the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE
published June 2021
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
06 SEATTLE
Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com
Bowen Behan Pausey SENIOR ANALYST bbehan@rennie.com
09 BELLEVUE
12 AREA MAP
Copyright © 2021 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 June 1 4 , 2021. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
housing remains a hot commodity in May Despite a slowdown in the market for residential real estate in King County earlier in the year, homes are selling at an elevated pace as supply remains lacking.
With mortgage rates having risen in recent months, we could see the market equilibrium shift over the summer, which is typically slower anyway. That said, as the State and County economies continue to re-open thanks to rising vaccination rates, the (down) shift may not be as significant as some might be expecting.
Both home types are transacting at elevated levels, with both residential (ground oriented homes) and condos up 20% versus the long- run average for the month. Within King County, last month’s sales in Seattle were 33% above the long-run average, though in Bellevue sales were only 2% higher. On the supply front, May marked the lowest count of inventory (homes for sale) since January, with King County’s 2,775 total listings sitting 41% below their May 2020 level, and 61% below the past-decade May average. Listings of both residential properties and condos were 53% and 19% below last year’s level, respectively; they were also down by 72% (for residential) and 40% (for condos) versus the long-run average. Inventory remains constrained in both Seattle and Bellevue, with listings lower by 30% and 69%, respectively, versus the long-run average.
The very active housing market here in King County since the middle of 2020 has been generating a lot of noise in the data. This remains true when we look at the most recent data, for May, as two fundamental observations about our market continue to hold: demand remains elevated and supply is constrained. After sales fell to 2,028 in January 2021— the lowest monthly count in a year—sales have been steadily rising each month since then, reaching 3,738 in May. This represented the most monthly sales in King County since September 2020, when the regional housing market was re-emerging from suppressed activity at the onset of the pandemic. As such, sales in May 2021 were 79% above those from one year earlier (in May 2020), and 21% higher than the past- decade May average.
Copyright © 2021 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 June 1 4 , 2021. 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
RES IDENT IAL - MAY 2021 king county
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
53 % DOWN
36 % UP
-
28 % UP
69 % UP
0.5 SELLER’S
There were 1,291 residential homes for sale in King County in May, 16% below last month and 53% lower vs May 2020. Residential closed sales rose 5% month-over-month, to 2,804, and were 69% higher year-over-year. There was 0.5 months of inventory for residential homes in May, reflecting seller’s market conditions. The median sold price in May was $870,000, 4% above April and 28% higher vs last year. The average sold price for residential homes was $1.08M, 3% higher month-over-month and 36% above May of last year.
VS 2020
VS 2020
VS 2020
VS 2020
VS 2020
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
1,291 2,804
1,535 2,670
-16%
2,756 1,655
-53% 69% -72% 28% 36%
CLOSED SALES
5%
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
0.5
0.6
-20%
1.67
$870,000 $838,076 $1,079,307 $1,047,993
4% $679,950 3% $792,399
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$825,000 $870,000
1.93
$729,475 $750,000 $735,000 $733,475
1.82
$679,950
1.62
2,887
2,899
2,804
2,756
2,426
2,288
2,781
2,629
1,464
1,762
1,655
1,291
1,168
1,099
May-20
Apr-21
May-21
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
. . . 0 0 0 0 0 MONTHS OF INV. CLOSED SALES HOMES FOR SALE SELLER'S MARKET BALANCED BUYER'S MARKET
Copyright © 2021 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 June 14, 2021. All data from Northwest Multiple Listing Serivce & 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 CONDO - MAY 2021
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
19 % DOWN
7 % UP
10 % UP
7 % UP
116 % UP
1.1 SELLER’S
The number of condo homes for sale in King County, at 830, was down 7% month-over-month and 19% below last year. May’s condo closed sales, at 771, were 4% below last month but 116% higher than last year. There was 1.1 months of inventory for condos in May, reflecting seller’s market conditions. The condo median sold price in May was $450,000, down 2% month-over-month but up 7% year-over-year. The average sold price was $543,564 with an average PSF sales price of $507 (down 4% and 2%, respectively, vs April).
VS 2020
VS 2020
VS 2020
VS 2020
VS 2020
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 894 807 1.1
% Change
No.
% Change
HOMES FOR SALE
830 771 1.1
-7% -4% -3%
1,028
-19% 116% -63%
CLOSED SALES
357 2.88
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$450,000 $460,000 $543,564 $565,649
-2% $420,000 -4% $508,549
7% 7%
AVERAGE PRICE PSF
$507
$518
-2%
$459
10%
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$475,000 $450,000
$446,000 $445,000
$420,000 $429,375
$410,000
1,589
1,324
1,283
1,028
868
842
830
771
736
728
673
670
459
357
KING COUNTY
SEATTLE
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS ›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
SELLER'S MARKET
BALANCED
142
3+ bdrms
BUYER'S MARKET
121
401
2 bdrms
356
228
. . . . 0 0 0 0
<2 bdrms
353
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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 June 14, 2021. All data from Northwest Multiple Listing Serivce & 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
seattle
RES IDENT IAL - MAY 2021
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
33 % DOWN
24 % UP
-
19 % UP
84 % UP
0.6 SELLER’S
The number of residential homes for sale in Seattle in May, at 614, were 10% lower month-over-month and 33% lower year-over-year. With 1,010 in May, residential closed sales were 5% higher month-over-month and 84% higher year-over-year. There was 0.6 months of inventory for residential homes in May, reflecting seller’s market conditions. The median sold price in May was $890,000, 3% above April and 19% higher vs May 2020. The average sold price was $1.07M, 4% above last month and 24% higher vs May 2020.
VS 2020
VS 2020
VS 2020
VS 2020
VS 2020
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 683 959 0.7
% Change
No. 911 548 1.7
% Change
HOMES FOR SALE
614
-10%
-33% 84% -63% 19% 24%
CLOSED SALES
1,010
5%
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
0.6
-15%
$890,000 $862,000 $1,073,077 $1,033,969
3% $749,000 4% $866,472
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$890,000
$799,000 $799,000 $780,000 $818,000
1.87
$749,000 $778,000
1.75
1.58
1,236
1,061
1,010
913
911
867
978
921
590
823
614
559
547
548
May-20
Apr-21
May-21
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE ›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
SELLER'S MARKET
BALANCED
BUYER'S MARKET
. . . 0 0 0 0 0
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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 June 14, 2021. All data from Northwest Multiple Listing Serivce & 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
NEW CONSTRUCT ION CONDO - MAY 2021
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
5 % DOWN
14 % DOWN
8 % UP
12 % UP
85 % UP
3.9 SELLER’S
There were 94 new construction condo homes for sale in Seattle in May, 4% below April and 14% lower vs May 2020. May’s new construction condo closed sales were 4% higher month-over-month (at 24) and were up 85% year-over-year. There was 3.9 months of inventory in May, reflect- ing seller’s market conditions. The new construction condo median sold price in May was $615,000, 12% below April but 12% higher vs May 2020. The average sold price was $754,254, 4% below last month; the average PSF sales price was $735, down 6% from last month.
VS 2020
VS 2020
VS 2020
VS 2020
VS 2020
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No. 109
% Change
HOMES FOR SALE
94 24
98 23
-4%
-14% 85% -53% 12%
CLOSED SALES
4%
13
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
3.9
4.3
-8%
8.4
$615,000 $700,000 $754,254 $789,656
-12% $549,990 -4% $701,249
8%
$735
$779
-6%
$776
-5%
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$943,965
$775,000
$770,872
$635,496 $615,000
$599,990
$549,990
124
113
109
100
94
90
86
25
24
20
18
16
13
12
SEATTLE
KING COUNTY
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS
›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
SELLER'S MARKET
BALANCED
11
BUYER'S MARKET
3+ bdrms
17
3
2 bdrms
32
10
. . . . 0 0 0 0 QD QD
<2 bdrms
45
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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 June 14, 2021. All data from Northwest Multiple Listing Serivce & 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
PREVIOUSLY OWNED CONDO - MAY 2021
AVERAGE PRICE
AVERAGE PSF PRICE 7 % UP
MEDIAN PRICE
HOMES FOR SALE 3 % UP
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
5 % UP
1.8 % UP
117 % UP
1.6 SELLER’S
There were 453 previously owned condo homes for sale in Seattle in May, 7% below April but 3% higher vs May 2020. May’s previously owned condo closed sales decreased by 9% month-over-month (to 278) but were up 177% year-over-year. There was 1.6 months of inventory in May, reflect- ing seller’s market conditions. The previously owned condo median sold price in May was $468,500, 1.4% below April but 1.8% higher vs May 2020. The average sold price was $552,774, 4% below last month; the average PSF sales price was $598, down 1.5% from last month.
VS 2020
VS 2020
VS 2020
VS 2020
VS 2020
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 486 305 1.6
% Change
No. 441 128 3.4
% Change
HOMES FOR SALE
453 278 1.6
-7% -9%
3%
CLOSED SALES
117% -53% 1.8%
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
2%
$468,500 $475,000 $552,774 $573,670
-1.4% $460,000 -4% $527,242 -1.5% $557
5% 7%
AVERAGE PRICE PSF
$598
$607
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$460,000 $474,000 $466,500 $475,000 $463,250 $478,500 $468,500
873
724
665
499
494
441
453
260
278
258
239
191
146
128
SEATTLE
KING COUNTY
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS
›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
SELLER'S MARKET
BALANCED
12
3+ bdrms
BUYER'S MARKET
32
128
2 bdrms
176
138
. . . . 0 0 0 0
<2 bdrms
245
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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 June 14, 2021. All data from Northwest Multiple Listing Serivce & 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
bellevue
RES IDENT IAL - MAY 2021
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
69 % DOWN
56 % UP
-
54 % UP
79 % UP
0.4 SELLER’S
There were 48 residential homes for sale in the Bellevue market area in May, 13% below last month and 69% lower vs May 2020. Residential closed sales decreased by 1.7% month-over-month, to 118, but were 79% higher year-over-year. There was 0.4 months of inventory for residential homes in May, reflecting seller’s market conditions. The median sold price in May was $1.60M, 1.2% below April but 54% higher vs last year. The average sold price for residential homes was $1.89M, relatively unchanged month-over-month and 56% above May of last year.
VS 2020
VS 2020
VS 2020
VS 2020
VS 2020
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No. 154
% Change
HOMES FOR SALE
48
55
-13% -1.7% -11%
-69% 79% -83% 54% 56%
CLOSED SALES
118 0.4
120 0.5
66
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
2.3
$1,600,000 $1,620,000 -1.2% $1,037,500 $1,890,623 $1,890,583 0.0% $1,211,130
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
(MILLIONS)
$1.60
2.43
$1.53
2.41
$1.48
$1.30
$1.26
$1.20
$1.04
1.67
179
154
143
123
118
97
132
119
62
77
66
48
41
36
May-20
Apr-21
May-21
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
SELLER'S MARKET
BALANCED
BUYER'S MARKET
. . . 0 0 0 0 0 QD
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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 June 14, 2021. All data from Northwest Multiple Listing Serivce & 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
NEW CONSTRUCT ION CONDO - MAY 2021
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
14 % DOWN
192 % UP
34 % UP
202 % UP
50 % UP
2.0 SELLER’S
The number of new construction condo homes for sale in Bellevue, at 12, was 14% lower month-over- month and year-over-year. May’s new construction condo closed sales, at 6, were 45% below last month but 50% higher year-over-year. There was 2.0 months of inventory in May, reflect- ing seller’s market conditions. The new construction condo median sold price in May was $1.67M, up 7% vs April and a 202% increase from May 2020. The average sold price was $1.58M with an average PSF sales price of $1,181 (down 1.7% and 4%, respectively, vs April).
VS 2020
VS 2020
VS 2020
VS 2020
VS 2020
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
12
14 11
-14% -45% 57%
14
-14% 50% -43% 202% 192%
CLOSED SALES
6
4
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
2.0
1.3
3.5
$1,666,025 $1,550,000
7% $551,500
$1,581,425 $1,609,454 -1.7% $542,250
$1,181
$1,225
-4%
$883
34%
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$2,815,000
$1,666,025
$1,502,300
$1,189,900
$1,281,000
45
33
$551,500 $660,000
28
14
12
8
14
27
BELLEVUE KING COUNTY
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS ›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
SELLER'S MARKET
BALANCED
BUYER'S MARKET
3+ bdrms
5
6
2 bdrms
7
. . . . 0 0 0 0 QD QD QD QD QD QD
<2 bdrms
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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 June 14, 2021. All data from Northwest Multiple Listing Serivce & 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 - MAY 2021
AVERAGE PRICE
AVERAGE PSF PRICE 3 % UP
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
14 % DOWN
13 % DOWN
14 % DOWN
241 % UP
0.8 SELLER’S
The number of previously owned condo homes for sale in Bellevue, at 60, was down 12% month-over- month and 14% below last year. May’s previously owned condo closed sales, at 75, were 18% below last month but 241% higher than last year. There was 0.8 months of inventory in May, reflect- ing seller’s market conditions. The previously owned condo median sold price in May was $605,000, down 1.6% vs April and a 13% decrease from May 2020. The average sold price was $755,134 with an average PSF sales price of $595 (both up 3%, respec- tively, vs April).
VS 2020
VS 2020
VS 2020
VS 2020
VS 2020
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
60 75
68 91
-12% -18%
70 22
-14% 241% -75% -13% -14%
CLOSED SALES
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
0.8
0.7
7%
3.2
$605,000 $615,000 $755,134 $731,695
-1.6% $697,500 3% $880,164
AVERAGE PRICE PSF
$595
$580
3%
$579
3%
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$697,500
$619,000 $622,500
$615,000 $605,000
$515,000
$490,500
157
100
103
75
70
63
62
22
60
60
59
52
51
45
BELLEVUE KING COUNTY
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS ›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
SELLER'S MARKET
BALANCED
18
3+ bdrms
BUYER'S MARKET
10
39
2 bdrms
35
18
. . . . 0 0 0 0
<2 bdrms
15
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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 June 14, 2021. All data from Northwest Multiple Listing Serivce & 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
AREAS rennie review
KING COUNTY CITY OF SEATTLE CITY OF BELLEVUE
12 Copyright © 2021 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 June 14, 2021. All data from Northwest Multiple Listing Serivce & 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.
The rennie intelligence team comprises our in-house demographer, senior economist, and market analysts. Together, we empower our developer clients, rennie advisors, institutional advisory clients, and the entire rennie team with comprehensive data and a trusted market perspective. With data as the backbone to our thoughtful real estate practice, we help our clients form and execute sound, well-considered plans to help them achieve their goals. the data behind rennie
Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com
Copyright © 2021 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 June 1 4 , 2021. 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
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 13Made with FlippingBook - professional solution for displaying marketing and sales documents online