
12 % DOWN
13 % UP
14 % UP
7 % UP
3.2 SELLER’S
The number of condo homes for sale in Bellevue, at 167, was up 16% month-over-month and increased 74% vs last year. September’s condo closed sales, at 53, were 1.9% below last month and 12% lower than last year. There was 3.2 months of inventory for condos in September, reflecting seller’s market conditions. The condo median sold price in September was $650,000, up 11% vs August and a 7% increase from September 2019. The average sold price was $759,113 with an aver- age PSF sales price of $577 (up 5% and down 3%, respectively, vs August).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 144
% Change
No.
% Change
HOMES FOR SALE
167
16%
96 60
74% -12% 97%
CLOSED SALES
53
54
-1.9%
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
3.2
2.7
18%
1.6
$650,000 $587,500 $759,113 $725,285
11% $607,500 5% $671,725
7%
13% 14%
$577
$592
-3%
$507
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$665,000
$620,500 $574,000 $650,000
$607,500 $572,500
$484,000
167
115
96
83
73
61
32
60
56
55
53
47
32
26
BELLEVUE KING COUNTY
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS ›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
SELLER'S MARKET
BALANCED
15
3+ bdrms
BUYER'S MARKET
27
28
2 bdrms
98
10
. . . . 0 0 0 0
<2 bdrms
42
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2020 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 October 7, 2020. All data from Northwest Multiple Listing Serivce & 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. 9
The rennie intelligence team comprises our in-house demographer, senior economist, and market analysts. Together, we empower our developer clients, rennie advisors, institutional advisory clients, and the entire rennie team with comprehensive data and a trusted market perspective. With data as the backbone to our thoughtful real estate practice, we help our clients form and execute sound, well-considered plans to help them achieve their goals. the data behind rennie
Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com
Copyright © 2020 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 12, 2020. 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. 10
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10Made with FlippingBook - professional solution for displaying marketing and sales documents online