Seattle rennie review - November 2021

the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE

published November 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 Nove mb er 03 , 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 inventory: less than meets the eye A constrained count of inventory in October and strong sellers’ market conditions among homes priced under $2 million means that would-be buyers are, arguably, more challenged today than ever before.

realistic price point for most households (as only 7% of homes sold in October were $2 million or more), so we could also set the bar at, say, $1.5 million: in this case, only 2,200 of the 2,600 available homes in King County were priced below this threshold. There are still few signs that this trend of declining—or, at least, suppressed— inventory will reverse course in the near future, given the ongoing economic and labor market recovery and rising incomes. As such, it is more critical than ever that would-be buyers in this market are working with trusted advisors (realtors) to help them navigate what is a very complex supply landscape.

time of year, there currently is only 1). Furthermore, while we do typically see a dip in inventory between September and October—of 8%—total listings fell by 21% this year into October. What frames this constriction in supply even more dramatically is that October’s inventory was the lowest in about the past 20 years, with last month’s listings 39% below the previous low of 4,271 in October 2017. Additionally, the irksome reality is that the 2,595 listings are also somewhat of a mirage in that the average buyer isn’t really able to choose among all of these listings. For example, if we segment the market based on prices, we see that 12% of October’s inventory was priced at $2 million or more, meaning that there are only roughly 2,400 listings priced under $2 million. It goes without saying that $2 million is not a

Please accept our apologies if it feels like we’re once again going back to the well here, but one would really have to go out of their way to ignore the persistence of housing supply scarcity in King County. Continuing the trend established months ago, the County’s inventory of homes available for purchase in October fell to 2,595—perhaps a large number if it represented how many hours we’d have to wait to experience sunshine once again in the Pacific Northwest, but a relatively small one when considering the historical context for housing supply in this market. On this point, the almost-2,600 listings at the end of last month represented a 47% decline from October 2020, while also sitting 64% below the past 10-year average for October (meaning, for every 3 listings that have historically been available at this

king county

RES IDENT IAL - OCTOBER 2021

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY

MARKET SUMMARY ›

18 % UP

11 % UP

47 % DOWN

12 % DOWN

0.5 SELLER’S

There were 1,292 residential homes for sale in King County in October, 27% below last month and 47% lower vs October 2020. Residential closed sales were down 2% month- over-month, to 2,645, and were 12% lower year-over-year. There was 0.5 months of inventory for residen- tial homes in October, reflecting seller’s market conditions. The median sold price in October was $832,250, 0.9% above September and 11% higher vs last year. The average sold price for residential homes was $1.08M, 0.1% lower month-over-month and 18% above October of last year.

VS 2020

&KDQJH

RATIO OF MEDIAN PRICES ›

HISTORICAL TREND ›

CLOSED SALES

HOMES FOR SALE

MEDIAN PRICE

2FW

6HS

2FW

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 November 03, 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 - OCTOBER 2021

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY

MARKET SUMMARY ›

6 % UP

12 % DOWN

0.6 % DOWN

56 % DOWN

12 % DOWN

1.0 SELLER’S

The number of condo homes for sale in King County, at 694, was down 16% month-over-month, and was 56% below last year. October’s condo closed sales, at 711, were 15% below last month, and 12% lower than last year. There was 1.0 months of inventory for condos in October, reflecting seller’s market conditions. The condo median sold price in October was $475,000, up 1.1% month-over-month, and up 6% year-over-year. The average sold price was $570,391 with an aver- age PSF sales price of $512 (up 0.6% and down 2%, respectively, vs September).

VS 2020

&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

. . . . 0 0 0 0

EGUPV

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 November 03, 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 - OCTOBER 2021

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY

MARKET SUMMARY ›

9 % DOWN

5 % UP

48 % DOWN

14 % UP

0.7 SELLER’S

The number of residential homes for sale in Seattle in October, at 617, was 16% lower month-over- month and 48% lower year-over-year. With 912 in October, residential closed sales were 4% higher month-over-month, and 9% lower year-over-year. There was 0.7 months of inventory for residen- tial homes in October, reflecting seller’s market conditions. The median sold price in October was $840,000, 1.2% above September and 5% higher vs October 2020. The average sold price was $1.04M, 4% higher than last month and 14% higher than October 2020.

VS 2020

&KDQJH

RATIO OF MEDIAN PRICES ›

HISTORICAL TREND ›

CLOSED SALES

HOMES FOR SALE

MEDIAN PRICE

2FW

6HS

2FW

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 November 03, 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 - OCTOBER 2021

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY 2.7 SELLER’S

MARKET SUMMARY ›

4 % UP

39 % UP

14 % UP

30 % UP

28 % DOWN

There were 82 new construction condo homes for sale in Seattle in October, 2% below September, and 28% lower than October 2020. October’s new construction condo closed sales were 39% lower month-over-month (at 30), and were up 30% year-over-year. There was 2.7 months of inventory in October, reflecting sellers’ market conditions. The new construction condo median sold price in October was $772,000, 8% above September, and 14% above vs October 2020. The average sold price was $911,195, 5% above last month; the average PSF sales price was $918, down 6% from last month.

VS 2020

&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

. . . . 0 0 0 0 QD

EGUPV

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 November 03, 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 - OCTOBER 2021

AVERAGE PRICE

AVERAGE PSF PRICE 4 % UP

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY

MARKET SUMMARY ›

3 % UP

4 % UP

7 % DOWN

49 % DOWN

1.9 SELLER’S

There were 435 previously owned condo homes for sale in Seattle in October, 8% below September and 49% lower vs October 2020. October’s previously owned condo closed sales decreased by 17% month-over-month (to 234), but were up 3% year-over-year. There was 1.9 months of inventory in October, reflecting seller’s market conditions. The previously owned condo median sold price in October was $487,750, 3% above September and 4% higher than October 2020. The average sold price was $571,867, 4% above last month; the average PSF sales price was $607, up 0.7% from last month.

VS 2020

&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

. . . . 0 0 0 0

EGUPV

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 November 03, 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 - OCTOBER 2021

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY

MARKET SUMMARY ›

33 % UP

31 % UP

70 % DOWN

31 % DOWN

0.3 SELLER’S

There were 34 residential homes for sale in the Bellevue market area in October, 32% below last month, and 70% lower vs October 2020. Residential closed sales decreased by 15% month-over-month, to 114, and were 31% lower year-over-year. There was 0.3 months of inventory for residen- tial homes in October, reflecting seller’s market conditions. The median sold price in October was $1.61M, 11% below September, and 31% higher vs last year. The average sold price for residential homes was $2.12M, 5% higher month-over-month and 33% above October of last year.

VS 2020

&KDQJH

RATIO OF MEDIAN PRICES ›

HISTORICAL TREND ›

CLOSED SALES

HOMES FOR SALE

MEDIAN PRICE

(MILLIONS)

2FW

6HS

2FW

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 November 03, 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 - OCTOBER 2021

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY 1.3 BALANCED

MARKET SUMMARY ›

49 % DOWN

32 % DOWN

43 % DOWN

81 % DOWN

96 % DOWN

The number of new construction condo homes for sale in Bellevue, at 4, was 33% lower than in September, and 81% lower year-over-year. October’s new construction condo closed sales, at 3, was 200% higher than last month’s 1 sale and 96% lower than October 2020. There was 1.3 months of inventory in October, reflecting seller’s market conditions. The new construction condo median sold price in October was $989,000, up 4% vs September, and down 43% from October 2020. The average sold price was $942,333 with an aver- age PSF sales price of $843 (down 0.7% and 5%, respectively, vs September).

VS 2020

&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

. . . . 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 November 03, 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 - OCTOBER 2021

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY

MARKET SUMMARY ›

29 % UP

21 % UP

85 % DOWN

23 % DOWN

0.4 SELLER’S

The number of previously owned condo homes for sale in Bellevue, at 21, was down 54% month-over- month, and down 85% vs last year. October’s previously owned condo closed sales, at 58, were 30% below last month, and 23% lower than last year. There was 0.4 months of inventory in October, reflecting sellers’ market conditions. The previously owned condo median sold price in October was $579,000, down 1.4% vs September but up 21% vs October 2020. The average sold price was $807,425 with an average PSF sales price of $610 (up 14% and 6%, respectively, vs September).

VS 2020

&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

. . . . 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 November 03, 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 November 03, 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.

The rennie intelligence team comprises our in-house demographer, senior economist, and market analysts. Together, we empower our developer clients, rennie advisors, institutional advisory clients, and the entire rennie team with comprehensive data and a trusted market perspective. With data as the backbone to our thoughtful real estate practice, we help our clients form and execute sound, well-considered plans to help them achieve their goals. the data behind 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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