the seattle rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR KING COUNTY
published November 2024
table of contents
02 INTRO
03 WHAT YOU NEED TO KNOW
MARKET AREA PROFILES
Each month, we release the rennie review, a detailed look at the real estate marketplace in King County. This report examines our take on the latest NWMLS data, overarching market conditions, and detailed sub-market stats.
04 King County 07 Ballard/Green Lake 10 Bellevue East of 405 13 Bellevue West of 405 15 Belltown/Downtown Seattle 16 Burien/Normandy Park 19 Capitol Hill/Central Seattle 22 Des Moines 25 Eastside South 28 Kent 31 Kirkland 34 Lake Forest Park 35 Mercer Island 36 North Seattle 39 Queen Anne/Magnolia 42 Renton 45 Richmond Beach/Shoreline 46 SODO/Beacon Hill 48 Southeast Seattle 50 West Seattle 53 Snohomish Count 56 Pierce County
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
59 AREA MAPS
61 GLOSSARY
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2024 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 November 12, 2024. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
an election that could trump higher sales King County saw its largest September-to-October increase in sales in at least 11 years. Whether this momentum can be maintained is unknown with so much renewed uncertainty for the trajectory of inflation and interest rates.
5.99% and 6.78%, respectively, on November 14th. That’s roughly 70 basis points higher than one month prior. Should rates remain elevated, or move even higher, that would put the brakes on improving housing affordability conditions and be a headwind to higher home sales activity. On that note, sales in King County in October did show signs of improvement. There were 2,431 closed MLS sales last month, an increase of 27% month-over-month that was a stark contrast to typically flat sales between September and October. In fact, this was the largest September-to-October gain in data going back to 2013, seconded by a much smaller 14% month-over-month gain in October 2018. Relative to October 2023, sales were up 31% to mark the largest year-over-year sales gain of any month since June 2021. Despite all of that, the market has a long way to go before it’s back to more typical levels of activity. Sales were still 17% below the prior 10-year October average of 2,928. With so much renewed uncertainty on the trajectory of inflation and interest rates, closing that deficit could take longer than previously expected.
Donald Trump will become the 47th President of the United States after winning 312 electoral college seats and 50.1% of the popular vote in the November 5th presidential election. In addition to winning the White House, the Republican Party earned a majority in the Senate with 53 seats, and will hold on to its majority in the House with 218 seats. As a result, Republicans will have free reign to implement policy as they see fit, with potentially significant implications for the U.S. economy. Stock markets soared in the immediate aftermath of the election in anticipation of significant reductions in corporate taxes and regulation. The S&P 500 rose 2.5% on November 6th and pushed higher to a record close of 6,001 on November 11th before paring some of those gains in the days following. But while anticipated policy measures from a new administration may be a boon for corporate earnings, the implications for inflation would be less favorable. Trump’s campaign promise of a blanket 10-20% tariff on foreign imports (and even higher tariffs on China) would significantly increase the
cost of consumer goods. Mass deportations would disrupt already tight labor markets, and sweeping tax cuts would add to record high government deficits. All of that is inflationary. Of course, this is all contingent on what policies actually get implemented when the new administration is sworn into office in January. That is why Federal Reserve Chair Jerome Powell had so little to say when responding to questions about the impact that Trump’s policies could have on inflation and policy decisions at the Fed. “The answer is not obvious until we see the actual policies,” Powell said. “I don’t want to speculate.” Others are speculating though. After the Fed cut its key policy rate by 25 basis points to 4.50-4.75% on November 7th, economists are forecasting fewer interest rate cuts through 2025 and a higher terminal rate than what was expected mere months ago. As well, government bond yields have climbed significantly in the weeks leading up to and following the election, which has implications for mortgage rates. Rates for 15- and 30-year fixed mortgages settled at
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2024 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 November 12, 2024. 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 SINGLE-FAMILY HOME - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 1.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 10% VS 2023
▲ 12% VS 2023
▲ 12% VS 2023
▲ 36% VS 2023
There were 2,179 single-family home listings in King County in October, 14% below September and 12% higher than October 2023. October single-family home sales increased by 30% month-over-month, to 1,732, and were 36% above October 2023. The months of inventory for single-family home in King County, at 1.3, reflected a sellers' market. The single-family home median price in October was $1,008,200, a 3% decrease from September and 12% above October 2023. The average sold price was $1,282,111, 1.6% below last month and up 10% to October 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
1,732 2,179
1,270 1,939
10% 12% -18% 36% 12%
1,330 2,521
-1.6% -3% -34% 30% -14%
$1,282,111 $1,008,200 1.3
$1,303,057 $1,037,235 1.9
$1,169,923 $900,000 1.5
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
2,544
2,521
42
40
2,365
38
1,962
1,939
2,179
2,154
1,756
1,604
1,914
1,596
1,572
1,732
1,727
1,307
1,239
1,270
1,0441,035
1,325
1,330
1,172
1,096
973
907
690
$1.06M $1.05M $1.10M $1.02M
$1.02M $1.05M $1.05M $1.04M $1.01M
$917K
$900K
$900K
$890K
Oct-23
Sep-24
Oct-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
8.5
1000
7.4
800
6.3
600
3.0
400
1.6
1.2
1.2
1.2
1.0
200
0.9
0
<$1M 850 1,034 1.2
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
237 241 1.0
200 230 1.2
226 195 0.9
105 127 1.2
35 105 3.0
58 95 1.6
7 44 6.3
4 34 8.5
10 74 7.4
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2024 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 November 12, 2024. 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 TOWNHOME - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 2.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 1.6% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 7% VS 2023
▲ 1.4% VS 2023
▲ 64% VS 2023
▲ 14% VS 2023
There were 1,049 townhome listings in King County in October, 3% below September and 64% higher than October 2023. October townhome sales increased by 15% month-over-month, to 373, and were 14% above October 2023. The months of inventory for townhomes in King County, at 2.8, reflected a sellers' market. The townhome median price in October was $750,000, a 4% decrease from September and 1.4% above October 2023. The average sold price was $822,610, 4% below last month; the average PSF sale price was $530, down 77% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 328 638
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$530 $822,610 $750,000 2.8 373 1,049
1.6% 7% 1.4% 45% 14% 64%
$2,314 $854,231 $784,000 3.3 325 1,076
-77% -4% -4% -15% 15% -3%
$521 $767,017 $739,995 1.9
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,076
53
1,049
954
50
857
995
724
43
589
638
559
529
505
479
367
466
335
463
439
373
421
328
357
338
325
269
235
222
$800K
$798K
$785K
$782K
$784K
$773K
$761K
$750K
$740K
$739K
$739K
$730K
$721K
Oct-23
Sep-24
Oct-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
350
24.0
42
300
4+ bdrms
169
250
164
200
3 bdrms
443
150
158
100
6.0
2 bdrms
394
3.9
3.3
3.2
50
2.5
2.1
2.1
0
9
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES 98 243 2.5 103 336 3.3 89 191 2.1 47 97 2.1 20 78 3.9 10 32 3.2 2 48 24.0 4 24 6.0
43
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2024 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 November 12, 2024. 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 ●
king county CONDO - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 3.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 2% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 4% VS 2023
▲ 4% VS 2023
▲ 43% VS 2023
▲ 23% VS 2023
There were 1,031 condo listings in King County in October, 6% below September and 43% higher than October 2023. October condo sales increased by 29% month-over-month, to 306, and were 23% above October 2023. The months of inventory for condos in King County, at 3.4, reflected a sellers' market. The condo median price in October was $477,500, a 7% decrease from September and 4% above October 2023. The average sold price was $615,832, 6% below last month; the average PSF sale price was $599, down 2.0% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 248 720
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$599 $615,832 $477,500 3.4 306 1,031
16% 23% 43%
$611 $654,542 $514,390 4.6 237 1,098
-2% -6% -7% -27% 29% -6%
$585 $594,268 $460,000 2.9
2% 4% 4%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,098
54
1,001
1,031
955
52
874
994
43
720
654
559
692
294 591
494
347
479
325
308
255
306
326
248
311
237
207
191
190
$512K
$514K
$505K
$496K
$493K
$492K
$486K
$490K
$478K
$470K
$465K
$460K
$460K
Oct-23
Sep-24
Oct-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
700
7.0
2 1
4+ bdrms
600
5.0
4.7
500
25
3.6
3 bdrms
3.5
400
75
3.0
2.9
2.6
300
158
200
2 bdrms
515
100
0
122
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES
439
204 707 3.5
54 138 2.6
18 64 3.6
7 20 2.9
4 28 7.0
10 30 3.0
3 14 4.7
6 30 5.0
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2024 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 November 12, 2024. 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 ●
ballard/greenlake SINGLE-FAMILY HOME - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 1.0 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 7% VS 2023
▲ 1.7% VS 2023
▲ 43% VS 2023
▲ 63% VS 2023
There were 144 single-family home listings in Ballard/Greenlake in October, 3% above September and 43% higher than October 2023. October single-family home sales increased by 37% month-over-month, to 140, and were 63% above October 2023. The months of inventory for single-family home in Ballard/Greenlake, at 1.0, reflected a sellers' market. The single-family home median price in October was $1,002,500, a 7% decrease from September and 1.7% above October 2023. The average sold price was $1,163,493, 3% below last month and up 7% to October 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
140 144
$1,090,849 $985,750 1.2 86 101
7% 1.7% -12% 63% 43%
102 140
-3% -7% -25% 37% 3%
$1,163,493 $1,002,500 1.0
$1,194,410 $1,074,500 1.4
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
145
137
35
144
125
140
140
133
125
30
103
99
29
96
113
101
104
102
86
92
69
84
82
61
55
73
66
55
41
$1.16M
$1.08M
$1.07M $1.00M
$1.02M
$986K
$990K
$995K
$986K $1.04M
$975K
$945K
$905K
Oct-23
Sep-24
Oct-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
70
2.4
60
50
1.3
40
0.9
0.9
0.7
30
20
10
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
67 62 0.9
29 21 0.7
21 19 0.9
15 19 1.3
5 12 2.4
0 10 n/a
2 0 n/a
1 0 n/a
0 1 n/a
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2024 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 November 12, 2024. 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 ●
ballard/greenlake TOWNHOME - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 2.5 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 4% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 4% VS 2023
▲ 5% VS 2023
▲ 17% VS 2023
▲ 8% VS 2023
There were 165 townhome listings in Ballard/Greenlake in October, 8% below September and 17% higher than October 2023. October townhome sales increased by 46% month-over-month, to 67, and were 8% above October 2023. The months of inventory for townhomes in Ballard/Greenlake, at 2.5, reflected a sellers' market. The townhome median price in October was $840,000, a 8% increase from September and 5% above October 2023. The average sold price was $867,430, 9% above last month; the average PSF sale price was $589, down 95% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$589 $867,430 $840,000 2.5 67 165
$568 $831,501 $799,500 2.3 62 141
4% 4% 5% 8% 8% 17%
$13,068 $793,652 $777,450 3.9 46 180
-95% 9% 8% -37% 46% -8%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
180
52
168
165
153
49
47
141
159
114
119
89
82
74
96
70
87
63
84
84
79
67
62
73
71
63
57
52
46
$840K
$827K
$825K
$805K
$812K
$800K
$799K
$800K
$789K
$780K
$777K
$770K
$763K
Oct-23
Sep-24
Oct-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
8.0
60
6
4+ bdrms
7.0
22
50
40
38
3 bdrms
64
30
2.8
2.0
20
23
1.6
2 bdrms
1.0
72
10
0
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES 3 21 7.0 22 62 2.8 31 50 1.6 9 18 2.0 1 8 8.0 0 5 n/a 1 1 1.0
7
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2024 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 November 12, 2024. 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 ●
ballard/greenlake CONDO - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 3.0 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 0.0% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 11% VS 2023
▲ 19% VS 2023
▲ 126% VS 2023
▲ 30% VS 2023
There were 77 condo listings in Ballard/Greenlake in October, 4% below September and 126% higher than October 2023. October condo sales increased by 53% month-over-month, to 26, and were 30% above October 2023. The months of inventory for condos in Ballard/Greenlake, at 3.0, reflected a sellers' market. The condo median price in October was $479,000, a 14% increase from September and 19% above October 2023. The average sold price was $483,683, 9% above last month; the average PSF sale price was $560, up 3% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
26 77
20 34
0% 11% 19% 74% 30% 126%
17 80
3% 9% 14% -37% 53% -4%
$560 $483,683 $479,000 3.0
$560 $435,450 $403,500 1.7
$542 $444,676 $420,000 4.7
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
52
77
71
80
60
51
61
42
39
40
21 33
32
42 25
34
27
24
24
21
26
20
27
20
20
17
17
7
14
$479K
$465K
$470K
$456K
$458K
$450K
$450K
$450K
$440K
$440K
$430K
$420K
$404K
Oct-23
Sep-24
Oct-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
70
3.1
60
4+ bdrms
2.3
50
1 1
40
3 bdrms
1.0
30
10
20
2 bdrms
34
10
0
15
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES
42
21 66 3.1
4 9 2.3
1 1 1.0
0 1 n/a
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2024 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 November 12, 2024. 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 east of 405 SINGLE-FAMILY HOME - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 0.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 10% VS 2023
▲ 10% VS 2023
▲ 7% VS 2023
▲ 24% VS 2023
There were 48 single-family home listings in Bellevue East of 405 in October, 21% below September and 7% higher than October 2023. October single-family home sales increased by 35% month-over-month, to 62, and were 24% above October 2023. The months of inventory for single-family home in Bellevue East of 405, at 0.8, reflected a sellers' market. The single-family home median price in October was $1,601,500, a 8% decrease from September and 10% above October 2023. The average sold price was $1,957,788, 6% below last month and up 10% to October 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
62 48
50 45
10% 10% -14% 24% 7%
46 61
-6% -8% -42% 35% -21%
$1,957,788 $1,601,500 0.8
$2,073,792 $1,750,000 1.3
$1,785,456 $1,450,000 0.9
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
36
70
35
77
35
74
62
61
56
63
60
58
57
50
43
43
48
37
46
45
45
35
39
37
36
21
24
22
16
$1.78M
$1.75M
$1.60M $1.60M $1.55M
$1.60M
$1.58M $1.50M
$1.56M $1.68M $1.62M $1.66M
$1.45M
Oct-23
Sep-24
Oct-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
20
4.0
4.0
15
10
1.4
0.7
0.6
0.6
5
0.3
0.3
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
1 4 4.0
6 2 0.3
16 9 0.6
19 6 0.3
7 5 0.7
5 3 0.6
7 10 1.4
0 3 n/a
0 2 n/a
1 4 4.0
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2024 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 November 12, 2024. 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 east of 405 TOWNHOME - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 2.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 4% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 0.1% VS 2023
▲ 146% VS 2023
▼ 5% VS 2023
▼ 21% VS 2023
There were 32 townhome listings in Bellevue East of 405 in October, 3% above September and 146% higher than October 2023. October townhome sales decreased by 15% month-over-month, to 11, and were 21% below October 2023. The months of inventory for townhomes in Bellevue East of 405, at 2.9, reflected a sellers' market. The townhome median price in October was $920,000, a 46% increase from September and 0.1% above October 2023. The average sold price was $870,727, 1.3% above last month; the average PSF sale price was $575, up 7% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
11 32
14 13
-4% -5% 0.1% 213% -21% 146%
13 31
7% 1.3% 46% 22% -15% 3%
$575 $870,727 $920,000 2.9
$596 $917,929 $919,500 0.9
$535 $859,692 $630,000 2.4
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
49
32
32
31
26
40
20
19
19
16
20
35
14
14
13
12
13
11
14
9
11
12
11
9
8
8
7
6
4
$982K
$920K
$920K
$902K
$870K
$870K
$820K
$815K
$753K
$750K
$703K
$630K
$585K
Oct-23
Sep-24
Oct-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
12
6.0
4+ bdrms
1
10
5.0
8
6
3 bdrms
18
6
2.4
2.0
2.0
4
5
2 bdrms
13
2
0
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES
1 6 6.0
3 6 2.0
5 12 2.4
1 2 2.0
1 5 5.0
0 1 n/a
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2024 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 November 12, 2024. 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 ●
bellevue east of 405 CONDO - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 4.8 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 5% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 126% VS 2023
▼ 14% VS 2023
▼ 31% VS 2023
- VS 2023
There were 43 condo listings in Bellevue East of 405 in October, no change to September and 126% higher than October 2023. October condo sales decreased by 40% month-over-month, to 9, and were 31% below October 2023. The months of inventory for condos in Bellevue East of 405, at 4.8, reflected a balanced market. The condo median price in October was $540,000, a 4% decrease from September and no change to October 2023. The average sold price was $517,244, 17% below last month; the average PSF sale price was $568, up 1.5% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$568 $517,244 $540,000 4.8 9 43
13 19
5% -14% 0% 227% -31% 126%
15 43
1.5% -17% -4% 67% -40% 0%
$541 $602,304 $540,000 1.5
$560 $626,450 $560,000 2.9
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
46
43
45
45
43
33
24
28 18
26
19
18
17
19
15
19
19
17
17
13
15
15
9
8
13
9
3
8
7
$580K
$560K
$560K
$550K
$550K
$540K
$535K
$540K
$530K
$491K
$488K
$475K
$446K
Oct-23
Sep-24
Oct-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
11.0
15
4+ bdrms
1
10
3 bdrms
3
6
5
2 bdrms
1.8
27
1.0
1.0
0
2
<2 bdrms
<$300K $300K-399K $400K-499K $500K-599K $600K-699K $700K-799K $800K-899K $900K-999K $1M+ MOI INVENTORY SALES 1 11 11.0 3 3 1.0 1 1 1.0 0 1 n/a 0 2 n/a 0 1 n/a 0 1 n/a 4 7 1.8 0 16 n/a
13
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2024 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 November 12, 2024. 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 ●
bellevue west of 405 SINGLE-FAMILY HOME - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 3.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 7% VS 2023
▲ 10% VS 2023
▼ 10% VS 2023
▼ 32% VS 2023
There were 67 single-family home listings in Bellevue West of 405 in October, 17% below September and 10% higher than October 2023. October single-family home sales decreased by 13% month-over-month, to 21, and were 32% below October 2023. The months of inventory for single-family home in Bellevue West of 405, at 3.2, reflected a sellers' market. The single-family home median price in October was $3,450,000, a 4% decrease from September and 7% above October 2023. The average sold price was $3,670,056, 9% below last month and down 10% to October 2023.
PREVIOUS YEAR
No.
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
21 67
31 61
-10% 7% 62% -32% 10%
24 81
-13% -17%
$3,670,056 $3,450,000 3.2
$4,025,729 $3,610,000 3.4
-9% -4% -5%
$4,064,708 $3,210,000 2.0
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
81
55
71
75
61
58
67
54
58
42
41
49
44
31
31
40
37
27
26
31
26
21
25
24
23
18
16
12
11
$4.05M
$3.95M $3.85M $3.90M
$3.77M
$3.78M $3.99M
$3.61M $3.45M
$3.55M
$3.26M
$3.21M
$2.83M
Oct-23
Sep-24
Oct-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
40
24+
30
20
10
3.3
3.3
1.0
0.7
0.5
0.5
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
1 0 n/a
2 1 0.5
2 1 0.5
3 2 0.7
6 6 1.0
3 10 3.3
3 10 3.3
1 37 37.0
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2024 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 November 12, 2024. 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 ●
bellevue west of 405 CONDO - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 4.1 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 34% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 34% VS 2023
▲ 57% VS 2023
▲ 11% VS 2023
▲ 50% VS 2023
There were 61 condo listings in Bellevue West of 405 in October, 1.6% below September and 11% higher than October 2023. October condo sales decreased by 25% month-over-month, to 15, and were 50% above October 2023. The months of inventory for condos in Bellevue West of 405, at 4.1, reflected a balanced market. The condo median price in October was $1,500,000, a 50% increase from September and 57% above October 2023. The average sold price was $1,510,040, 13% below last month; the average PSF sale price was $1,197, down 8% to last month.
PREVIOUS YEAR
No.
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
15 61
10 55
34% 34% 57% -26% 50% 11%
20 62
-8% -13% 50% 31% -25% -1.6%
$1,197 $1,510,040 $1,500,000 4.1
$890 $1,129,700 $957,500 5.5
$1,298 $1,734,130 $1,002,675 3.1
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
47
61
55
62
53
55
58
50
46
38
47
45
44
44
36
42
32
29
25
23
20
25
24
23
19
15
17
16
10
$2.11M
$1.50M
$1.35M $1.31M
$1.04M $1.04M $1.07M $1.10M $1.10M $1.12M
$1.00M
$958K
$875K
Oct-23
Sep-24
Oct-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
12
5.5
10
4+ bdrms
8
3.3
1
3.0
2.8
3 bdrms
2.5
6
8
1.5
4
11
2 bdrms
27
2
0
3
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES 3 10 3.3 2 11 5.5 0 10 n/a 2 3 1.5 0 5 n/a 4 11 2.8 2 5 2.5 2 6 3.0
26
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2024 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 November 12, 2024. 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. 14 ●
belltown/downtown seattle CONDO - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 6.5 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 8% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▼ 20% VS 2023
▼ 28% VS 2023
▼ 2% VS 2023
0.0% VS 2023
There were 188 condo listings in Belltown/Downtown Seattle in October, 14% below September and 2% lower than October 2023. October condo sales increased by 71% month-over-month, to 29, and were the same in October 2023. The months of inventory for condos in Belltown/Downtown Seattle, at 6.5, reflected a buyers' market. The condo median price in October was $463,000, a 24% decrease from September and 28% below October 2023. The average sold price was $631,912, 22% below last month; the average PSF sale price was $725, down 12% to last month.
PREVIOUS YEAR
No.
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$725 $631,912 $463,000 6.5 29 188
$790 $787,548 $642,500 6.6 29 192
-8% -20% -28% -2% 0% -2%
$823 $813,250 $610,000 12.8 17 218
-12% -22% -24% -49% 71% -14%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
224
236
78
219
218
192
204
188
183
149
61
159
155
133
123
51
49
42
35
27
22
18
17
29
29
37
35
31
30
$905K
$787K
$719K
$703K
$650K
$650K
$643K
$640K
$635K
$610K
$599K
$588K
$463K
Oct-23
Sep-24
Oct-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
80
17.0
4+ bdrms
1
60
12.0
1
3 bdrms
13
40
7.0
7.0
4.2
5
2 bdrms
20
71
0
23
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES 1 12 12.0 0 12 n/a 0 5 n/a 1 17 17.0 19 80 4.2 5 35 7.0 3 21 7.0 0 6 n/a
103
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2024 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 November 12, 2024. 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. 15 ●
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62Made with FlippingBook - professional solution for displaying marketing and sales documents online