the seattle rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR KING COUNTY
published September 2024
table of contents
02 INTRO
03 WHAT YOU NEED TO KNOW
MARKET AREA PROFILES
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.
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 19 Capitol Hill/Central Seattle 22 Des Moines 25 Eastside South 28 Kent 31 Kirkland 34 Lake Forest Park 35 Mercer Island 36 North Seattle 39 Queen Anne/Magnolia 42 Renton 45 Richmond Beach/Shoreline 46 SODO/Beacon Hill 48 Southeast Seattle 50 West Seattle 53 Snohomish Count 56 Pierce County
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
59 AREA MAPS
61 GLOSSARY
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 September 9, 2024. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
interest rate cuts incoming The U.S. got its most clear signal that the Federal Reserve will cut interest rates in September when Jerome Powell gave his speech at Jackson Hole. More favorable borrowing rates, and more favorable resale conditions, are finally coming.
now (it was at a historic low of 3.4% as recent as April 2023), it is clear that higher interest rates are having a negative effect on the labor market. What’s more, the most recent revision to BLS jobs data showed employment growth was actually 818,000 jobs lower over the past year than previously reported (revisions are a normal part of the process though this revision was larger than is typical). As such, employment has become the primary concern of the Fed. Per Powell’s Jackson Hole speech, “we do not seek or welcome further cooling in labor market conditions.” Higher interest rates continued to have a negative effect on housing sales in August, too. Closed MLS sales of 2,256 across King Country came in 31% below the prior 10-year August average (of 3,261) and, on a year-to- date basis, sales of 17,052 were 24% below the prior 10-year average (of 22,419). It’s been a tough couple of years for sales in the region, but recent sentiment from the Fed and recent economic data point to more favorable borrowing rates in the near-term, which should unlock activity. Seattle may be a long way from Jackson Hole, but for now, the forecast for September is looking the same— expect lower borrowing costs.
Jerome Powell, the chair of the U.S. Federal Reserve, came out with his most clear signal that interest rates will decline at the Fed’s next interest rate announcement on September 18th, when he stated that “the time has come for policy to adjust.” These words were part of his August 23rd speech at the annual Jackson Hole Economic Symposium, one of the most highly anticipated events in the world of economics and a key barometer on the direction of the U.S. economy and monetary policy. The roughly 16 minute speech laid out why the Fed is feeling comfortable about easing interest rates, noting that “the upside risks to inflation have diminished, and the downside risks to employment have increased.” Put simply, the Fed is confident that it has defeated the highest inflation in a generation, and is now more concerned about a weakening labor market. Since the speech, updated inflation and employment data were released for the month of August that largely support a September
interest rate cut. Headline CPI fell to 2.5% year-over-year from 2.9% in July. Prior to then, the last time that inflation came in below the upper bound of the Fed’s target range (i.e., 3%) was back in March 2021. That said, not all news was good. Shelter costs continued to rise at uncomfortable levels (5.2%) and, as a result, core CPI, which excludes more volatile items like food and energy, actually ticked upward in August to 3.2%. What will give the Fed the confidence to see through this is that, excluding shelter, the vast majority (about 79%) of the CPI basket was growing below 3%. This was the most since pre-pandemic, evidence that broader inflationary pressures have indeed diminished. On the labor market front, the unemployment rate fell slightly in August to 4.2%, staving off concerns of a more serious downturn after a sharp rise in temporary layoffs caused the unemployment rate to jump to 4.3% in July. Still, with the unemployment rate on a sustained upward trend for more than a year
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 September 9, 2024. 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 - AUGUST 2 0 2 4
MONTHS OF INVENTORY 1.5 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 3% VS 2023
▲ 8% VS 2023
▲ 19% VS 2023
▲ 4% VS 2023
There were 2,374 single-family home listings in King County in August, 7% below July and 19% higher than August 2023. August single-family home sales decreased by 9% month-over-month, to 1,597, and were 4% above August 2023. The months of inventory for single-family home in King County, at 1.5, re'ected a sellers' market. The single-family home median price in August was $1,045,000, a 0.5% decrease from July and 8% above August 2023. The average sold price was $1,288,436, 4% below last month and up 3% to August 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
1,597 2,374
1,531 2,000
3% 8% 14% 4% 19%
1,756 2,549
-9% -7%
$1,288,436 $1,045,000 1.5
$1,339,809 $1,050,000 1.5
-4% -0.5% 2%
$1,246,523 $969,000 1.3
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
2,549
36
36
36
2,374
2,171
1,963
1,939
2,000
2,156
1,756
1,604
1,914
1,572
1,597
1,727
1,531
1,307
1,270
1,239
1,0441,035
1,325
1,304
1,172
1,096
973
907
690
$1.06M $1.05M $1.10M $1.02M
$1.02M $1.05M $1.05M
$969K
$926K
$917K
$900K
$900K
$890K
Aug-23
Jul-24
Aug-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
17.0
1000
800
600
6.4
400
2.7
200
2.4
2.0
1.4
1.3
1.3
1.3
1.2
0
<$1M 767 1,089 1.4
$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
194 255 1.3
195 248 1.3
208 261 1.3
114 138 1.2
49 116 2.4
42 114 2.7
18 36 2.0
5 32 6.4
5 85 17.0
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 September 9, 2024. 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 - AUGUST 2 0 2 4
MONTHS OF INVENTORY 2.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 1.2% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 0.2% VS 2023
▲ 3% VS 2023
▲ 67% VS 2023
▼ 2% VS 2023
There were 989 townhome listings in King County in August, 4% above July and 67% higher than August 2023. August townhome sales decreased by 8% month-over-month, to 338, and were 2% below August 2023. The months of inventory for townhomes in King County, at 2.9, re'ected a sellers' market. The townhome median price in August was $738,975, a 6% decrease from July and 3% above August 2023. The average sold price was $782,265, 4% below last month; the average PSF sale price was $527, down 3% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 345 593
% Change
No. 367 949
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
338 989
-1.2% 0.2% 3% 70% -2% 67%
-3% -4% -6% 13% -8% 4%
$527 $782,265 $738,975 2.9
$534 $781,070 $720,000 1.7
$546 $814,565 $782,000 2.6
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
47
989
855
949
43
41
723
680
638
589
559
593
529
505
479
367
463
466
335
328
439
421
345
338
357
338
269
235
222
$800K
$798K
$785K
$782K
$773K
$761K
$740K
$739K
$739K
$730K
$720K
$721K
$700K
Aug-23
Jul-24
Aug-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.
300
10.3
29
4+ bdrms
149
250
200
144
3 bdrms
5.6
415
150
3.4
3.2
100
155
2.6
2.4
2.3
2 bdrms
380
50
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 110 251 2.3 91 305 3.4 76 179 2.4 35 90 2.6 11 62 5.6 11 35 3.2 4 41 10.3 0 26 n/a
45
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 September 9, 2024. 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 - AUGUST 2 0 2 4
MONTHS OF INVENTORY 3.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 0.4% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 59% VS 2023
▼ 1.4% VS 2023
▼ 1.9% VS 2023
▼ 3% VS 2023
There were 991 condo listings in King County in August, 1.0% below July and 59% higher than August 2023.
August condo sales decreased by 5% month-over-month, to 308, and were 3% below August 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 319 623
% Change
No.
% Change
The months of inventory for condos in King County, at 3.2, re'ected a sellers' market.
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
308 991
-0.4% -1.4% -1.9% 65% -3% 59%
$651 $727,740 $490,000 3.1 325 1,001
-6% -8% -5% 4% -5% -1%
The condo median price in August was $465,000, a 5% decrease from July and 1.9% below August 2023. The average sold price was $665,933, 8% below last month; the average PSF sale price was $612, down 6% to last month.
$612 $665,933 $465,000 3.2
$614 $675,192 $474,000 2.0
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
955
55
991
1,001
874
731
720
654
692
623
559
41
41
591
494
479
347
325
294
319
255
248
308
326
311
263
207
191
190
$512K
$505K
$492K
$496K
$493K
$486K
$490K
$474K
$470K
$465K
$460K
$460K
$450K
Aug-23
Jul-24
Aug-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.
700
6.2
3 1
600
4+ bdrms
500
4.2
4.2
3.7
3.7
23
400
3 bdrms
3.0
3.0
84
300
1.8
166
200
2 bdrms
469
100
0
118
<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 219 657 3.0 43 159 3.7 14 59 4.2 7 26 3.7 5 21 4.2 5 31 6.2 6 11 1.8 9 27 3.0
435
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 September 9, 2024. 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 - AUGUST 2 0 2 4
MONTHS OF INVENTORY 1.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 15% VS 2023
▲ 19% VS 2023
▲ 58% VS 2023
▼ 11% VS 2023
There were 115 single-family home listings in Ballard/Greenlake in August, 9% below July and 58% higher than August 2023. August single-family home sales decreased by 33% month-over-month, to 92, and were 11% below August 2023. The months of inventory for single-family home in Ballard/Greenlake, at 1.3, re(ected a sellers' market. The single-family home median price in August was $1,044,250, a 6% increase from July and 19% above August 2023. The average sold price was $1,144,827, 1.6% below last month and up 15% to August 2023.
THIS MONTH No. $1,144,827 $1,044,250 1.3 92 115
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$998,746 $881,000 0.7 103 73
15% 19% 76% -11% 58%
137 126
-1.6% 6% 36% -33% -9%
$1,163,329 $985,500 0.9
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
145
137
32
32
126
30
133
111
126
115
103
103
101
99
96
104
92
69
86
84
82
61
73
55
73
66
63
55
41
$1.16M
$1.11M
$1.08M
$1.02M
$986K
$990K
$995K
$986K $1.04M
$975K
$945K
$905K
$881K
Aug-23
Jul-24
Aug-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
7.0
40
30
20
2.0
1.5
1.2
1.1
10
1.0
1.0
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
42 42 1.0
18 21 1.2
16 17 1.1
10 20 2.0
4 6 1.5
1 7 7.0
1 1 1.0
0 1 n/a
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 September 9, 2024. 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 - AUGUST 2 0 2 4
MONTHS OF INVENTORY 2.5 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 5% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 1.1% VS 2023
▲ 31% VS 2023
▼ 5% VS 2023
▼ 17% VS 2023
There were 157 townhome listings in Ballard/Greenlake in August, 6% below July and 31% higher than August 2023. August townhome sales remained the same month-over-month, at 63, and were 17% below August 2023. The months of inventory for townhomes in Ballard/Greenlake, at 2.5, re(ected a sellers' market. The townhome median price in August was $800,000, a 1.5% decrease from July and 1.1% above August 2023. The average sold price was $799,184, 0.1% above last month; the average PSF sale price was $584, up 0.3% 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
$584 $799,184 $800,000 2.5 63 157
$613 $839,055 $791,500 1.6 76 120
-5% -5% 1.1% 58% -17% 31%
$582 $798,306 $812,000 2.7 63 167
0.3% 0.1% -1.5% -6% 0% -6%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
167
49
152
48
157
141
140
46
120
119
114
89
84
82
96
74
70
87
76
84
79
63
73
71
63
62
57
57
52
$827K
$825K
$815K
$805K
$812K
$800K
$799K
$800K
$792K
$789K
$780K
$763K
$770K
Aug-23
Jul-24
Aug-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.
70
2.8
2.8
3
2.7
4+ bdrms
60
17
50
1.7
32
40
3 bdrms
62
30
25
20
2 bdrms
72
10
0
3
<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 17 2.8 25 70 2.8 26 43 1.7 6 16 2.7 0 9 n/a 0 2 n/a
6
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 September 9, 2024. 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 - AUGUST 2 0 2 4
MONTHS OF INVENTORY 4.2 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 12% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 78% VS 2023
▼ 21% VS 2023
▼ 10% VS 2023
▼ 37% VS 2023
There were 71 condo listings in Ballard/Greenlake in August, 16% above July and 78% higher than August 2023.
August condo sales decreased by 37% month-over-month, to 17, and were 37% below August 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in Ballard/Greenlake, at 4.2, re(ected a balanced market.
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
17 71
27 40
-12% -21% -10% 182% -37% 78%
27 61
-0.6% -10% -4% 85% -37% 16%
The condo median price in August was $430,000, a 4% decrease from July and 10% below August 2023. The average sold price was $428,529, 10% below last month; the average PSF sale price was $567, down 0.6% to last month.
$567 $428,529 $430,000 4.2
$645 $544,130 $480,000 1.5
$570 $476,148 $450,000 2.3
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
60
71
60
61
51
50
48
40
40
42 25
33
32
27
27
34
24
24
36
21
21
20
27
20
20
17
17
14
7
$495K
$480K
$470K
$465K
$456K
$458K
$450K
$450K
$450K
$440K
$440K
$430K
$404K
Aug-23
Jul-24
Aug-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.
60
5.5
4+ bdrms
50
3.9
40
1 1
3 bdrms
30
20
6
2 bdrms
28
10
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 0 1 n/a 15 59 3.9 2 11 5.5
42
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 September 9, 2024. 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 - AUGUST 2 0 2 4
MONTHS OF INVENTORY 1.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 10% VS 2023
▼ 1.9% VS 2023
▼ 5% VS 2023
▼ 13% VS 2023
There were 60 single-family home listings in Bellevue East of 405 in August, 14% below July and 5% lower than August 2023. August single-family home sales decreased by 29% month-over-month, to 45, and were 13% below August 2023. The months of inventory for single-family home in Bellevue East of 405, at 1.3, re'ected a sellers' market. The single-family home median price in August was $1,550,000, a 3% decrease from July and 10% above August 2023. The average sold price was $1,731,552, 0.5% below last month and down 1.9% to August 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
45 60
52 63
-1.9% 10% 10% -13% -5%
63 70
-0.5% -3% 20% -29% -14%
$1,731,552 $1,550,000 1.3
$1,739,484 $1,598,888 1.1
$1,765,009 $1,412,000 1.2
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
36
35
70
77
74
33
60
63
56
60
63
50
58
58
57
52
43
43
37
45
45
35
39
37
36
21
24
22
16
$1.78M
$1.60M $1.60M $1.55M
$1.58M
$1.58M $1.50M
$1.56M $1.68M $1.62M $1.66M
$1.45M
$1.41M
Aug-23
Jul-24
Aug-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
3.5
15
3.0
10
1.5
1.1
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
0 4 n/a
4 0 n/a
17 8 0.5
14 16 1.1
4 6 1.5
2 7 3.5
4 12 3.0
0 2 n/a
0 2 n/a
0 3 n/a
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 September 9, 2024. 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 - AUGUST 2 0 2 4
MONTHS OF INVENTORY 8.0 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 14% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 25% VS 2023
▲ 34% VS 2023
▲ 129% VS 2023
▼ 60% VS 2023
There were 32 townhome listings in Bellevue East of 405 in August, 60% above July and 129% higher than August 2023. August townhome sales decreased by 43% month-over-month, to 4, and were 60% below August 2023. The months of inventory for townhomes in Bellevue East of 405, at 8.0, re'ected a buyers' market. The townhome median price in August was $870,000, a 24% increase from July and 34% above August 2023. The average sold price was $761,250, 5% above last month; the average PSF sale price was $562, up 6% 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
$562 $761,250 $870,000 8.0 4 32
10 14
471% -60% 129%
$528 $725,858 $703,005 2.9 7 20
6% 5% 24% 180% -43% 60%
$495 $608,516 $647,450 1.4
14% 25% 34%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
42
32
26
37
36
20
19
19
17
16
20
14
14
14
12
15
11
14
13
9
12
11
10
9
8
8
7
6
4
$982K
$920K
$902K
$870K
$870K
$820K
$815K
$803K
$753K
$750K
$703K
$647K
$585K
Aug-23
Jul-24
Aug-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.
8.0
8
4+ bdrms
2
6
3
3 bdrms
12
4
2.3
1
2 bdrms
2
18
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 0 9 n/a 3 7 2.3 0 3 n/a 0 3 n/a 0 2 n/a 1 8 8.0
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 September 9, 2024. 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 - AUGUST 2 0 2 4
MONTHS OF INVENTORY 2.5 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 13% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 22% VS 2023
▲ 30% VS 2023
▲ 74% VS 2023
▼ 13% VS 2023
There were 33 condo listings in Bellevue East of 405 in August, 18% above July and 74% higher than August 2023.
August condo sales decreased by 28% month-over-month, to 13, and were 13% below August 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in Bellevue East of 405, at 2.5, re'ected a sellers' market.
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
13 33
15 19
100% -13% 74%
18 28
8% 9% 0.9% 63% -28% 18%
The condo median price in August was $535,000, a 0.9% increase from July and 30% above August 2023. The average sold price was $568,000, 9% above last month; the average PSF sale price was $557, up 8% to last month.
$557 $568,000 $535,000 2.5
$491 $463,684 $410,000 1.3
$513 $520,194 $530,000 1.6
13% 22% 30%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
54
33
24
28
19 26
21
19
19
19
18
18
19 15
17
37
13
17
17
34
15
15
14
9
13
8
7
8
3
$580K
$560K
$550K
$550K
$540K
$535K
$530K
$491K
$488K
$479K
$475K
$446K
$410K
Aug-23
Jul-24
Aug-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.
10
5.0
4+ bdrms
4.0
8
3.0
2
6
3 bdrms
2.3
4
4
1.0
7
2 bdrms
20
2
0
4
<2 bdrms
<$300K $300K-399K $400K-499K $500K-599K $600K-699K $700K-799K $800K-899K $900K-999K $1M+ MOI INVENTORY SALES
9
3 9 3.0
2 10 5.0
3 7 2.3
3 3 1.0
1 4 4.0
1 0 n/a
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 September 9, 2024. 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 - AUGUST 2 0 2 4
MONTHS OF INVENTORY 2.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 0.8% VS 2023
▲ 12% VS 2023
▲ 9% VS 2023
▼ 4% VS 2023
There were 75 single-family home listings in Bellevue West of 405 in August, 6% above July and 9% higher than August 2023. August single-family home sales increased by 8% month-over-month, to 27, and were 4% below August 2023. The months of inventory for single-family home in Bellevue West of 405, at 2.8, re(ected a sellers' market. The single-family home median price in August was $3,900,000, a 1.3% increase from July and 12% above August 2023. The average sold price was $4,108,044, 15% below last month and up 0.8% to August 2023.
PREVIOUS YEAR
No.
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
27 75
28 69
0.8% 12% 13% -4% 9%
25 71
8% 6%
$4,108,044 $3,900,000 2.8
$4,859,223 $3,850,000 2.8
-15% 1.3% -2%
$4,077,382 $3,487,500 2.5
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
71
63
75
69
61
58
64
54
58
49
44
43
31
31
40
28
37
26
27
31
26
25
34
23
18
16
12
11
8
$4.14M
$3.95M $3.85M $3.90M
$3.77M $4.05M $3.78M $3.99M
$3.55M
$3.49M
$3.21M
$3.26M
$2.83M
Aug-23
Jul-24
Aug-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
13.7
40
30
20
10
2.5
2.0
1.6
1.5
0.8
0.5
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 2 2.0
2 3 1.5
4 2 0.5
8 13 1.6
5 4 0.8
4 10 2.5
3 41 13.7
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 September 9, 2024. 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 - AUGUST 2 0 2 4
MONTHS OF INVENTORY 3.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 57% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 40% VS 2023
▲ 88% VS 2023
▲ 32% VS 2023
▼ 27% VS 2023
There were 58 condo listings in Bellevue West of 405 in August, 5% above July and 32% higher than August 2023.
August condo sales decreased by 50% month-over-month, to 16, and were 27% below August 2023.
PREVIOUS YEAR
No.
No.
% Change
No.
% Change
The months of inventory for condos in Bellevue West of 405, at 3.6, re(ected a sellers' market.
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
16 58
22 44
57% 40% 88% 81% -27% 32%
32 55
9% 26% 62% 111% -50% 5%
The condo median price in August was $2,112,450, a 62% increase from July and 88% above August 2023. The average sold price was $2,331,462, 26% above last month; the average PSF sale price was $1,487, up 9% to last month.
$1,487 $2,331,462 $2,112,450 3.6
$948 $1,663,614 $1,125,000 2.0
$1,358 $1,850,434 $1,307,500 1.7
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
55
55
55
48
58
53
50
46
47
45
44
44
44
42
32
29
25
23
22
25
24
23
19
17
16
13
22
10
15
$2.11M
$1.35M $1.31M
$1.13M
$1.04M $1.04M $1.07M $1.10M $1.10M $1.12M
$958K
$875K
$730K
Aug-23
Jul-24
Aug-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
6.0
4+ bdrms
5.0
10
8
2
3.3
3.0
3 bdrms
5
6
1.2
4
11
1.0
2 bdrms
26
2
0
3
<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 3 10 3.3 0 9 n/a 2 12 6.0 0 5 n/a 1 3 3.0 2 10 5.0 3 3 1.0 5 6 1.2
27
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 September 9, 2024. 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 - AUGUST 2 0 2 4
MONTHS OF INVENTORY 5.8 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 10% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 2.0% VS 2023
▲ 1.6% VS 2023
▲ 20% VS 2023
▼ 10% VS 2023
There were 204 condo listings in Belltown/Downtown Seattle in August, 9% below July and 20% higher than August 2023. August condo sales increased by 13% month-over-month, to 35, and were 10% below August 2023. The months of inventory for condos in Belltown/Downtown Seattle, at 5.8, re)ected a balanced market. The condo median price in August was $635,000, a 2% decrease from July and 1.6% above August 2023. The average sold price was $888,324, 3% below last month; the average PSF sale price was $764, down 11% to last month.
PREVIOUS YEAR
No.
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$764 $888,324 $635,000 5.8 35 204
$852 $871,267 $625,000 4.4 39 170
-10% 2% 1.6% 34% -10% 20%
$854 $917,289 $650,000 7.2 31 224
-11% -3% -2% -19% 13% -9%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
224
236
68
219
192
204
185
59
170
183
149
159
155
48
133
123
51
49
29
27
39
22
35
18
37
35
33
31
30
$905K
$787K
$719K
$703K
$650K
$650K
$643K
$640K
$635K
$625K
$599K
$588K
$550K
Aug-23
Jul-24
Aug-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
1
80
4+ bdrms
2
11.0
60
1
3 bdrms
7.0
11
6.0
5.9
40
5.4
15
2 bdrms
20
79
1.4
0
18
<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 11 11.0 0 11 n/a 1 6 6.0 1 14 14.0 16 87 5.4 8 47 5.9 3 21 7.0 5 7 1.4
112
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 September 9, 2024. 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 ●
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62Made with FlippingBook - professional solution for displaying marketing and sales documents online