the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE
published January 2023
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
11 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 January 9, 2023. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
All the hullabaloo of 2022 King Country’s sub-2,000 sales count in December marked 6 straight months of sub-3,000 sales. That said, the housing market—having been hobbled by high and rising interest rates against a backdrop of persistently aggressive inflation—is likely to see brighter days as the year progresses.
the continuation of sellers’ market conditions throughout the County. Demand continues to be suppressed by the Federal Reserve’s hawkish monetary policy. With the Fed indicating the likelihood of at least one more rate hike in 2023, it is unlikely that the County’s housing market will evolve away from its recent (and current) trajectory in the immediate future. Despite all of this, and in light of our analysis of the direction and magnitude of underlying inflationary pressures (which are abating), we remain cautiously optimistic that the latter part of 2023 will be characterized by lower interest rates, ameliorated inflation, and a more active housing market.
Furthermore, last year’s sales count was the lowest since 2011. Notably, more than half (56%, to be exact) of 2022’s sales occurred in the first half of the year, with the remaining 44% occurring in the second half. This contrasts with the typical experience of the past decade, when more sales occurred, on average, in the second half of the year (52%) than in the first half (48%). By the end of 2022, there were 3,246 homes for sale across King County, with inventory in December both having declined by 3 consecutive months and sitting 22% lower than the past-decade average. The 2.2 months of inventory (MOI) in King County in December was not very different from December 2021’s MOI 2.6, indicating
Having noted the downward monthly sales path in each of the past two editions of the rennie review (here and here), December followed the trend, tallying a mere 1,501 sales County- wide; this was the lowest-recorded December count ever, save for 2008. Last month’s tally was also 44% less than December 2021’s 2,661 sales, and 41% less than the past-10-year average. This marks the first time since June 2020 (in the thick of the pandemic) that the County has experienced 6 straight months (and likely counting) without hitting the 3,000-sales threshold. Last year’s total County-wide MLS sales finished at 29,616, which was 26% less than the record-setting total from 2021 and 14% below the past-10-year average.
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 January 9, 2023. 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-DECEMBER202
AVERAGEPSF PRICE - VS 2021
HOMES FOR SALE
MONTHS OF INVENTORY 1.8 SELLERS' MARKET
▶ MARKETSUMMARY Thenum berofresidentialhom esforsalein KingCountyin D ecem ber,at1,958,was30% lowerthan lastm onth and 263% higherthan lastyear. W ith 1,115 in D ecem ber,residentialclosed saleswere16% lowerm onth-over-m onth,and 42% down year-over-year. Therewas1.8m onthsofinventoryfor residentialhom esin D ecem ber,reflecting selers'm arketconditions. Them edian sold pricein D ecem berwas $813,750,2% below N ovem ber,and 0.2% below vsD ecem ber2021. Theaveragesold price forresidentialhom es was$1,010,713,3.5% below lastm onth and 5.7% higherthan lastyear.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▼ 6% VS 2021
▼ 0.2% VS 2021
▲ 263% VS 2021
▼ 42% VS 2021
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
1,115 1,958
1,328 2,801
-17% -16% -30%
$1,071,463 $815,000 0.3 1,935 539 -
-6% -0.2% 530% -42% 263%
$1,010,713 $813,750 1.8
$1,047,762 $830,000 2.1
-4% -2%
-
- -
-
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
1.77 1.81
1.73
$999,900 $925,000
$815,000
$900,000 $900,000
$869,500
$813,750
3,817 3,791
3,424
3,398
3,482
2,801
2,568 2,502
2,381
2,209
1,958
1,935
2,283
1,871 2,049 1,837
1,1061,264
1,787
1,568
1,168
1,328 1,115
539
774
599
D ec-21 N ov-22 D ec-22
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
500
5.9
5.1
400
300
200
2.1
1.9
1.9
1.7
1.7
100
1.0
0
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
261 259 1.0
473 278 1.7
366 212 1.7
368 193 1.9
181 93 1.9
82 39 2.1
97 19 5.1
130 22 5.9
M onthsofInv. Closed Sales H om esforSale
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofJanuary9,2023.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 -DECEMBER202
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 93% VS 2021
MONTHS OF INVENTORY 2.1 SELLERS' MARKET
▶ MARKETSUMMARY Therewere674 new construction condo hom esforsalein KingCountyin D ecem ber, 28.7% lowerthan N ovem berand 93% higher than D ecem ber2021. D ecem ber'snew construction condo closed saleswere6% lowerm onth-over-m onth (at 325),and weredown 46% year-over-year. Therewere2.1m onthsofinventoryin D ecem ber,reflecting selers'm arket conditions. Thenew construction condom edian sold price in D ecem berwas$470,000,2% above N ovem ber,and 2.2% abovevsD ecem ber 2021. Theaveragesold pricewas$559,483,0.6% abovelastm onth,theaveragePSF salesprice was$510,aboutthesam eas0% from last month
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 2% VS 2021
0% VS 2021
▼ 46% VS 2021
▼ 1.2% VS 2021
PREVIOUSMONTH
PREVIOUSYEAR
THISMONTH No.
No. % Change
601 350 256% -46% 93% No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
325 674
347 945
0% 0.6% 2% -24% -6% -29%
$510 $559,483 $470,000 2.1
$510 $556,417 $459,000 2.7
$516 $559,657 $460,000 0.6
-1.2% 0% 2%
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$617
$586
$520,000 $525,000 $505,000
$485,000 $487,475 $470,000
$516
$510
$460,000
1,101
1,072 1,017
1,086
970
945
714 753 671
724
674
601
557
554
567 531
450
670
405
347 325
546
471
350 309 374
KING COUNTY SEAT LE
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
10.3
64
200
3+ bdrms
146
7.3
150
164
5.4
2 bdrms
100
338
3.6
2.7
2.6
50
97
1.9
<2 bdrms
1.0
190
0
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
117 114 1.0
213 115 1.9
148 55 2.7
81 15 5.4
32 9 3.6
29 11 2.6
22 3 7.3
31 3 10.3
M onthsofInv. Closed Sales H om esforSale
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofJanuary9,2023.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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5
seatle
RESIDENTIAL-DECEMBER202
AVERAGEPSF PRICE - VS 2021
HOMES FOR SALE
MONTHS OF INVENTORY 1.6 SELLERS' MARKET
▶ MARKETSUMMARY Thenum berofresidentialhom esforsalein Seatlein D ecem ber,at636,was32% lower than lastm onth and 193% higherthan last year. W ith 395 in D ecem ber,residentialclosed saleswere14% lowerm onth-over-m onth,and 45% down year-over-year. Therewas1.6m onthsofinventoryfor residentialhom esin D ecem ber,reflecting selers'm arketconditions. Them edian sold pricein D ecem berwas $875,000,2% below N ovem ber,and 6% above vsD ecem ber2021. Theaveragesold pricewas$998,026,3% below lastm onth and 3.5% higherthan last year.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 4% VS 2021
▲ 6% VS 2021
▲ 193% VS 2021
▼ 45% VS 2021
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
395 636
457 932
-3% -1.7% -21% -14% -32%
716 217
431% -45% 193%
$998,026 $875,000 1.6
$1,025,847 $890,000 2.0
$964,186 $823,450 0.3
4% 6%
-
- -
-
-
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
1.87
1.75
1.68
$996,000 $965,000
$910,000 $910,000
$900,000
$823,450
$875,000
1,122
1,080
1,018 1,245
931
932
841
803
780
716
845
655
636
668
410 477
579
563
517
395
513
457
348
217
293
226
D ec-21 N ov-22 D ec-22
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
200
10.0
150
100
50
2.7
2.4
1.6
1.6
1.5
1.4
1.3
0
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
75 54 1.4
181 111 1.6
151 102 1.5
117 75 1.6
47 36 1.3
16 6 2.7
19 8 2.4
30 3 10.0
M onthsofInv. Closed Sales H om esforSale
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.Curentasof.Aldatafrom NorthwestMultipleListingService& Rennie.W hile theinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ay de m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ationissubjectto changeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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6
seatle NEW CONSTRUCTION CONDO -DECEMBER202
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 24% VS 2021
MONTHS OF INVENTORY 3.6 SELLERS' MARKET
▶ MARKETSUMMARY Therewere98 new construction condohom es forsalein Seatlein D ecem ber,14% lower than N ovem berand 24% higherthan D ecem ber2021. D ecem ber'snew construction condo closed saleswere145% higherm onth-over-m onth (at 27),and weredown 23% year-over-year. Therewere3.6m onthsofinventoryin D ecem ber,reflecting selers'm arket conditions. Thenew construction condom edian sold price in D ecem berwas$660,000,3% below N ovem ber,and 4.3% below vsD ecem ber 2021. Theaveragesold pricewas$719,198,13% below lastm onth,theaveragePSF salesprice was$632,down 18% from lastm onth
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▼ 4% VS 2021
▼ 6% VS 2021
▼ 23% VS 2021
▼ 24% VS 2021
PREVIOUSMONTH
PREVIOUSYEAR
THISMONTH No.
No. % Change
35 79 -24% -6% -4% 61% -23% 24% No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
27 98
$769 $826,308 $679,000 10.4 11 114
-18% -13% -3% -65% 145% -14%
$632 $719,198 $660,000 3.6
$827 $767,751 $690,000 2.3
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$827
$789,000
$632
$819,990 $857,500
$712,475
$516 $510
$722,000
$690,000
$660,000
124
114
100
103
92 95 88
88 95
98
79 74 81
31
25
52
18
27
12
39
11
35 28
34 40
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
6.0
7
3+ bdrms
30
23
4.2
20
16
2 bdrms
3.0
44
2.2
2.0
10
4
<2 bdrms
31
0
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
20 9 2.2
33 11 3.0
21 5 4.2
6 1 6.0
2 1 2.0
M onthsofInv. Closed Sales H om esforSale
2 0
3 0
11 0
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.Curentasof.Aldatafrom NorthwestMultipleListingService& Rennie.W hile theinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ay de m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ationissubjectto changeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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7
seatle
PREVIOUSLY-OW NED CONDO -DECEMBER202
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 42% VS 2021
MONTHS OF INVENTORY 2.5 SELLERS' MARKET
▶ MARKETSUMMARY Therewere279previouslyowned condo hom esforsalein Seatlein D ecem ber,34% lowerthan N ovem berand 42% higherthan D ecem ber2021. D ecem ber'spreviouslyowned condoclosed saleswere13% lowerm onth-over-m onth (to 112),and weredown 49% year-over-year. Therewere2.5m onthsofinventoryin D ecem ber,reflecting selers'm arket conditions. Thepreviouslyowned condom edian sold pricein D ecem berwas$462,500,3% above N ovem ber,and 1% abovevsD ecem ber2021. Theaveragesold pricewas$529,733,6.0% below lastm onth,theaveragePSF salesprice was$575,up 1% from lastm onth
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 0.6% VS 2021
▲ 0.5% VS 2021
▼ 49% VS 2021
▼ 1.5% VS 2021
PREVIOUSYEAR
THISMONTH No.
PREVIOUSMONTH
221 197 179% -49% 42% No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
112 279
129 423
1.1% -6% 3% -24% -13% -34%
$575 $529,733 $462,500 2.5
$584 $526,616 $460,000 0.9
$569 $563,310 $450,500 3.3
-1.5% 0.6% 0.5%
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$584
$575
$497,000
$490,000 $485,000
$480,000 $462,500
$495,000
$460,000
$516 $510
519
499
491
458
468
423
333
256 297
221
217
304
279
176
256
263
220
213
222 205
197
162 175
150
129 112
SEAT LE KING COUNTY
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
4
16.0
100
3+ bdrms
29
80
10.0
50
60
2 bdrms
135
6.3
40
4.3
4.0
0 20
2.0
58
1.1
<2 bdrms
115
<$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
43 39 1.10
99 49 2.02
60 15 4.00
25 4 6.25
10 1 10.00
13 3 4.33
16 1 16.00
12 0
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.Curentasof.Aldatafrom NorthwestMultipleListingService& Rennie.W hile theinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ay de m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ationissubjectto changeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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8
belevue
RESIDENTIAL-DECEMBER202
AVERAGEPSF PRICE - VS 2021
HOMES FOR SALE ▲ 615% VS 2021
MONTHS OF INVENTORY 1.7 SELLERS' MARKET
▶ MARKETSUMMARY Thenum berofresidentialhom esforsalein Belevuein D ecem ber,at93,was38% lower than lastm onth and 615% higherthan last year. W ith 55 in D ecem ber,residentialclosed sales were18% lowerm onth-over-m onth,and down 25% year-over-year. Therewas1.7m onthsofinventoryfor residentialhom esin D ecem ber,reflecting selers'm arketconditions. Them edian sold pricein D ecem berwas $1,370,000,9% below N ovem ber,and 17% below vsD ecem ber2021. Theaveragesold pricewas$1,706,799,8.6% below lastm onth,and 22% lowerthan last year.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▼ 17% VS 2021
▼ 22% VS 2021
▼ 25% VS 2021
PREVIOUSYEAR
PREVIOUSMONTH
THISMONTH No.
73 13 -22% -17% 850% -25% 615% - No. % Change -
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
55 93
$1,868,072 $1,510,000 2.2 67 149
-24% -18% -38%
$2,182,787 $1,650,000 0.2
$1,706,799 $1,370,000 1.7
-9% -9%
-
- -
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
2.80
2.54
2.25
$1,835,000 $1,870,230
$2,110,609
$1,600,000
$1,480,000
$1,650,000
199
188
192 186
$1,370,000
177
149
125
102
104
97
95
73
77 73
93 55
123
44 47
92
79
67
54
13
20 31
D ec-21 N ov-22 D ec-22
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
60 70
7.3
6.2
50
40
30
1.9
20
1.5
1.0
0.4
0 10
0.1
<$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
1 8 0.1
8 20 0.4
21 11 1.9
9 6 1.5
22 3 7.3
31 5 6.2
0 1
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.Curentasof.Aldatafrom NorthwestMultipleListingService& Rennie.W hile theinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ay de m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ationissubjectto changeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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belevue
PREVIOUSLY-OW NED CONDO -DECEMBER202
AVERAGEPSF PRICE
HOMES FOR SALE
MONTHS OF INVENTORY 2.0 SELLERS' MARKET
▶ MARKETSUMMARY Therewere48previouslyowned condohom esfor salein Seatlein D ecem ber,30% lowerthan N ovem berand 1100% higherthan D ecem ber 2021. D ecem ber'spreviously ow ned condo closed sales were11% lowerm onth-over-m onth (to24),and weredown 33% year-over-year.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 9% VS 2021
0% VS 2021
▲ 1100% VS 2021
▼ 33% VS 2021
▲ 1.2% VS 2021
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
Therewere2.0m onthsofinventoryin D ecem ber,reflecting selers'm arketconditions.
No. % Change
1.2% 9% 0% 1700% -33% 1100% No. % Change
24 48
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
27 69
-20% -22% -11% -30%
$593 $679,778 $540,000 0.1 36 4
Thepreviouslyowned condom edian sold pricein D ecem berwas$540,000,20% below N ovem ber, and0%thesam easD ecem ber2021. Theaveragesold pricewas$738,235,2% below lastm onth,theaveragePSF salespricewas$600, down 8% from lastm onth
$600 $738,235 $540,000 2.0
$650 $756,306 $672,000 2.6
-8% -2%
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$593
$600
$516 $510
$752,000
$761,000
$735,000 $675,000
$550,000
$540,000
$540,000
98
89
77 106
69
50 91
61 58 58
44
39
36
48 24
33
53
52
16
4
30
27
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
20
6.0
6
3+ bdrms
10
15
4.0
13
10
2 bdrms
30
2.0 2.0
1.6 1.8
5
5
<2 bdrms
0.5
0
8
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
2 4 0.5
18 11 1.6
9 5 1.8
4 1 4.0
6 1 6.0
2 1 2.0
2 1 2.0
M onthsofInv. Closed Sales H om esforSale
5 0
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.Curentasof.Aldatafrom NorthwestMultipleListingService& Rennie.W hile theinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ay de m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ationissubjectto changeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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10
renniereview
AREAS
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.Curentasof.Aldatafrom NorthwestMultipleListingService& Rennie.W hile theinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ay de m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ationissubjectto changeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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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 January 9, 2023. 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. 12
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