the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE
published July 2021
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
Bowen Behan Pausey SENIOR ANALYST bbehan@rennie.com
09 BELLEVUE
12 AREA MAP
Copyright © 2021 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 July 14, 2021. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
on heat domes and the record sales of homes
The temperature wasn’t the only thing that hit an all-time high in June as home buyers came out in droves throughout King County. This helped to keep a lid on inventory and boosted prices once again.
June’s supply and demand dynamics resulted in predictable price outcomes: on a year- over-year basis, King County’s median sold price was up 17%, the 6th consecutive month where prices were up by double-digit percentages compared to the year previous. High sales counts and rising prices have also yielded bloated sales volumes, with the $4.16 billion that was exchanged within the confines of King County’s housing market in June representing the largest such number for any month in the County’s history. Of course, this is in some ways just part of a broader trend that has seen monthly sales volumes double, on average, in the months since the pandemic began compared to the monthly average from the 15 years preceding the onset of Covid-19. As we look ahead, it’s likely that housing demand in King County has room to run still. Whether this manifests in elevated sales counts specifically during the summer months or not remains to be seen, but if the trend over the past 6 months is any indication, we’re likely in for a strong second- half of 2021 overall.
across King County in June 2021 were the most in any month in at least 15 years (that’s how far back our database goes). This total was driven by a record 3,283 residential sales, as well as 889 condo transactions. Compared to June 2020, last month’s sales were 45% higher, though some of this differential lies in the suppressed activity that we saw last year in the early days of the pandemic; to wit, June 2021’s sales were “only” 28% higher than the past-decade average for the month. On the supply side, the total number of homes for sale was up somewhat in June compared to May (by 8%, compared to a typical seasonal increase of 5%). Despite this, the fact remains that housing inventory is relatively limited: the number of homes available for purchase across King County in June was 33% below the level of June 2020, and a whopping 59% below the long-run June average.
At the time of this report’s writing, things are looking up for denizens of the State of Washington. Indeed, summer and its heat are upon us (ok, maybe it’s been a bit too much heat), 63% of Washingtonians have received at least one dose of the Covid-19 vaccine (and 56% are fully vaccinated), and the State’s unemployment rate is now down to 5.3%--a far cry from the 16.3% of just over a year ago. Add it all up, and it’s very likely that a sizeable proportion of our population will be focussed more on seeing friends and family, and vacationing, than buying and selling real estate during the summer months. Or will they? If June’s numbers are any indication of what might lie ahead in the typically slower months of July and August, we might need to re-visit our summer- housing-slowndown hypothesis, because-- believe it or not--the 4,336 MLS sales tallied
Copyright © 2021 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 July 14, 2021. 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 JUNE
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
42 % DOWN
23 % UP
-
19 % UP
37 % UP
0.5 SELLER’S
There were 1,545 residential homes for sale in King County in June, 15% above last month but 42% lower vs June 2020. Residential closed sales rose 18% month- over-month, to 3,283, and were 37% higher year-over-year. There was 0.5 months of inventory for residential homes in June, reflecting seller’s market conditions. The median sold price in June was $867,000, 0.9% below May but 19% higher vs last year. The average sold price for residential homes was $1.08M, 0.2% higher month-over-month and 23% above June of last year.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
1,545 3,283
1,342 2,790
15% 18% -2%
2,666 2,401
-42% 37% -58% 19% 23%
CLOSED SALES
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
0.5
0.5
1.11
$867,000 $875,000
-0.9% $726,000
$1,083,788 $1,081,212 0.2% $879,433
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$838,076 $867,000
1.94
$726,000 $747,000 $750,550 $739,000 $759,000
1.85
1.77
3,283
3,008
2,810
2,672
2,666
2,347
2,779
1,607
2,401
2,427
1,545
1,516
1,238
1,113
Jun-20
May-21
Jun-21
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 © 2021 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 July 14, 2021. 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 JUNE
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
24 % DOWN
15 % UP
12 % UP
14 % UP
76 % UP
1.0 SELLER’S
The number of condo homes for sale in King County, at 847, was down 0.1% month-over-month and 24% below last year. June’s condo closed sales, at 889, were 16% above last month and 76% higher than last year. There was 1.0 months of inventory for condos in June, reflecting seller’s market conditions. The condo median sold price in June was $469,000, up 4% month-over-month and up 14% year-over-year. The average sold price was $567,360 with an aver- age PSF sales price of $506 (up 5% and down 0.4%, respectively, vs May).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 848 768 1.1
% Change
No.
% Change
HOMES FOR SALE
847 889 1.0
-0.1% 1,118
-24% 76% -57% 14% 15% 12%
CLOSED SALES
16% -14%
505 2.21
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$469,000 $450,000 $567,360 $541,411
4% $410,000 5% $493,776
$506
$508
-0.4% $453
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$450,000
$439,000 $460,000 $469,000
$410,000
$410,000 $412,995
1,572
1,472
1,118
923
889
887
865
847
809
806
674
630
592
505
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
3+ bdrms
BUYER'S MARKET
121
495
2 bdrms
373
234
. . . . 0 0 0 0
<2 bdrms
353
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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 July 14, 2021. 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 JUNE
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
24 % DOWN
13 % UP
-
13 % UP
43 % UP
0.6 SELLER’S
The number of residential homes for sale in Seattle in June, at 717, were 13% higher month-over-month but 24% lower year-over-year. With 1,156 in June, residential closed sales were 15% higher month-over-month and 43% higher year-over-year. There was 0.6 months of inventory for residential homes in June, reflecting seller’s market conditions. The median sold price in June was $885,000, 1.1% below May but 13% higher vs June 2020. The average sold price was $1.05M, 2% below last month but 13% higher vs June 2020.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 632
% Change
No. 939 810 1.2
% Change
HOMES FOR SALE
717
13% 15%
-24% 43% -46% 13% 13%
CLOSED SALES
1,156
1,007
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
0.6
0.6
-1.2%
$885,000 $895,000 $1,050,909 $1,074,998
-1.1% $785,500 -2% $931,696
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$861,000 $885,000
$785,500 $815,000 $800,000 $776,750 $775,000
1.88
1.77
1.75
1,198
1,185
1,156
960
939
792
1,000
661
911
810
717
673
647
516
Jun-20
May-21
Jun-21
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 © 2021 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 July 14, 2021. 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
NEW CONSTRUCT ION CONDO JUNE
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
30 % DOWN
15 % DOWN
13 % DOWN
10 % UP
175 % UP
2.9 SELLER’S
There were 96 new construction condo homes for sale in Seattle in June, 7% above May but 13% lower vs June 2020. June’s new construction condo closed sales were 22% higher month-over-month (at 33) and were up 175% year-over-year. There was 2.9 months of inventory in June, reflect- ing seller’s market conditions. The new construction condo median sold price in June was $576,167, 6% below May but 10% higher vs June 2020. The average sold price was $726,083, 1.8% below last month; the average PSF sales price was $649, down 13% from last month.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No. 110
% Change
HOMES FOR SALE
96 33
90 27
7%
-13% 175% -68%
CLOSED SALES
22% -13%
12
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
2.9
3.3
9.2
$576,167 $610,000 $726,083 $739,223
-6% $522,495
10%
-1.8% $1,035,915 -30%
AVERAGE PRICE PSF
$649
$746
-13%
$767
-15%
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$943,965
$680,000
$670,000 $700,000
$576,167
$621,204
$527,500
$522,495
122
110
106
96
91
89
72
33
23
23
20
12
12
6
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
8
BUYER'S MARKET
3+ bdrms
16
16
2 bdrms
35
9
. . . . 0 0 0 0 QD QD
<2 bdrms
45
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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 July 14, 2021. 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
seattle
PREVIOUSLY OWNED CONDO JUNE
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
10 % DOWN
11 % UP
1.2 % UP
9 % UP
96 % UP
1.5 SELLER’S
There were 487 previously owned condo homes for sale in Seattle in June, 5% above May but 10% lower vs June 2020. June’s previously owned condo closed sales increased by 18% month-over-month (to 326) and were up 96% year-over-year. There was 1.5 months of inventory in June, reflect- ing seller’s market conditions. The previously owned condo median sold price in June was $488,250, 5% above May and 9% higher vs June 2020. The average sold price was $584,167, 7% above last month; the average PSF sales price was $599, down 0.3% from last month.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 462 276 1.7
% Change
No. 543 166 3.3
% Change
HOMES FOR SALE
487 326 1.5
5%
-10% 96% -54% 11% 1.2% 9%
CLOSED SALES
18% -11%
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$488,250 $466,500 $584,167 $545,747
5% $449,250 7% $524,963
AVERAGE PRICE PSF
$599
$597
0.3%
$592
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$485,000 $469,000
$475,000 $488,250
$449,250
$429,000 $450,000
859
787
543
532
492
487
487
326
306
227
227
203
187
166
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
17
3+ bdrms
BUYER'S MARKET
31
160
2 bdrms
211
149
. . . . 0 0 0 0
<2 bdrms
245
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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 July 14, 2021. 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
RES IDENT IAL JUNE
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
71 % DOWN
44 % UP
-
44 % UP
32 % UP
0.3 SELLER’S
There were 46 residential homes for sale in the Bellevue market area in June, 6% below last month and 71% lower vs June 2020. Residential closed sales increased by 21% month-over-month, to 143, and were 32% higher year-over-year. There was 0.3 months of inventory for residential homes in June, reflecting seller’s market conditions. The median sold price in June was $1.65M, 3% above May and 44% higher vs last year. The average sold price for residential homes was $1.93M, 1.5% higher month-over-month and 44% above June of last year.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No. 161 108 1.5
% Change
HOMES FOR SALE
46
49
-6% 21% -23%
-71% 32% -78% 44% 44%
CLOSED SALES
143 0.3
118 0.4
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,650,000 $1,600,000
3% $1,145,400
$1,925,713 $1,898,157 1.5% $1,337,852
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
MILLIONS
$1.65
$1.62
2.46
2.41
$1.41
$1.28
$1.23
$1.23
$1.15
1.74
180
165
161
143
123
120
124
68
113
108
51
46
39
34
Jun-20
May-21
Jun-21
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 QD
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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 July 14, 2021. 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
bellevue
NEW CONSTRUCT ION CONDO JUNE
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE 57 % UP
CLOSED SALES
MONTHS OF INVENTORY 5.5 BALANCED
MARKET SUMMARY ›
75 % DOWN
97 % UP
130 % UP
78 % UP
The number of new construction condo homes for sale in Bellevue, at 11, was 8% lower month-over- month but 57% higher year-over-year. June’s new construction condo closed sales, at 2, were 67% below last month and 75% lower year-over-year. There was 5.5 months of inventory in June, reflect- ing seller’s market conditions. The new construction condo median sold price in June was $2.11M, up 26% vs May and a 78% increase from June 2020. The average sold price was $2.11M with an average PSF sales price of $1,509 (up 33% and 28%, respec- tively, vs May).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
11
12
-8%
7 8
57% -75% 529%
CLOSED SALES
2
6
-67% 175%
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
5.5
2.0
0.9
$2,107,000 $1,666,025 $2,107,000 $1,581,425
26% $1,180,539 33% $1,067,597
78% 97%
$1,509
$1,181
28%
$656
130%
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$2,815,000
$2,107,000
$1,747,300
$1,550,000
$1,180,539
68
$580,000
26
22
21
14
11
7
9
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
BUYER'S MARKET
3+ bdrms
8
2
2 bdrms
3
. . . . 0 0 0 0 QD QD QD QD QD QD QD
<2 bdrms
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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 July 14, 2021. 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. 10
bellevue
PREVIOUSLY OWNED CONDO JUNE
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
44 % DOWN
27 % UP
23 % UP
10 % UP
107 % UP
0.5 SELLER’S
The number of previously owned condo homes for sale in Bellevue, at 45, was down 26% month-over- month and 44% below last year. June’s previously owned condo closed sales, at 85, were 15% above last month and 107% higher than last year. There was 0.5 months of inventory in June, reflect- ing seller’s market conditions. The previously owned condo median sold price in June was $679,000, up 13% vs May and a 10% increase from June 2020. The average sold price was $815,755 with an average PSF sales price of $607 (up 8% and 1.8%, respectively, vs May).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
45 85
61 74
-26% 15% -36%
81 41
-44% 107% -73%
CLOSED SALES
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
0.5
0.8
2.0
$679,000 $602,500 $815,755 $753,446
13% $615,000 8% $641,709
10% 27% 23%
AVERAGE PRICE PSF
$607
$596
1.8%
$495
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$679,000
$633,500
$615,000 $595,000
$570,000 $615,000
$480,000
142
133
91
85
81
70
69
75
68
61
51
45
46
41
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
19
3+ bdrms
BUYER'S MARKET
9
53
2 bdrms
23
13 13
. . . . 0 0 0 0 QD
<2 bdrms
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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 July 14, 2021. 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. 11
AREAS rennie review
KING COUNTY CITY OF SEATTLE CITY OF BELLEVUE
12 Copyright © 2021 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 July 14, 2021. 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.
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Copyright © 2021 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 July 14, 2021. 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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