the Seattle rennie review | November 2023

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 ●

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