the seattle rennie advance | February 2025

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

published February 2025

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

06 MEDIAN PRICES

07 RENNIE INTELLIGENCE

Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2025 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 3, 2025. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.

highlights • Therewere1,250closed M LS salesacros KingCountyin January,up 12% from January2024. O utsideofthepasttwoyears,thiswasthefewestsalesin them onth ofJanuaryin adecade. • Al hom etypessaw activityup on ayear-over-yearbasisin January:townhom esales(+23% ,to 273),detached hom es(+12%,to770),and condos(+1.6%,to193). • Saleswere22% below theprior10-yearJanuaryaverageof1,602.Single-fam ilyhom esaleswere thefurthestbelow average(-29%),folowed bycondos(-17%),whiletownhom esaleswere m arginalyhigher(+0.5%).

KINGCOUNTY THERENNIEADVANCE sales

JANUARY2025

3,500

+ 12% vsJan 2024

3,000

2,500

2,000

1,084 10 yr Jan Avg

1,500

1,000

SINGLE-FAMILY HOME sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500 770

- 29% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

+ 23% vsJan 2024

800

600

272 10 yr Jan Avg

400

TOWNHOME sales

200

273

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 0.5% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

800

+ 1.6% vsJan 2024

600

400

234 10 yr Jan Avg

200

CONDO sales

193

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 17% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

Inform ation and statisticsderived from NorthwestM ultipleListingService. Copyright© 2025renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofFebruary3,2025.W hiletheinform ationanddatacontainedhereinhasbe n obtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacingany relianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim e withoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 3 ●

highlights • N ew M LS listingsof2,567 wereelevated in January,up 35% year-over-yearand 13% abovethe prior10-yearJanuaryaverageof2,273.Thiswasthethird-m ostforthem onth ofJanuaryoverthe previousdecade. • N ew listingswerehigheron ayear-over-yearbasisforal hom etypes,led bytownhom es(+46%,to 647),and folowed bycondos(+44%,to491)and single-fam ilyhom es(+29%,to1,411). • N ew townhom elistingswerethefurthestabovetheirprior10-yearJanuaryaverage(+57%), folowed bycondos(+30%).M eanwhile,new single-fam ilyhom elistingswerebelow theirlong-run average(-4% ).

KINGCOUNTY THERENNIEADVANCE new listings

JANUARY2025

4,000

+ 29% vsJan 2024

3,000

2,000

1,469 10 yr Jan Avg

1,411

1,000

SINGLE-FAMILY HOME new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 4% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

800

+ 46% vsJan 2024

600

647

400

411 10 yr Jan Avg

200

TOWNHOME new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 57% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

800

+ 44% vsJan 2024

600

491

400

376 10 yr Jan Avg

200

CONDO new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 30% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

highlights • ActiveM LS listingsin KingCountyrose23% m onth-over-m onth to2,865,astark contrasttothe typical2% D ecem ber-to-Januarydecline.Thiswasthem ostinventoryforthem onth ofJanuary since2019 when therewere3,859 activelistings. • Activelistingswere17% abovetheprior10-yearJanuaryaverageof2,451.Townhom einventory wasthefurthestaboveaverage(+137%,to844),folowed bycondos(+54%,to697).M eanwhile, single-fam ilyhom einventorywasbelow average(-19%,to 1,302). • Theoveral m arketcontinued tofavorselerswith only2.3 m onthsofinventory(M O I)in January, which wasup from 1.4 in D ecem ber.Al hom etypeswerein selers’m arketter itorywith M O I’s of1.7 forsingle-fam ilyhom es,3.1 fortownhom es,and 3.6 forcondos.

KINGCOUNTY THERENNIEADVANCE inventory

•

JANUARY2025

5,000

+ 26% vsJan 2024

4,000

3,000

1,615 10 yr Jan Avg

2,000

SINGLE-FAMILY HOME inventory

1,000

1,302

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 19% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

+ 81% vsJan 2024

1,000

800

844

600

356 10 yr Jan Avg

400

TOWNHOME inventory

200

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 137% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

+ 41% vsJan 2024

1,200

1,000

800

453 10 yr Jan Avg

600

697

400

CONDO inventory

200

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 54% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

highlights • O n am onth-over-m onth basis,KingCountysaw an increaseof1.9% in m edian sold prices (averaged acros hom etypes).Them edian detached priceforsingle-fam ilyhom eswasdown 4% (to$915k),whiletownhom epriceswereup 3% (to$775k)and condopriceswereup 6% (to $480k). • O n ayear-over-yearbasis,K ing County saw an increaseof2% in m edian sold prices(averaged acros hom etypes).Single-fam ilyhom epriceswere3% higherin Januaryrelativeto thesam e m onth lastyear,whiletownhom epriceswere6% higherand condopriceswere1.6% lower. •

KINGCOUNTY THERENNIEADVANCE median prices

JANUARY2025

$1,200,000

KingCounty

$1,000,000

$915,000

$800,000

$600,000

+ 3% vsJan 2024

$400,000

SINGLE-FAMILY HOME median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● January

KingCounty

$800,000

$775,000

$600,000

$400,000

+ 6% vsJan 2024

TOWNHOME median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● January

$600,000

KingCounty

$500,000

$480,000

$400,000

$300,000

- 1.6% vsJan 2024

$200,000

CONDO median salesprice

$100,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $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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