the seattle rennie advance | February 2024

the seattle rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN KING COUNTY

published February 2024

table of contents

The rennie advance is a summary of the latest sales, listings, and price trends in King County. It is produced at the beginning of each month and it reflects the latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.

02 INTRO

03 SALES

04 NEW LISTINGS

05 INVENTORY

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com

06 MEDIAN PRICES

07 RENNIE INTELLIGENCE

Copyright © of February 1, 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 February 1, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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. 2

highlights • Tostart2024,M LS closed salesin KingCountyreached 1,061 in January,unchanged from one yearago and thelow estsalescountin atleastthepastten years.W ith thatsaid,thisisthefirst tim esinceAugust2021 thattheyear-over-yearchangein saleswasnotnegative. • Com pared toD ecem ber,January’scountwas18% lowerthan D ecem ber’s— am orem uted change com pared tothetypicalm onth-over-m onth declineof33% atthistim eofyear.Com pared tothe 10-yearJanuaryaverage,thism onth’ssaleswere36% lower. • Thereweresom ediferenceswhen analyzing changesin salesbyhom etypes:residentialhom e saleswere22% lowerthan lastm onth’sand 7% lowerthan Januaryoflastyear,whilecondosales were2% below lastm onth but26% higherthan oneyearago.

KINGCOUNTY THERENNIEADVANCE sales

JANUARY2024

3,500

- 7% vsJan 2023

3,000

2,500

2,000

1,283 10 yr Jan Avg

1,500

1,000

RESIDENTIAL sales

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500 771

- 40% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

1,250

+ 26% vsJan 2023

1,000

750

370 10 yr Jan Avg

500

CONDOMINIUM sales

250

290

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 22% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500

- vsJan 2023

1,652 10 yr Jan Avg

TOTAL sales

1,061

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500

- 36% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

Copyright© February1,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofFebruary1,2024.Aldatafrom Northwest MultipleListingService& Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientofthe inform ationshouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom a rennieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • A ftertalying thefew estnew M LS listingsin atleastthepastten yearsin D ecem ber(at832), therewere1,913 new listingsin January2024.This130% surgein new listingsfarexceeded the m oretypicalD ecem ber-Januarybum p of80%. • Com pared to oneyearago,totalnew listingsw ereup 12% ,reflecting residentialnew listingsthat rose5%,whilecondonew listingsroseby34%. • N ew listingsin January2024 were18% below their10-yearJanuaryaverageof2,344.Splitby hom etypes,residentialnew listingsw ere23% below theirpast-decadeJanuary averageand condos5% lower.

KINGCOUNTY THERENNIEADVANCE new listings

JANUARY2024

+ 5% vsJan 2023

4,000

3,000

1,763 10 yr Jan Avg

2,000

RESIDENTIAL new listings

1,000

1,361

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 23% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

1,200

+ 34% vsJan 2023

1,000

800

600

581 10 yr Jan Avg

552

400

CONDOMINIUM new listings

200

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 5% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

+ 12% vsJan 2023

5,000

4,000

3,000

2,344 10 yr Jan Avg

2,000

1,913

TOTAL new listings

1,000

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 18% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

●

highlights • AfterhavingthelowestcountsinceM arch 2022 in D ecem ber,KingCounty’sinventoryfel 0.9% in January(to1,930).Thiswasbelow thetypicalseasonalcontraction of2% and 30% lowerthan thepast-decadeJanuary average. • Com pared tolastyear,inventorywas18% lower,continuingatrend ofnineconsecutivem onths ofyear-over-yeardecreases.Thatbeing said,thisw asthesm alestyear-over-yeardeclinein inventorysinceM ayof2023. • KingCounty’sJanuaryinventoryofresidentialhom etypeswaslowerthan in D ecem ber(down 1.5%)and below thatofJanuary2023 (by27%).Condos,on theotherhand,realized a0.3% liftin inventorycom pared to lastm onth and jum ped 8% versuslastyear.

KINGCOUNTY THERENNIEADVANCE inventory

•

JANUARY2024

- 27% vsJan 2023

5,000

4,000

3,000

2,054 10 yr Jan Avg

2,000

RESIDENTIAL inventory

1,000

1,258

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 39% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

1,400 1,600

+ 8% vsJan 2023

1,200

800 1,000

687 10 yr Jan Avg

600

672

CONDOMINIUM inventory

200 400

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 2% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

7,000

- 18% vsJan 2023

6,000

5,000

4,000

2,741 10 yr Jan Avg

3,000

2,000

TOTAL inventory

1,930

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 1,000

- 30% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

●

highlights • Them edian sold pricein KingCountydeclined by3% m onth-over-m onth in January.Thiswas largelyareflection ofagreaternum beroflowerpriced hom esselingthism onth than was typical— specificaly,condosrepresented 27% ofal saleslastm onth (thehighestsharesince February2022)and welabovethe23% in D ecem ber. • O n ayear-over-yearbasis,them edian sold pricerose5% in January2024,m arking three consecutivem onthsofyear-over-yearincreases(thelasttim ethisoc ur ed wasin N ovem ber 2022).Them edian sold priceofaresidentialhom erose8% (thelargestincreasesinceO ctober 2022)and forcondositrose13% (m arkingfourconsecutivem onthsofdouble-digityear-over-year increases).

KINGCOUNTY THERENNIEADVANCE median prices

JANUARY2024

•

$1,000,000

KingCounty

$864,000

$800,000

$600,000

+ 8% vsJan 2023

$400,000

RESIDENTIAL median salesprice

$200,000

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

● January

$600,000

KingCounty

$500,000

$510,000

$400,000

$300,000

+ 13% vsJan 2023

$200,000

CONDOMINIUM median salesprice

$100,000

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

● January

$1,000,000

KingCounty

$800,000

$775,000

$600,000

+ 5% vsJan 2023

$400,000

TOTAL median salesprice

$200,000

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

● January

●

the data behind rennie

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.

Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com

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