the seattle rennie advance | April 2024

the seattle rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN KING COUNTY

published April 2024

table of contents

The rennie advance is a summary of the latest sales, listings, and price trends in King County. It is produced at the beginning of each month and it reflects the latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.

02 INTRO

03 SALES

04 NEW LISTINGS

05 INVENTORY

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

Bowen Pausey U.S. MARKET INTELLIGENCE MANAGER & SENIOR ANALYST bpausey@rennie.com

06 MEDIAN PRICES

07 RENNIE INTELLIGENCE

Copyright © April 2, 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of April 2, 2024. All data from Northwest Multiple Listing Service & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 2

highlights • Closed M LS salesroseto2,014 acros KingCountyin M arch,up 28% from Februaryand thefirst tim esaleshaveeclipsed the2,000 m ark sinceAugust2023.W ith thissaid,salesfel by1.3% com pared to lastyear,asM arch m arked thefirstyear-over-yeardecreasesinceD ecem ber2023. • Thisoveral year-over-yeardecreasein salesw asdriven by single-fam ily hom es,w heresalesfel by 4% (from 1,364to1,306).Townhom esaleswereup 8% (risingfrom 384to415)whilecondosales rem ained flat(at293). • Al hom etypeswerebelow thepast-decadeM arch average,with single-fam ilyhom esand condos 28% and 32% lower,respectively,whiletownhom eswere3% below theirpast10-yearaverage.

KINGCOUNTY THERENNIEADVANCE sales

MARCH 2024

3,500

- 4% vsM ar2023

3,000

2,500

2,000

1,810 10 yrM arAvg

1,500

1,000

1,306

SINGLE-FAMILY HOME sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500

- 28% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

+ 8% vsM ar2023

800

600

428 10 yrM arAvg

400

415

TOWNHOME sales

200

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 3% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

800

- vsM ar2023

600

400

428 10 yrM arAvg

293

200

CONDO sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 32% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

Copyright© April2,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofApril2,2024.Aldatafrom NorthwestMultiple ListingService& Ren ie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ation shouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom aren ieand as ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • N ew listingscontinued to increasein M arch,rising to 2,986 (thehighestlevelrealized sinceJune 2023).Although new listingswere16% abovethepreviousm onth,theywere21% below the past-decadeaverage(alargerdiferencethan w ew itnes ed in February w herenew listingsw ere only 1.9% below thepast-decadeaverage). • A l hom etypesrealized increasesin new listingscom pared to thepreviousm onth,assingle-fam ily hom eswere19% aboveFebruary,condos17% higher,and townhom es6% higher.O n a year-over-yearbasis,single-fam ilyhom esweredown 0.9% whilecondosand townhom eswereup 21% and 9% ,respectively.

KINGCOUNTY THERENNIEADVANCE new listings

MARCH 2024

4,000

- 1% vsM ar2023

3,000

2,000

2,650 10 yrM arAvg

1,929

1,000

SINGLE-FAMILY HOME new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 27% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

800

+ 9% vsM ar2023

600

547

400

539 10 yrM arAvg

200

TOWNHOME new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 2% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

800

+ 21% vsM ar2023

600

510

400

584 10 yrM arAvg

200

CONDO new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 13% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

●

highlights • Inventoryin KingCountyrose8% in M arch,increasingfrom itsFebruarycountof2,088 to2,262 (m arking threeconsecutivem onthsofm onth-over-m onth inventoryincreases).Thiswaslargely driven bya17% expansion in condoinventory(whilesingle-fam ilyhom eand townhom einventory each rose6% ). • Com pared to lastyear,inventorywasdown 10% overal.Forsingle-fam ilyhom es,inventorywas 22% lowerand 5% lowerfortownhom es.Conversely,condoinventorywas22% highercom pared toM arch 2023. • Thepast-decadeM arch averagehad tw o distinctnar atives,w ith single-fam ily hom einventory 45% lowerwhiletownhom eand condoinventorywereup 17% and 10%,respectively.

KINGCOUNTY THERENNIEADVANCE inventory

•

MARCH 2024

- 22% vsM ar2023

5,000

4,000

3,000

2,158 10 yrM arAvg

2,000

SINGLE-FAMILY HOME inventory

1,000

1,196

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 45% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

- 5% vsM ar2023

1,000

800

600

410 10 yrM arAvg

400

480

TOWNHOME inventory

200

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 17% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

+ 22% vsM ar2023

1,200

1,000

800

535 10 yrM arAvg

600

586

400

CONDO inventory

200

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 10% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

●

highlights • Them edian priceofasingle-fam ilyhom eand townhom ein KingCountywere4% and 3% above lastm onth.Them edian priceofacondowas3% below February. • Forthesixth consecutivem onth,them edian pricefortownhom esand condosin Kingcountyrose year-over-year,being 15% and 8% aboveM arch 2023,respectively.Single-fam ilyhom eswere16% abovethistim elastyear(m arking thefifth consecutivem onth ofyear-over-yearincreases). •

KINGCOUNTY THERENNIEADVANCE median prices

MARCH 2024

$1,200,000

KingCounty

$1,000,000

$1,050,000

$800,000

$600,000

+ 16% vsM ar2023

$400,000

SINGLE-FAMILY HOME median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● March

KingCounty

$800,000

$785,000

$600,000

$400,000

+ 15% vsM ar2023

TOWNHOME median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● March

$600,000

KingCounty

$500,000

$496,000

$400,000

$300,000

+ 8% vsM ar2023

$200,000

CONDO median salesprice

$100,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● March

●

the data behind rennie

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of 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

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