the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE
published December 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
Ryan Wyse SENIOR ANALYST rwyse@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 December 08, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
King County’s housing market wades into new territory King County has surpassed its previous high for full-year MLS sales through just the first eleven months of 2021. With inventory levels sagging to two-decade lows, conditions continue to strongly favour sellers.
of inventory decline between November and December sitting at 18%, the final inventory tally in 2021’s final month could be somewhat jarring. As the holiday season approaches and would-be sellers focus on decorating their homes rather than staging them, it sure seems likely that we will see inventory continue to decline through to the end of the year, to a number that perhaps seemed unthinkable at this time a year ago. The challenging environment that currently faces would-be buyers (and sellers looking to make a move—but who are unwilling to list for fear that they promptly sell and then are not able to buy) is showing few signs of changing course. Without a substantial influx of new listings, these conditions are likely to continue into at least the early part of 2022.
There has been much discussion of late about the scarcity of inventory in our local housing market (particularly in this space) and the challenges it presents for both potential buyers and sellers. In spite of these challenges and others, King County’s housing market continues to reach new heights of activity. While the discussion around closed sales has taken a backseat to homes available for sale, sales have continued to trend at historically-elevated levels (noting that the comprehensive data source we use to produce this report goes as far back as January 2006). This has resulted in 2021’s total MLS sales count, through November, reaching 27,949—surpassing the previous high for full-year sales set in 2006. And with December still to come, it’s possible that we’ll surpass 30,000 sales for the first time.
The story specifically for the month of November is similar to the year-to-date tale, with last month’s sales count of 2,387 representing a 24% increase over the previous 10-year average. These sales were achieved in spite of the fact that we entered November with the lowest number of homes for sale in any October since 2006. The pace of new listings was not sufficient to grow October’s inventory into November, with November’s 1,767 homes for sale being the fewest seen in this region since 2006 (also a 55% decrease from November 2020 and 72% below the 10-year average for November). This November is the first time inventory has dipped below 2,000 in any month, even as December has historically been the month of the year with the fewest homes for sale. With the typical seasonal pattern
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 December 08, 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 - NOVEMBER 2021
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
15 % UP
12 % UP
59 % DOWN
1.6 % DOWN
-
0.3 SELLER’S
There were 726 residential homes for sale in King County in November, 48% below last month and 59% lower vs November 2020. Residential closed sales were down 10% month- over-month, to 2,387, and were 1.6% lower year-over-year. There was 0.3 months of inventory for residential homes in November, reflecting seller’s market conditions. The median sold price in November was $820,000, 0.8% below October and 12% higher vs last year. The average sold price for residential homes was $1.05M, 2% lower month-over-month and 15% above November of last year.
VS 2020
VS 2020
VS 2020
VS 2020
VS 2020
1R
1R
&KDQJH
1R
&KDQJH
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
1RY
2FW
1RY
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
. . . 0 0 0 0 0
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 December 08, 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 - NOVEMBER 2021
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
4 % UP
7 % DOWN
6 % UP
62 % DOWN
0.6 % UP
0.7 SELLER’S
The number of condo homes for sale in King County, at 493, was down 32% month-over-month, and was 62% below last year. November’s condo closed sales, at 677, were 7% below last month, and 0.6% higher than last year. There was 0.7 months of inventory for condos in November, reflecting seller’s market conditions. The condo median sold price in November was $465,000, down 2% month-over-month, and up 4% year-over-year. The average sold price was $565,690 with an average PSF sales price of $519 (down 1.5% and up 1.2%, respectively, vs October).
VS 2020
VS 2020
VS 2020
VS 2020
VS 2020
1R
1R
&KDQJH
1R
&KDQJH
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS ›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
EGUPV
EGUPV
EGUPV
. . . . 0 0 0 0
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 December 08, 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 - NOVEMBER 2021
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
0.2 % UP
3 % UP
62 % DOWN
8 % UP
-
0.4 SELLER’S
The number of residential homes for sale in Seattle in November, at 347, was 48% lower month-over- month and 62% lower year-over-year. With 825 in November, residential closed sales were 10% lower month-over-month, and 0.2% higher year-over-year. There was 0.4 months of inventory for residential homes in November, reflecting seller’s market conditions. The median sold price in November was $825,000, 1.2% below October and 3% higher vs November 2020. The average sold price was $1.01M, 3% lower than last month and 8% higher than November 2020.
VS 2020
VS 2020
VS 2020
VS 2020
VS 2020
1R
1R
&KDQJH
1R
&KDQJH
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
1RY
2FW
1RY
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE ›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
. . . 0 0 0 0 0
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 December 08, 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 - NOVEMBER 2021
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY 3 SELLER’S
MARKET SUMMARY ›
21 % UP
44 % UP
17 % UP
94 % UP
11 % DOWN
There were 88 new construction condo homes for sale in Seattle in November, 2% below October, and 11% lower than November 2020. November’s new construction condo closed sales were 13% higher month-over-month (at 35), and were up 94% year-over-year. There was 3 months of inventory in November, reflecting sellers’ market conditions. The new construction condo median sold price in November was $700,000, 11% below October, and 17% above vs November 2020. The average sold price was $832,000, 10% below last month; the average PSF sales price was $815, down 12% from last month.
VS 2020
VS 2020
VS 2020
VS 2020
VS 2020
1R
1R
&KDQJH
1R
&KDQJH
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS
›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
EGUPV
EGUPV
EGUPV
. . . . 0 0 0 0 QD QD
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 December 08, 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 - NOVEMBER 2021
AVERAGE PRICE
AVERAGE PSF PRICE 3 % UP
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
33 % UP
1.6 % UP
3 % DOWN
56 % DOWN
1.2 SELLER’S
There were 313 previously owned condo homes for sale in Seattle in November, 30% below October and 56% lower vs November 2020. November’s previously owned condo closed sales increased by 9% month-over-month (to 254), but were up 33% year-over-year. There was 1.2 months of inventory in November, reflecting seller’s market conditions. The previously owned condo median sold price in November was $467,500, 4% below October and 1.6% lower than November 2020. The average sold price was $550,427, 3% below last month; the average PSF sales price was $582, down 4% from last month.
VS 2020
VS 2020
VS 2020
VS 2020
VS 2020
1R
1R
&KDQJH
1R
&KDQJH
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS
›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
EGUPV
EGUPV
EGUPV
. . . . 0 0 0 0
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 December 08, 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 - NOVEMBER 2021
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
26 % UP
27 % UP
81 % DOWN
16 % DOWN
-
0.1 SELLER’S
There were 15 residential homes for sale in the Bellevue market area in November, 59% below last month, and 81% lower vs November 2020. Residential closed sales decreased by 13% month-over-month, to 103, and were 16% lower year-over-year. There was 0.1 months of inventory for residential homes in November, reflecting seller’s market conditions. The median sold price in November was $1.65M, 4% below October, and 27% higher vs last year. The average sold price for residential homes was $2.04M, 2% lower month-over-month and 26% above November of last year.
VS 2020
VS 2020
VS 2020
VS 2020
VS 2020
1R
1R
&KDQJH
1R
&KDQJH
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
(MILLIONS)
1RY
2FW
1RY
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
. . . 0 0 0 0 0 QD QD
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 December 08, 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 - NOVEMBER 2021
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY 1.0 BALANCED
MARKET SUMMARY ›
22 % DOWN
28 % DOWN
5 % DOWN
89 % DOWN
93 % DOWN
The number of new construction condo homes for sale in Bellevue, at 3, was 25% lower than in October, and 89% lower year-over-year. November’s new construction condo closed sales, at 3, was 57% lower than last month’s 3 sales and 93% lower than November 2020. There was 1.0 months of inventory in November, reflecting seller’s market conditions. The new construction condo median sold price in November was $1.43M, up 23% vs October, and down 5% from November 2020. The average sold price was $1.45M with an average PSF sales price of $831 (up 27% and 3%, respective- ly, vs October).
VS 2020
VS 2020
VS 2020
VS 2020
VS 2020
1R
1R
&KDQJH
1R
&KDQJH
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS ›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
EGUPV
EGUPV
EGUPV
. . . . 0 0 0 0 QD QD QD QD QD QD QD
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 December 08, 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 - NOVEMBER 2021
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
16 % UP
20 % UP
6 % UP
87 % DOWN
3 % UP
0.2 SELLER’S
The number of previously owned condo homes for sale in Bellevue, at 13, was down 41% month-over- month, and down 87% vs last year. November’s previously owned condo closed sales, at 62, were 3% above last month, and 3% higher than last year. There was 0.2 months of inventory in November, reflecting sellers’ market conditions. The previously owned condo median sold price in November was $660,000, down 14% vs October but up 6% vs November 2020. The average sold price was $797,924 with an aver- age PSF sales price of $635 (down 2% and up 4%, respectively, vs October).
VS 2020
VS 2020
VS 2020
VS 2020
VS 2020
1R
1R
&KDQJH
1R
&KDQJH
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS ›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
EGUPV
EGUPV
EGUPV
. . . . 0 0 0 0 QD QD
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 December 08, 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 December 08, 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 December 08, 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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