the seattle rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR KING COUNTY
published January 2024
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
07 SEATTLE
Bowen Pausey U.S. MARKET INTELLIGENCE MANAGER & SENIOR ANALYST bpausey@rennie.com
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
10 BELLEVUE
12 AREA MAP
2 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 December 13, 2024. All data from Northwest Multiple Listing Service & 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
Reasons for optimism in 2024 as 2023 concludes with a whimper As King County closed out the year with historically low sales and a lack of new listings, prices remained rigid in a market that has been eagerly awaiting the start of a new year.
new listings throughout the year, it was the lowest count in at least the past decade and 26% below 2022’s count (which happens to be the next lowest total). What’s different compared to sales is the composition of home types, where new condo listings composed one quarter of the total in 2023 versus 22%—both the share one year ago and on average over the past-decade. Although this sales and listings dynamic wasn’t much to celebrate over the holidays, median prices remained rigid again in December. Yes, the overall median sold price fell 0.6% month- over-month (although when split out by home type, the median condo price was up 6% while residential was down 3%), but on a year-over- year basis the median price was 10% higher. This was the highest year-over-year change in the median price in King County since May 2022 and the first time there has been consecutive year-over-year increases in the overall median price since November 2022. While overall market sentiment in King County may not be at its highest, there is certainly a growing sense of optimism to kick off 2024, thanks to expectations of lower interest rates on the horizon and a US economy that continues to defy expectations and register strong growth. If 2024 plays out the way we hope, it will be fascinating to see how much, and how quickly, market sentiment evolves throughout the year.
Sentiment—or the “view or attitude towards a situation or event”—is inherently difficult to measure. One approach is to use market data to infer how individuals participating in the market are “feeling” at a high-level. Another approach is to compile opinions and thoughts from an on-the-ground perspective, speaking to brokers, sellers, and buyers. This latter approach would help us understand the sentiment in a given market, though quantifying it would be the more challenging task. The reason this commentary began with a deep dive into sentiment (ok, maybe the Oxford dictionary definition was a step too far) is that there seems to be a consensus that has permeated King County in 2023. With 22,473 sales—the lowest total in at least the past 10 years—very few new listings (relatively speaking) hitting the market, and prices remaining rigid across both residential and condo home types, the sentiment appears to be that 2023 was an arduous year for King County’s housing market. With the broad-
based ebbs and flows that have plagued the years since the conclusion of the pandemic, sentiment entered a year-long interlude in 2023 where activity, at least overall, was subdued. Looking specifically at the month of December, sales (at 1,288) were down 19% compared to November and were 13% lower than those from one year earlier. In looking at the full-year total for sales, 2023’s count was 25% lower than 2022’s and 34% below the past-decade annual average; whatever the cause—waning confidence, high interest rates, a lack of listings, or some combination of the three—sales activity was somewhat lackluster in 2023. That said, there is some optimism for the year ahead on account of the expectation that the Federal Reserve will begin trimming the federal funds rate for the first time since March 2020, which could entice some buyers back into the market. Similar to sales, new listings have been well below their historical averages as sellers remained on the sideline in 2023. With 28,173
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 January 8, 2024. All data from Northwest Multiple Listing Service & 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 RESIDENTIAL - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 1.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 10% VS 2022
▲ 4% VS 2022
▼ 37% VS 2022
▼ 14% VS 2022
There were 1,277 residential listings in King County in December, 32% below November and 37% lower than December 2023. December residential sales decreased by 19% month-over-month, to 991, and were 14% below December 2023. The months of inventory for residential in King County, at 1.3, reflected a sellers' market. The residential median price in December was $853,950, a 3% decrease from November and 4% above December 2023. The average sold price was $1,127,994, 1.4% below last month and up 10% to December 2023.
THIS MONTH No. $1,127,994 $853,950 1.3 991 1,277
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
176% 1,146 2,012
10% 4% -27% -14% -37%
1,216 1,886
-1.4% -3% -17% -19% -32%
$1,143,963 $878,500 1.6
$1,023,714 $820,000
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
2,665
24
2,372
2,329
1,905 2,265
2,413
2,031
21
1,886
2,012
1,841
1,710
1,909
1,826
1,735
1,398
1,678
1,579
1,558
1,216
1,532
1,446
1,277
1,146
1,191
991
831
12
$940K
$919K
$910K
$900K
$900K
$895K
$879K
$875K
$850K
$854K
$820K
$800K
$809K
Dec-22
Nov-23
Dec-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
350
300
4.6
250
200
150
1.9
1.9
1.3
1.3
1.3
1.2
1.2
1.1
100
0.9
50
0
<$600K
$600K-799K
$800K-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M +
MOI INVENTORY SALES
152 130 0.9
281 326 1.2
183 233 1.3
96 122 1.3
94 111 1.2
54 59 1.1
32 60 1.9
47 62 1.3
24 45 1.9
28 129 4.6
Copyright © January 8, 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 January 8, 2024. All data from Northwest Multiple Listing Service & 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 NEW CONSTRUCTION CONDO - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 2.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 45% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 34% VS 2022
▲ 22% VS 2022
▲ 45% VS 2022
▲ 58% VS 2022
There were 199 condo listings in King County in December, 10% below November and 45% higher than December 2023. December condo sales increased by 1.5% month-over-month, to 68, and were 58% above December 2023. The months of inventory for condos in King County, at 2.9, reflected a sellers' market. The condo median price in December was $850,087, a 7% decrease from November and 22% above December 2023. The average sold price was $1,052,882, 14% above last month; the average PSF sale price was $901, up 16% to last month.
THIS MONTH No. $901 $1,052,882 $850,087 2.9 68 199
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$619 $784,712 $695,000 319% 43 137
45% 34% 22% -8% 58% 45%
$777 $923,106 $910,000 3.3 67 220
16% 14% -7% -11% 1.5% -10%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
24
220
239 243
220
199
202
195
153
151
171
161
137
17
138
78
67
64
63
68
47
64
63
59
43
55
51
11
14
$910K
$850K
$806K
$790K
$769K
$738K
$735K
$732K
$695K
$700K
$700K
$687K
$690K
Dec-22
Nov-23
Dec-23
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
50
8
12.3
4+ bdrms
23
40
22
30
3 bdrms
40
20
4.3
22
3.1
2 bdrms
2.4
2.2
2.2
2.2
10
94
1.1
0
16
<$600K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 3 37 12.3 15 17 1.1 10 31 3.1 10 22 2.2 5 11 2.2 8 19 2.4 5 11 2.2 12 51 4.3
<2 bdrms
42
Copyright © January 8, 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 January 8, 2024. All data from Northwest Multiple Listing Service & 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 ●
king county PREVIOUSLY - OWNED CONDO - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 2.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 3% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 8% VS 2022
▲ 4% VS 2022
▼ 10% VS 2022
▼ 20% VS 2022
There were 471 condo listings in King County in December, 34% below November and 10% lower than December 2023. December condo sales decreased by 23% month-over-month, to 229, and were 20% below December 2023. The months of inventory for condos in King County, at 2.1, reflected a sellers' market. The condo median price in December was $465,000, a 0% change from November and 4% above December 2023. The average sold price was $573,013, 4% above last month; the average PSF sale price was $510, down 0.9% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 287 522
% Change
No. 299 709
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
229 471
3% 8% 4% 13% -20% -10%
-0.9% 4% 0% -13% -23% -34%
$510 $573,013 $465,000 2.1
$497 $530,629 $449,000 182%
$515 $552,203 $465,000 2.4
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
840
883
30
709
672
752
711
25
554
612
499
522
569
454
456
395
377
469
471
463
323
429
404
387
287
17
299
229
216
$510K
$500K
$495K
$499K
$490K
$490K
$485K
$475K
$465K
$465K
$449K
$450K
$440K
Dec-22
Nov-23
Dec-23
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
120
3
6.3
4+ bdrms
100
14
80
35
3 bdrms
3.3
3.3
59
60
2.6
2.2
40
1.7
1.5
121
1.2
1.1
2 bdrms
243
20
0
70
<$400K $400-$499K $500-$599K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M + MOI INVENTORY SALES 79 120 1.5 50 84 1.7 29 65 2.2 20 52 2.6 12 40 3.3 6 20 3.3 10 11 1.1 13 16 1.2 10 63 6.3
<2 bdrms
155
Copyright © January 8, 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 January 8, 2024. All data from Northwest Multiple Listing Service & 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 RESIDENTIAL - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 1.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▼ 3% VS 2022
▼ 4% VS 2022
▼ 17% VS 2022
▼ 27% VS 2022
There were 543 residential listings in Seattle in December, 26% below November and 17% lower than December 2023. December residential sales decreased by 31% month-over-month, to 291, and were 27% below December 2023. The months of inventory for residential in Seattle, at 1.9, reflected a sellers' market. The residential median price in December was $840,000, a 8% decrease from November and 4% below December 2023. The average sold price was $975,712, 10% below last month and down 3% to December 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 399 657
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
291 543
-3% -4% 13% -27% -17%
420 735
-10% -8% 7% -31% -26%
$975,712 $840,000 1.9
$1,084,249 $912,000 1.8
$1,002,549 $875,000 165%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
998
21
897
841
736
735
18
825
812
676 538
646
657
706
440 566
678
552
599
471
577
548
420
543
399
462
291
294
10
$910K
$912K
$900K
$875K
$885K
$875K
$883K
$880K
$865K
$850K
$840K
$800K
$800K
Dec-22
Nov-23
Dec-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
150
24+
100
50
3.0
2.3
2.1
2.0
2.1
2.1
1.9
1.6
1.6
0
<$600K
$600K-799K
$800K-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M +
MOI INVENTORY SALES
28 57 2.0
103 164 1.6
74 117 1.6
28 54 1.9
24 50 2.1
13 27 2.1
7 15 2.1
8 18 2.3
5 15 3.0
1 26 26.0
Copyright © January 8, 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 January 8, 2024. All data from Northwest Multiple Listing Service & 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 NEW CONSTRUCTION CONDO - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 3.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 27% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 37% VS 2022
▲ 11% VS 2022
▲ 33% VS 2022
▲ 36% VS 2022
There were 122 condo listings in Seattle in December, 13% below November and 33% higher than December 2023. December condo sales decreased by 3% month-over-month, to 38, and were 36% above December 2023. The months of inventory for condos in Seattle, at 3.2, reflected a sellers' market. The condo median price in December was $739,475, a 3% decrease from November and 11% above December 2023. The average sold price was $995,960, 20% above last month; the average PSF sale price was $825, up 26% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$825 $995,960 $739,475 3.2 38 122
28 92
27% 37% 11% -2% 36% 33%
$654 $831,211 $764,990 3.6 39 140
26% 20% -3% -11% -3% -13%
$648 $728,905 $665,000 329%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
17
144
140
156
134
151
136
122
104
100
114
92
99
92
60
11
49
47
10
40
36
49
38
46
42
39
28
31
9
$779K
$765K
$739K
$739K
$732K
$735K
$700K
$699K
$700K
$690K
$665K
$630K
$612K
Dec-22
Nov-23
Dec-23
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
35
3
30
16.0
4+ bdrms
12
25
20
10
3 bdrms
20
15
6.5
6.0
10
18
4.0
2 bdrms
3.3
2.6
62
5
1.8
0.8
0
7
<$600K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 2 32 16.0 12 9 0.8 8 21 2.6 2 13 6.5 4 7 1.8 3 10 3.3 1 6 6.0 6 24 4.0
<2 bdrms
28
Copyright © January 8, 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 January 8, 2024. All data from Northwest Multiple Listing Service & 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 ●
seattle PREVIOUSLY - OWNED CONDO - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 3.0 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 2% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 18% VS 2022
▲ 1.7% VS 2022
▲ 1.1% VS 2022
▼ 18% VS 2022
There were 270 condo listings in Seattle in December, 34% below November and 1.1% higher than December 2023. December condo sales decreased by 19% month-over-month, to 91, and were 18% below December 2023. The months of inventory for condos in Seattle, at 3.0, reflected a sellers' market. The condo median price in December was $470,000, a 4% decrease from November and 1.7% above December 2023. The average sold price was $625,693, 11% above last month; the average PSF sale price was $588, down 5% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 111 267
% Change
No. 112 412
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$588 $625,693 $470,000 3.0 91 270
2% 18% 1.7% 23% -18% 1.1%
-5% 11% -4% -19% -19% -34%
$575 $529,739 $462,000 241%
$619 $563,683 $487,500 3.7
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
520
36
490
33
412
409
454
375
432
320
334
267
270
265
200
191
243
175
158
142
21
177
150
151
111
91
118
112
85
$525K
$525K
$500K
$503K
$495K
$488K
$478K
$482K
$477K
$475K
$472K
$470K
$462K
Dec-22
Nov-23
Dec-23
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
60
10.0
4+ bdrms
6
50
40
6
6.5
3 bdrms
5.6
20
30
4.4
20
2.8
41
2.4
2.3
2 bdrms
1.9
1.5
116
10
0
44
<2 bdrms
<$400K $400-$499K $500-$599K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M + MOI INVENTORY SALES 1 10 10.0 4 9 2.3 6 9 1.5 6 39 6.5 25 60 2.4 25 48 1.9 12 34 2.8 7 39 5.6 5 22 4.4
128
Copyright © January 8, 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 January 8, 2024. All data from Northwest Multiple Listing Service & 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 RESIDENTIAL - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 1.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 26% VS 2022
▲ 32% VS 2022
▲ 1.7% VS 2022
▼ 32% VS 2022
There were 65 residential listings in Bellevue in December, 32% below November and 32% lower than December 2023. December residential sales decreased by 12% month-over-month, to 60, and were 1.7% above December 2023. The months of inventory for residential in Bellevue, at 1.1, reflected a sellers' market. The residential median price in December was $1,815,000, a 5% increase from November and 32% above December 2023. The average sold price was $2,230,486, 11% above last month and up 26% to December 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
60 65
59 96
26% 32% -33% 1.7% -32%
68 96
11% 5% -23% -12% -32%
$2,230,486 $1,815,000 1.1
$2,011,071 $1,733,000 1.4
$1,770,440 $1,370,000 163%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
152
19
142
18
128
128
103 144
108
99
94
91
96
106
84
100
96
73
89
85
59
65
73
68
68
62
60
34
7
$1.96M
$1.83M
$1.74M $1.85M
$1.73M $1.82M
$1.68M
$1.66M $1.53M
$1.64M $1.65M $1.62M
$1.37M
Dec-22
Nov-23
Dec-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
35
3.8
30
25
20
1.7
15
0.7
10
0.6
0.3
0.2
0.2
5
0
<$600K
$600K-799K
$800K-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M +
MOI INVENTORY SALES
0 2 n/a
1 0 n/a
9 2 0.2
10 3 0.3
9 2 0.2
5 3 0.6
10 7 0.7
7 12 1.7
9 34 3.8
Copyright © January 8, 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 January 8, 2024. All data from Northwest Multiple Listing Service & 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 - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 2.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 20% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 17% VS 2022
▲ 38% VS 2022
▲ 6% VS 2022
▼ 20% VS 2022
There were 52 condo listings in Bellevue in December, 17% below November and 6% higher than December 2023. December condo sales decreased by 33% month-over-month, to 20, and were 20% below December 2023. The months of inventory for condos in Bellevue, at 2.6, reflected a sellers' market. The condo median price in December was $780,000, a 30% increase from November and 38% above December 2023. The average sold price was $865,012, 21% above last month; the average PSF sale price was $713, up 17% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
20 52
25 49
20% 17% 38% 33% -20% 6%
30 63
17% 21% 30% 24% -33% -17%
$713 $865,012 $780,000 2.6
$595 $736,265 $565,000 196%
$609 $712,977 $601,750 2.1
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
78
36
71
63
67
55 46
55
52
51
56
49
44
53
52
27
39
47
44
44
41
30
34
25
29
29
20
20
18
$780K
$765K
$700K
$685K
$681K
$675K
$660K
$610K
$607K
$602K
$565K
$536K
$485K
Dec-22
Nov-23
Dec-23
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
15
7.0
4+ bdrms
5.3
4
10
4.0
3 bdrms
10
3.5
3.0
1.8
11
5
1.5
1.5
2 bdrms
29
0
5
<2 bdrms
<$400K $400-$499K $500-$599K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M + MOI INVENTORY SALES
13
1 4 4.0
1 3 3.0
5 9 1.8
2 3 1.5
1 7 7.0
2 3 1.5
3 0 n/a
2 7 3.5
3 16 5.3
Copyright © January 8, 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 January 8, 2024. All data from Northwest Multiple Listing Service & 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 ●
king county MARKET AREAS
Bellevue
Seattle
King County
© 2024 Mapbox © OpenStreetMap
Copyright © January 8, 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 January 8, 2024. All data from Northwest Multiple Listing Service & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 12 ●
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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 January 8, 2024. All data from Northwest Multiple Listing Service & 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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