the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE
published November 2023
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
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
10 BELLEVUE
12 AREA MAP
Copyright © 2023 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 6, 2023. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
October’s sales don’t go bump in the night
The typical October spike in sales was absent from King County’s housing market as high interest rates continued to weigh on demand. Instead, it was the supply side of the ledger that saw an increase last month—another seasonal anomaly.
Looking ahead, we expect this sales/ inventory dynamic to prevail over the course of the next few months. Yes, sales typically do fall off in November and December as would-be buyers spend more time thinking about the holidays than real estate, but a steeper-than-usual contraction in transaction counts is in the cards this year. Meanwhile, inventory— which typically declines by about 40% during Q4 of a given year—will continue to fade through the balance of 2023, though by less than we’re used to as new listings remain elevated and homes sit on the market longer on account of idling would-be buyers. As these trends play out, we could see the total number of homes available for sale at the end of December exceed the long-run December average.
Stop us if you’ve heard this one before: macroeconomic factors (including and especially high interest rates) are currently the biggest influences on our local housing market—not seasonality. And while this has been evident for many months now (as we documented in previous editions of the rennie review), the most recent month’s data on our local housing market further underscores the point. Indeed, while October is typically characterized by expanded sales counts and shrinking inventory, the opposite of this transpired last month. Let’s start with sales. Last month, there were 1,839 MLS transactions throughout King County, a number that was down 4% from the previous month. Notably, this stands in contrast to the typical seasonal change of a 0.5% September-to-October increase, with October also marking the second consecutive monthly decline in
sales and representing the lowest monthly total since February. Further, last month’s sales count was 40% lower than the past- decade October average and 12% less than last year. With fewer buyers participating in the market, the trend in inventory was opposite to that of sales: the 4,123 homes available for sale at the end of October represented a 2% increase from September, which was counter to the typical September-to-October contraction of 8%. Last month’s total listings were still 10% lower than a year earlier and 28% less than the past 10-year average, though they were still at their highest level of any month since October 2022. This dynamic of shrinking sales and expanded listings pushed the months-of-inventory (MOI) metric up to 2.2 in October, thereby denoting the presence of sellers’ market conditions overall.
Copyright © 2023 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 6, 2023. 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. 3
king county RESIDENTIAL - OCTOBER 2 0 2 3
MONTHS OF INVENTORY 2.0 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.3% VS 2022
▼ 1.3% VS 2022
▼ 19% VS 2022
▼ 14% VS 2022
There were 2,833 residential listings in King County in October, 1.8% below September and 19% lower than October 2022. October residential sales decreased by 3% month-over-month, to 1,398, and were 14% below October 2022. The months of inventory for residential in King County, at 2.0, reflected a sellers' market. The residential median price in October was $895,000, a 0.6% decrease from September and 1.3% below October 2022. The average sold price was $1,137,743, 0.7% above last month and up 0.3% to October 2022.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
1,398 2,833
213% 1,633 3,479
0.3% -1.3% -5% -14% -19%
1,446 2,885
0.7% -0.6% 1.6% -3% -1.8%
$1,137,743 $895,000 2.0
$1,130,135 $900,000 2.0
$1,134,616 $907,000
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
14
3,479
2,906
2,885
2,885
2,796
2,833
2,824
2,211
2,528
2,343
1,905
2,215
1,710
10
1,579
1,972
1,633
1,849
1,826
1,678
1,398
1,146
1,532
1,446
1,380
8
1,191
831
$940K
$919K
$907K
$910K
$900K
$900K
$895K
$875K
$850K
$830K
$820K
$800K
$809K
Oct-22
Sep-23
Oct-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
700
600
6.0
500
400
3.6
3.2
3.1
300
2.1
2.0
1.8
1.8
200
1.4
1.4
100
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
208 295 1.4
355 649 1.8
251 519 2.1
189 257 1.4
134 271 2.0
89 156 1.8
45 138 3.1
47 151 3.2
35 127 3.6
45 270 6.0
Copyright © November 6, 2023 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 6, 2023. 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 - OCTOBER 2 0 2 3
MONTHS OF INVENTORY 4.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 7% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 55% VS 2022
▲ 52% VS 2022
▼ 3% VS 2022
▼ 7% VS 2022
There were 272 condo listings in King County in October, 5% above September and 55% higher than October 2022. October condo sales remained the same month-over-month, at 64, and were 52% above October 2022. The months of inventory for condos in King County, at 4.3, reflected a sellers' market. The condo median price in October was $806,033, a 10% increase from September and 7% below October 2022. The average sold price was $946,533, 6% above last month; the average PSF sale price was $674, up 1.4% 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
$674 $946,533 $806,033 4.3 64 272
$724 $980,427 $867,245 417% 42 175
-7% -3% -7% 2% 52% 55%
$665 $888,984 $732,475 4.0 64 258
5% 0% 5%
1.4% 6% 10%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
258
25
272
238
222
216
174
164
164
194
175
184
153
148
15
78
15
64
63
47
64
43
63
42
25
59
55
51
14
$867K
$806K
$790K
$769K
$759K
$735K
$738K
$732K
$695K
$700K
$700K
$687K
$690K
Oct-22
Sep-23
Oct-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.
9
50
7.0
4+ bdrms
36
40
5.4
5.0
4.7
4.6
18
4.0
30
3 bdrms
55
2.9
20
2.1
30
2 bdrms
10
125
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 bdrms
10 54 5.4
10 29 2.9
9 42 4.7
7 32 4.6
11 23 2.1
7 28 4.0
3 15 5.0
7 49 7.0
56
Copyright © November 6, 2023 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 6, 2023. 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 - OCTOBER 2 0 2 3
MONTHS OF INVENTORY 2.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 1.9% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 6% VS 2022
▲ 8% VS 2022
▲ 10% VS 2022
▼ 9% VS 2022
There were 1,018 condo listings in King County in October, 14% above September and 10% higher than October 2022. October condo sales decreased by 7% month-over-month, to 377, and were 9% below October 2022.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 416 929
% Change
No. 404 894
% Change
The months of inventory for condos in King County, at 2.7, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$533 $598,091 $510,000 2.7 377 1,018
1.9% 6% 8% 21% -9% 10%
1.8% 4% 2% 22% -7% 14%
The condo median price in October was $510,000, a 2% increase from September and 8% above October 2022. The average sold price was $598,091, 4% above last month; the average PSF sale price was $533, up 1.8% to last month.
$523 $565,983 $471,000 223%
$524 $573,628 $498,500 2.2
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
15
1,018
929
795
785
767
894
13
13
799
620
703 463
650
499
456
557
508
500 395
416
377
429
287
404
387
330
323
216
$510K
$500K
$495K
$499K
$490K
$490K
$485K
$471K
$475K
$447K
$449K
$450K
$440K
Oct-22
Sep-23
Oct-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.
250
9
5.2
4+ bdrms
23
200
4.0
3.7
3.5
77
3.1
150
3 bdrms
135
2.4
1.9
1.9
1.6
100
191
2 bdrms
517
50
0
100
<2 bdrms
<$400K $400-$499K $500-$599K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M + MOI INVENTORY SALES
343
134 261 1.9
52 206 4.0
57 136 2.4
31 116 3.7
33 64 1.9
14 49 3.5
20 32 1.6
16 50 3.1
20 104 5.2
Copyright © November 6, 2023 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 6, 2023. 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 - OCTOBER 2 0 2 3
MONTHS OF INVENTORY 2.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▼ 4% VS 2022
▼ 3% VS 2022
▼ 5% VS 2022
▼ 12% VS 2022
There were 1,098 residential listings in Seattle in October, 1.5% above September and 5% lower than October 2022. October residential sales increased by 1.9% month-over-month, to 471, and were 12% below October 2022. The months of inventory for residential in Seattle, at 2.3, reflected a sellers' market. The residential median price in October was $880,000, a 2% decrease from September and 3% below October 2022. The average sold price was $1,024,551, 3% below last month and down 4% to October 2022.
THIS MONTH No. $1,024,551 $880,000 2.3 471 1,098
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,064,249 $906,100 216% 536 1,158
-4% -3% 8% -12% -5%
$1,053,298 $899,975 2.3 462 1,082
-3% -2% -0.5% 1.9% 1.5%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
10
1,158
1,082
1,029
1,098
1,012
976
863
983
801
920 678
8
8
646
730
552
680
538
668
470
536
577
548
399
471
462
440
294
$906K
$910K
$900K
$885K
$883K
$875K
$875K
$883K
$880K
$865K
$850K
$800K
$800K
Oct-22
Sep-23
Oct-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
300
19.0
250
200
150
100
5.9
3.8
3.7
50
2.4
2.2
2.1
2.1
2.0
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
49 97 2.0
140 293 2.1
102 240 2.4
70 110 1.6
47 104 2.2
28 58 2.1
12 45 3.8
11 41 3.7
9 53 5.9
3 57 19.0
Copyright © November 6, 2023 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 6, 2023. 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 - OCTOBER 2 0 2 3
MONTHS OF INVENTORY 3.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 10% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.1% VS 2022
▲ 40% VS 2022
▲ 81% VS 2022
▼ 6% VS 2022
There were 173 condo listings in Seattle in October, 12% above September and 40% higher than October 2022.
October condo sales decreased by 4% month-over-month, to 47, and were 81% above October 2022.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in Seattle, at 3.7, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$674 $879,470 $735,000 3.7 47 173
$752 $878,589 $784,500 477% 26 124
-10% 0.1% -6% -23% 81% 40%
$680 $800,062 $689,950 3.2 49 155
-0.8% 10% 7% 16% -4% 12%
The condo median price in October was $735,000, a 7% increase from September and 6% below October 2022. The average sold price was $879,470, 10% above last month; the average PSF sale price was $674, down 0.8% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
28
173
150
142
155
144
115
124
114
112
125
114
103
99
60
49
40
36
47
28
49
46
42
26
13
12
31
9
10
$785K
$779K
$739K
$732K
$735K
$719K
$700K
$699K
$700K
$690K
$665K
$630K
$612K
Oct-22
Sep-23
Oct-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
6
5.8
4+ bdrms
40
18
5.0
4.7
30
9
3.4
3.3
3 bdrms
3.0
3.0
31
20
2.2
26
2 bdrms
10
83
0
6
<$600K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES
<2 bdrms
10 47 4.7
9 20 2.2
9 30 3.3
3 15 5.0
4 12 3.0
5 17 3.4
3 9 3.0
4 23 5.8
41
Copyright © November 6, 2023 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 6, 2023. 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 - OCTOBER 2 0 2 3
MONTHS OF INVENTORY 4.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 1.4% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 9% VS 2022
▲ 9% VS 2022
▲ 22% VS 2022
▼ 7% VS 2022
There were 602 condo listings in Seattle in October, 11% above September and 22% higher than October 2022.
October condo sales decreased by 6% month-over-month, to 142, and were 7% below October 2022.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 152 495
% Change
No. 151 541
% Change
The months of inventory for condos in Seattle, at 4.2, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
142 602
1.4% 9% 9% 30% -7% 22%
5% 17% 10% 18% -6% 11%
The condo median price in October was $524,500, a 10% increase from September and 9% above October 2022. The average sold price was $618,337, 17% above last month; the average PSF sale price was $628, up 5% to last month.
$628 $618,337 $524,500 4.2
$619 $565,359 $480,000 326%
$596 $530,377 $477,000 3.6
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
26
602
478
541
495
456
420
420
487
352
20
371
18
288
282
200
191
261
175
158
133
152
111
142
177
150
151
118
85
$525K
$525K
$500K
$503K
$495K
$480K
$478K
$482K
$477K
$475K
$472K
$459K
$462K
Oct-22
Sep-23
Oct-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.
140
1
120
7.2
4+ bdrms
6.7
11
6.3
5.8
100
5.6
6
80
3 bdrms
46
3.6
3.5
3.3
60
2.8
70
40
2 bdrms
278
20
0
65
<2 bdrms
<$400K $400-$499K $500-$599K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M + MOI INVENTORY SALES 48 132 2.8 18 121 6.7 26 87 3.3 13 76 5.8 11 40 3.6 5 28 5.6 4 25 6.3 8 28 3.5 9 65 7.2
267
Copyright © November 6, 2023 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 6, 2023. 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 - OCTOBER 2 0 2 3
MONTHS OF INVENTORY 1.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 12% VS 2022
▲ 0.8% VS 2022
▲ 12% VS 2022
▼ 21% VS 2022
There were 153 residential listings in Bellevue in October, 22% below September and 21% lower than October 2022. October residential sales increased by 11% month-over-month, to 94, and were 12% above October 2022. The months of inventory for residential in Bellevue, at 1.6, reflected a sellers' market. The residential median price in October was $1,623,000, a 1.7% decrease from September and 0.8% above October 2022. The average sold price was $2,208,408, 10% above last month and up 12% to October 2022.
THIS MONTH No. $2,208,408 $1,623,000 1.6 94 153
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,978,330 $1,610,000 231% 84 194
12% 0.8% -30% 12% -21%
$2,008,780 $1,651,000 2.3 85 195
10% -1.7% -29% 11% -22%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
10
184
194
196 195
193
159
134
158
153
139
106
103
91
7
7
114
113 68
111
94
73
84
85
59
73
70
62
34
$1.96M
$1.83M
$1.74M $1.85M
$1.68M
$1.66M $1.53M
$1.64M $1.65M $1.62M
$1.61M $1.56M
$1.37M
Oct-22
Sep-23
Oct-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
60
3.5
50
2.6
2.4
40
2.0
1.7
30
1.3
1.1
20
0.6
0.3
10
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
1 2 2.0
3 4 1.3
15 5 0.3
23 14 0.6
11 12 1.1
6 10 1.7
9 22 2.4
8 21 2.6
18 63 3.5
Copyright © November 20, 2023 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 20, 2023. 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 - OCTOBER 2 0 2 3
MONTHS OF INVENTORY 2.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 8% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 2% VS 2022
▲ 10% VS 2022
▲ 3% VS 2022
0.0% VS 2022
There were 92 condo listings in Bellevue in October, 12% above September and no change to October 2022. October condo sales decreased by 23% month-over-month, to 34, and were 3% above October 2022. The months of inventory for condos in Bellevue, at 2.7, reflected a sellers' market. The condo median price in October was $606,500, a 11% decrease from September and 10% above October 2022. The average sold price was $794,437, 5% below last month; the average PSF sale price was $623, up 0.2% 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
34 92
33 92
3% 0%
44 82
0.2% -5% -11% 45% -23% 12%
$623 $794,437 $606,500 2.7
$676 $778,186 $550,500 279%
-8% 2% 10% -3%
$621 $836,133 $681,000 1.9
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
12
92
92
75
82
11
68
64
73
60
67
65 46
51
47
56
44
51
51 29
39
8
41
34
33
25
29
28
18
$765K
$700K
$685K
$681K
$675K
$660K
$646K
$610K
$607K
$565K
$551K
$536K
$485K
Oct-22
Sep-23
Oct-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.
25
2
6.0
6.0
4+ bdrms
20
4.2
9
3.7
15
3 bdrms
16
2.7
2.0
2.0
10
1.5
18
1.2
2 bdrms
48
5
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
28
4 8 2.0
8 12 1.5
5 6 1.2
1 6 6.0
3 11 3.7
3 8 2.7
2 4 2.0
2 12 6.0
6 25 4.2
Copyright © November 20, 2023 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 20, 2023. 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
© 2023 Mapbox © OpenStreetMap
Copyright © November 6, 2023 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 6, 2023. 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 © 2023 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 6, 2023. 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. 13
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