the seattle rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR KING COUNTY
published April 2024
table of contents
02 INTRO
03 WHAT YOU NEED TO KNOW
NEIGHBORHOOD PROFILES 04 King County 07 Ballard/Green Lake 10 Bellevue East of 405 13 Bellevue West of 405 15 Belltown/Downtown Seattle 16 Burien/Normandy Park 18 Capitol Hill/Central Seattle 21 Des Moines 24 Eastside South 27 Kent 30 Kirkland 33 Lake Forest Park 34 Mercer Island 35 North Seattle 38 Queen Anne/Magnolia 41 Renton 44 Richmond Beach/Shoreline 45 SODO/Beacon Hill 47 Southeast Seattle 49 West Seattle
Each month, we release the rennie review, a detailed look at the real estate marketplace in King County. This report examines our take on the latest NWMLS data, overarching market conditions, and detailed sub-market stats.
Bowen Pausey U.S. MARKET INTELLIGENCE MANAGER & SENIOR ANALYST bpausey@rennie.com
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
52 AREA MAP
Copyright © April 10, 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 April 10, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
a hot start to spring remains elusive King County falls short of a hot start to spring, as sales remain below their long-run average and inventory constrained. Relief, in the form of a rate cut, has become increasingly unclear owing to a strong jobs report and stubborn inflation.
and townhomes, respectively, while being 3% lower for condos. On a month-over-month basis, this marks two consecutive months of increases for single-family home and townhome prices while marking the first decrease in condo prices in six months. Compared to last year, prices rose across all home types, with single- family home prices 16% above March 2023 (the fifth consecutive year-over-year increase), townhome prices 15% higher, and condo prices 8% higher (both marking the sixth consecutive year-over-year increase). The latest data points to momentum that has slowed, with the temperature from January and February cooling slightly as the hot start to spring remained elusive in March. Unfortunately, the relief buyers are looking for in a rate cut seems to have grown in distance. The most recent jobs report and Consumer Price Index (CPI) data revealing stubborn inflation means the door on a rate cut in June has closed and the idea of three rate cuts in 2024 is in jeopardy. The question now is how hot the spring market will get with two months to go.
The start of 2024 had headlines clamoring that the King County market was heating up—and rightfully so. Sales in January had increased year-over-year for the first time in over two years and that trend continued in February (as sales rose 41% month-over-month, above the typical 18% increase realized between January and February). Inventory remained constrained but witnessed some relief in February as new listings climbed. These dynamics occurred as rates had fallen from their relative peak back in October to the 6.6% for a 30-year fixed rate mortgage range during January and most of February. This resulted in a sense of momentum building, positioning the market for an active spring. Now, with the latest data from MLS for March, there has proven to be a little stagnation in that momentum. Sales, for example, climbed to 2,022, 28% above last month but below their past-decade average (by 24%) and, in contrast with January and February, lower year-over- year (by 0.9%). With this said, the year-over-
year decline was largely driven by a decrease of 4% in single-family home sales (condo and townhome sales were up 0.3% and 10%, respectively, compared to last year). On the inventory front, total listings available at the end of March were up 7% versus last month (below the typical seasonal increase of 12%). Inventory was 11% below March 2023 and 28% below the past-decade average (again, in contrast to January and February where inventory eclipsed the past 10-year average and was approaching a year-over-year increase for the first time since April 2023). New listings in March were up 16% versus February (well below the typical increase of 43%) and up 4% versus last year (below January and February’s year-over-year increase of 111% and 42%, respectively). Relatively speaking, the one thing that has remained constant when comparing March to the start of the year have been prices continuing to climb. The median sold price in King County was 5% and 3% above last month for single-family homes
Copyright © April 10, 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 April 10, 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 SINGLE-FAMILY HOME - MARCH 2 0 2 4
MONTHS OF INVENTORY 0.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 14% VS 2023
▲ 16% VS 2023
▼ 22% VS 2023
▼ 3% VS 2023
There were 1,177 single-family home listings in King County in March, 6% above February and 22% lower than March 2023. March single-family home sales increased by 34% month-over-month, to 1,307, and were 3% below March 2023. The months of inventory for single-family home in King County, at 0.9, reflected a sellers' market. The single-family home median price in March was $1,060,000, a 4% increase from February and 16% above March 2023. The average sold price was $1,334,589, 4% above last month and up 14% to March 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
1,307 1,177
1,349 1,508
14% 16% -19% -3% -22%
$1,288,040 $1,020,000 1.1 973 1,109
4% 4% -21% 34% 6%
$1,334,589 $1,060,000 0.9
$1,173,216 $915,000 1.12
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
2,113
39
1,951
1,852
1,824
1,531 1,960
1,661
35
1,562
1,700
1,406
32
1,508
1,569
1,307
1,270
1,484
1,109
1,349
1,334
1,304
1,177
907
875
1,096
973
879
690
$1.02M $1.06M
$985K
$980K
$969K
$935K
$926K
$915K
$920K
$917K
$900K
$900K
$890K
Mar-23
Feb-24
Mar-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
600
9.1
500
400
300
3.2
200
1.9
1.6
1.1
0.9
0.9
0.9
0.8
100
0.7
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
612 486 0.8
153 132 0.9
143 125 0.9
192 129 0.7
79 70 0.9
62 66 1.1
41 64 1.6
13 25 1.9
5 16 3.2
7 64 9.1
Copyright © April 10, 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 April 10, 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 TOWNHOME - MARCH 2 0 2 4
MONTHS OF INVENTORY 1.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 8% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 20% VS 2023
▲ 15% VS 2023
▲ 10% VS 2023
▼ 5% VS 2023
There were 479 townhome listings in King County in March, 6% above February and 5% lower than March 2023. March townhome sales increased by 26% month-over-month, to 421, and were 10% above March 2023. The months of inventory for townhomes in King County, at 1.1, reflected a sellers' market. The townhome median price in March was $785,000, a 3% increase from February and 15% above March 2023. The average sold price was $867,560, 9% above last month; the average PSF sale price was $555, up 4% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
% Change
No. 384 503
No. 335 454
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
421 479
8% 20% 15% -13% 10% -5%
4% 9% 3% -16% 26% 6%
$555 $867,560 $785,000 1.1
$512 $724,821 $683,900 1.31
$532 $796,320 $761,149 1.4
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
660
47
603
592
575
529
515
42
583
40
503
454
525
479 421
406
384
426
338
335
328
404
398
375
357
345
269
235
222
$785K
$761K
$740K
$739K
$729K
$725K
$725K
$730K
$720K
$720K
$721K
$700K
$684K
Mar-23
Feb-24
Mar-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
200
1.5
55
4+ bdrms
1.1
1.1
44
150
1.1
1.0
0.9
0.8
0.6
182
3 bdrms
100
193
174
50
2 bdrms
221
0
10
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES 101 98 1.0 125 183 1.5 95 100 1.1 41 47 1.1 24 20 0.8 22 19 0.9 8 9 1.1 5 3 0.6
21
Copyright © April 10, 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 April 10, 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 CONDO - MARCH 2 0 2 4
MONTHS OF INVENTORY 2.0 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 14% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 14% VS 2023
▲ 8% VS 2023
▲ 22% VS 2023
▲ 0.3% VS 2023
There were 586 condo listings in King County in March, 17% above February and 22% higher than March 2023.
March condo sales increased by 15% month-over-month, to 294, and were 0.3% above March 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
% Change
No. 293 481
No. 255 503
% Change
The months of inventory for condos in King County, at 2.0, reflected a sellers' market.
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
294 586
14% 14% 8% 21% 0.3% 22%
15% 17%
The condo median price in March was $495,500, a 3% decrease from February and 8% above March 2023. The average sold price was $624,613, 9% below last month; the average PSF sale price was $652, down 1.7% to last month.
$652 $624,613 $495,500 2.0
$574 $548,708 $460,000 1.64
$663 $689,810 $512,000 2.0
-1.7% -9% -3% 1%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
675
706
39
39
600
583
580
36
544
586
607
481
502
503
357
435
326
412
319
255
294
293
248
287
268
263
207
191
190
$512K
$492K
$496K
$474K
$469K
$470K
$460K
$460K
$460K
$460K
$453K
$453K
$450K
Mar-23
Feb-24
Mar-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
350
12.0
4+ bdrms
300
2
250
12
200
3 bdrms
44
150
3.7
100
148
2.7
2.6
2 bdrms
2.0
1.8
1.7
274
1.4
50
0
134
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES 198 348 1.8 37 95 2.6 28 48 1.7 6 22 3.7 9 18 2.0 9 24 2.7 5 7 1.4 2 24 12.0
<2 bdrms
266
Copyright © April 10, 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 April 10, 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 ●
ballard/greenlake SINGLE-FAMILY HOME - MARCH 2 0 2 4
MONTHS OF INVENTORY 0.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 5% VS 2023
▲ 6% VS 2023
▼ 3% VS 2023
▼ 12% VS 2023
There were 76 single-family home listings in Ballard/Greenlake in March, 23% above February and 12% lower than March 2023. March single-family home sales increased by 49% month-over-month, to 103, and were 6% above March 2023. The months of inventory for single-family home in Ballard/Greenlake, at 0.7, reflected a sellers' market. The single-family home median price in March was $1,020,000, a 12% decrease from February and 5% above March 2023. The average sold price was $1,139,056, 1.8% below last month and down 3% to March 2023.
THIS MONTH No. $1,139,056 $1,020,000 0.7 103 76
PREVIOUS MONTH No.
PREVIOUS YEAR
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
97 86
-3% 5% -17% 6% -12%
69 62
49% 23%
$1,159,399 $1,160,000 0.9
-1.8% -12% -18%
$1,170,930 $975,000 0.89
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
34
125 124
110
103
103
99
96
94
93
97 86
29
28
91
86
69
76
82
75
72
55
69
67
50
63
62
44
41
$1.16M
$1.11M
$1.05M $1.05M $1.08M
$1.02M
$990K
$986K
$990K
$975K
$945K
$905K
$881K
Mar-23
Feb-24
Mar-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
50
1.3
1.3
40
0.8
0.7
0.7
30
0.5
20
10
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
49 34 0.7
19 13 0.7
16 12 0.8
13 6 0.5
3 4 1.3
3 4 1.3
0 1 n/a
0 1 n/a
0 1 n/a
Copyright © April 10, 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 April 10, 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
ballard/greenlake TOWNHOME - MARCH 2 0 2 4
MONTHS OF INVENTORY 0.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 1.4% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 11% VS 2023
▲ 13% VS 2023
▲ 32% VS 2023
▼ 1.3% VS 2023
There were 76 townhome listings in Ballard/Greenlake in March, 5% below February and 1.3% lower than March 2023. March townhome sales increased by 15% month-over-month, to 82, and were 32% above March 2023. The months of inventory for townhomes in Ballard/Greenlake, at 0.9, reflected a sellers' market. The townhome median price in March was $827,475, a 4% increase from February and 13% above March 2023. The average sold price was $855,801, 6% above last month; the average PSF sale price was $597, up 4% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
% Change
No.
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
82 76
62 77
1.4% 11% 13% -25% 32% -1.3%
71 80
4% 6% 4% -18% 15% -5%
$597 $855,801 $827,475 0.9
$589 $771,255 $735,450 1.24
$576 $804,407 $799,000 1.1
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
64
130
138 136
120
101
107
104
84
80
76
75
91
82
70
62 77
76
76
74
71
71
41
67
40
62
57
57
52
$825K
$827K
$815K
$800K
$795K
$800K
$799K
$792K
$789K
$780K
$770K
$763K
$735K
Mar-23
Feb-24
Mar-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
40
1.7
10
4+ bdrms
5
1.2
30
0.8
0.8
42
3 bdrms
31
20
0.4
28
2 bdrms
10
33
0
2
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES 6 10 1.7 33 39 1.2 28 21 0.8 8 3 0.4 4 3 0.8 3 0 n/a
7
Copyright © April 10, 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 April 10, 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 ●
ballard/greenlake CONDO - MARCH 2 0 2 4
MONTHS OF INVENTORY 1.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 5% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 11% VS 2023
▲ 6% VS 2023
▲ 60% VS 2023
▲ 26% VS 2023
There were 40 condo listings in Ballard/Greenlake in March, 29% above February and 60% higher than March 2023. March condo sales increased by 14% month-over-month, to 24, and were 26% above March 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in Ballard/Greenlake, at 1.7, reflected a sellers' market.
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
24 40
19 25
5% 11% 6% 27% 26% 60%
21 31
13% 14% 29%
The condo median price in March was $465,000, a 6% increase from February and 6% above March 2023. The average sold price was $508,183, 5% above last month; the average PSF sale price was $622, up 9% to last month.
$622 $508,183 $465,000 1.7
$594 $456,653 $440,000 1.32
$569 $483,560 $440,000 1.5
9% 5% 6%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
47
41
40
40
39
34
40
34
33
28
27
26
32
26
31
29
25
21
21
24
20
24
17
19
20
17
14
14
7
$495K
$495K
$480K
$465K
$458K
$456K
$450K
$449K
$440K
$438K
$440K
$440K
$404K
Mar-23
Feb-24
Mar-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
35
4.0
4+ bdrms
30
25
20
3 bdrms
1.8
1
15
10
10
0.5
2 bdrms
18
5
0
14
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES 1 0 n/a 20 35 1.8 1 4 4.0 2 1 0.5
<2 bdrms
21
Copyright © April 10, 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 April 10, 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 east of 405 SINGLE-FAMILY HOME - MARCH 2 0 2 4
MONTHS OF INVENTORY 0.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 6% VS 2023
▲ 2% VS 2023
▼ 5% VS 2023
▼ 4% VS 2023
There were 39 single-family home listings in Bellevue East of 405 in March, 77% above February and 5% lower than March 2023. March single-family home sales increased by 16% month-over-month, to 43, and were 4% below March 2023. The months of inventory for single-family home in Bellevue East of 405, at 0.9, reflected a sellers' market. The single-family home median price in March was $1,675,000, a 7% increase from February and 2% above March 2023. The average sold price was $1,941,976, 2% below last month and up 6% to March 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
43 39
45 41
-4% -5%
37 22
-2% 7% 53% 16% 77%
$1,941,976 $1,675,000 0.9
$1,991,297 $1,560,000 0.6
$1,830,363 $1,640,000 0.91
6% 2% -0.5%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
68
68
40
63
60
60
52
50
58
33
45
43
43
50
49
43
41
37
45
35
28
39
37
36
33
20
22
22
16
$1.78M
$1.64M $1.61M
$1.60M
$1.58M
$1.58M $1.50M
$1.56M $1.68M
$1.46M $1.41M
$1.45M
$1.44M
Mar-23
Feb-24
Mar-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
16
2.3
14
2.0
12
1.3
10
8
0.8
0.8
0.5
6
4
2
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
6 0 n/a
10 5 0.5
15 12 0.8
5 4 0.8
3 4 1.3
3 7 2.3
0 3 n/a
0 2 n/a
1 2 2.0
Copyright © April 10, 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 April 10, 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 east of 405 TOWNHOME - MARCH 2 0 2 4
MONTHS OF INVENTORY 0.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 6% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 3% VS 2023
▲ 8% VS 2023
▼ 0.8% VS 2023
▼ 33% VS 2023
There were 10 townhome listings in Bellevue East of 405 in March, 9% below February and 33% lower than March 2023. March townhome sales increased by 56% month-over-month, to 14, and were 8% above March 2023. The months of inventory for townhomes in Bellevue East of 405, at 0.7, reflected a sellers' market. The townhome median price in March was $750,000, a 9% decrease from February and 3% above March 2023. The average sold price was $794,500, 10% below last month; the average PSF sale price was $513, down 17% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
% Change
No.
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
14 10
13 15
-6% -0.8% 3% -38% 8% -33%
$617 $880,889 $820,000 1.2 9 11
-17% -10% -9% -42% 56% -9%
$513 $794,500 $750,000 0.7
$548 $801,138 $725,000 1.15
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
17
45
15
15
13 15
14
14
14
15
15
12
14
38
37
11
11
11
12
12
10
11
8
10
10
9
8
7
6
$920K
$825K
$822K
$815K
$820K
$803K
$775K
$755K
$753K
$750K
$725K
$647K
$585K
Mar-23
Feb-24
Mar-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
8
4.0
1
4+ bdrms
6
8
3 bdrms
4
4
5
0.5
0.5
2 bdrms
2
6
0
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES
1 4 4.0
8 4 0.5
4 2 0.5
1 0 n/a
Copyright © April 10, 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 April 10, 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 ●
bellevue east of 405 CONDO - MARCH 2 0 2 4
MONTHS OF INVENTORY 2.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 9% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 42% VS 2023
▼ 29% VS 2023
▼ 8% VS 2023
▼ 58% VS 2023
There were 17 condo listings in Bellevue East of 405 in March, 42% above February and 42% higher than March 2023. March condo sales remained the same month-over-month, at 8, and were 58% below March 2023. The months of inventory for condos in Bellevue East of 405, at 2.1, reflected a sellers' market. The condo median price in March was $487,500, a 0.7% decrease from February and 8% below March 2023. The average sold price was $502,625, 8% above last month; the average PSF sale price was $553, up 8% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$553 $502,625 $487,500 2.1 8 17
19 12
-9% -29% -8% 236% -58% 42%
$514 $467,431 $491,000 1.5 8 12
8% 8% -0.7% 42% 0% 42%
$609 $708,479 $530,000 0.63
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
21
50
19
19
17
17
17
15
15
15
13
13
12
14
11 11
36
13
12
12
9
11
8
8
9
29
7
3
$560K
$540K
$530K
$510K
$495K
$491K
$488K
$479K
$475K
$465K
$446K
$445K
$410K
Mar-23
Feb-24
Mar-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
12
2.5
4+ bdrms
2.0
10
8
3 bdrms
5
6
4
7
2 bdrms
10
2
0
1
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES 6 12 2.0 2 5 2.5
<2 bdrms
2
Copyright © April 10, 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 April 10, 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 ●
bellevue west of 405 SINGLE-FAMILY HOME - MARCH 2 0 2 4
MONTHS OF INVENTORY 2.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 17% VS 2023
▲ 14% VS 2023
▲ 63% VS 2023
▼ 10% VS 2023
There were 54 single-family home listings in Bellevue West of 405 in March, 32% above February and 10% lower than March 2023. March single-family home sales increased by 44% month-over-month, to 26, and were 63% above March 2023. The months of inventory for single-family home in Bellevue West of 405, at 2.1, reflected a sellers' market. The single-family home median price in March was $3,985,000, a 6% increase from February and 14% above March 2023. The average sold price was $4,234,899, 8% above last month and up 17% to March 2023.
PREVIOUS YEAR
No.
% Change
No.
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
26 54
16 60
17% 14% -45% 63% -10%
18 41
8% 6% -9% 44% 32%
$4,234,899 $3,985,000 2.1
$3,916,019 $3,775,000 2.3
$3,629,613 $3,505,000 3.75
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
51
64
62
69
69
58
60
54
61
59
35
36
41
31
35
29
37
28
24
26
28
16
20
19
18
16
12
11
8
$4.14M
$3.90M
$3.77M $4.05M $3.78M $3.99M
$3.51M $3.57M
$3.49M
$3.21M
$3.20M
$2.83M
$2.76M
Mar-23
Feb-24
Mar-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
30
7.0
25
5.8
20
15
10
1.3
1.3
0.8
0.5
5
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
1 0 n/a
1 0 n/a
4 2 0.5
3 4 1.3
5 4 0.8
6 8 1.3
1 7 7.0
5 29 5.8
Copyright © April 10, 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 April 10, 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
bellevue west of 405 CONDO - MARCH 2 0 2 4
MONTHS OF INVENTORY 1.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 29% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 29% VS 2023
▲ 58% VS 2023
▲ 29% VS 2023
▲ 53% VS 2023
There were 44 condo listings in Bellevue West of 405 in March, 4% below February and 29% higher than March 2023. March condo sales decreased by 21% month-over-month, to 23, and were 53% above March 2023.
PREVIOUS YEAR
No.
No.
% Change
No.
% Change
The months of inventory for condos in Bellevue West of 405, at 1.9, reflected a sellers' market.
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
23 44
15 34
29% 29% 58% -16% 53% 29%
29 46
-10% -15% 0% 21% -21% -4%
The condo median price in March was $1,099,000, a 0% change from February and 58% above March 2023. The average sold price was $1,149,133, 15% below last month; the average PSF sale price was $1,080, down 10% to last month.
$1,080 $1,149,133 $1,099,000 1.9
$837 $887,767 $695,000 2.27
$1,205 $1,358,962 $1,099,000 1.6
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
34
34
55
53
46
45
43
44
45
44
44
28
42
39
34
29
34
25
23
22
23
17
24
16
15
13
10
10
9
$1.13M
$1.04M $1.04M $1.07M $1.10M $1.10M
$958K
$925K
$889K
$875K
$783K
$730K
$695K
Mar-23
Feb-24
Mar-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
12
4.0
4+ bdrms
10
3.0
3.0
8
2.0
3 bdrms
1.8
3
6
0.8
4
14
0.3
2 bdrms
19
2
0
9
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES
<2 bdrms
4 7 1.8
2 6 3.0
4 12 3.0
5 4 0.8
3 6 2.0
2 8 4.0
3 1 0.3
22
Copyright © April 10, 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 April 10, 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. 14 ●
belltown/downtown seattle CONDO - MARCH 2 0 2 4
MONTHS OF INVENTORY 3.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 2% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 8% VS 2023
▲ 7% VS 2023
▲ 14% VS 2023
▲ 19% VS 2023
There were 159 condo listings in Belltown/Downtown Seattle in March, 13% above February and 14% higher than March 2023. March condo sales increased by 46% month-over-month, to 51, and were 19% above March 2023. The months of inventory for condos in Belltown/Downtown Seattle, at 3.1, reflected a sellers' market. The condo median price in March was $599,000, a 17% decrease from February and 7% above March 2023. The average sold price was $791,003, 13% below last month; the average PSF sale price was $809, down 6% to last month.
PREVIOUS YEAR
No.
% Change
No.
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$809 $791,003 $599,000 3.1 51 159
$793 $732,246 $560,000 3.26 43 140
2% 8% 7% -4% 19% 14%
$857 $910,513 $719,000 4.0 35 141
-6% -13% -17% -23% 46% 13%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
171
55
165
180
175
159
145
141
162
153
140
144
44
116
108
35
53
51
39
43
29
27
39
38
38
35
33
22
18
$905K
$719K
$703K
$664K
$643K
$625K
$599K
$588K
$583K
$574K
$573K
$560K
$550K
Mar-23
Feb-24
Mar-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
14.0
60
4+ bdrms
1
50
11.0
40
2
3 bdrms
10
30
5.0
20
18
3.4
3.3
3.0
2 bdrms
2.4
63
10
1.3
0
31
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES 1 11 11.0 3 4 1.3 3 9 3.0 1 5 5.0 1 14 14.0 26 62 2.4 9 31 3.4 7 23 3.3
<2 bdrms
85
Copyright © April 10, 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 April 10, 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. 15 ●
burien/normandy park SINGLE-FAMILY HOME - MARCH 2 0 2 4
MONTHS OF INVENTORY 0.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 7% VS 2023
▲ 16% VS 2023
▲ 40% VS 2023
▼ 21% VS 2023
There were 60 single-family home listings in Burien/Normandy Park in March, 5% below February and 21% lower than March 2023. March single-family home sales increased by 12% month-over-month, to 66, and were 40% above March 2023. The months of inventory for single-family home in Burien/Normandy Park, at 0.9, reflected a sellers' market. The single-family home median price in March was $732,750, a 5% increase from February and 16% above March 2023. The average sold price was $824,596, 3% above last month and up 7% to March 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
66 60
47 76
7% 16% -44% 40% -21%
59 63
3% 5% -15% 12% -5%
$824,596 $732,750 0.9
$798,250 $694,900 1.1
$767,900 $630,000 1.62
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
101
106
45
96
83
81
81
69 92
74
85
76
79
63
66
72
71
71
33
33
67
53
60
59
52
50
49
47
$733K
$715K
$700K
$695K
$671K
$650K
$635K
$630K
$628K
$625K
$620K
$610K
$597K
Mar-23
Feb-24
Mar-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
50
2.0
40
30
0.8
0.8
0.8
20
10
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
49 41 0.8
9 7 0.8
2 4 2.0
4 3 0.8
1 0 n/a
0 3 n/a
1 0 n/a
0 1 n/a
0 1 n/a
Copyright © April 10, 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 April 10, 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.
●
16
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