the seattle rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR KING COUNTY
published May 2024
table of contents
02 INTRO
03 WHAT YOU NEED TO KNOW
NEIGHBORHOOD PROFILES 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
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.
Bowen Pausey U.S. MARKET INTELLIGENCE MANAGER & SENIOR ANALYST bpausey@rennie.com
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
53 AREA MAP
Copyright © May 8, 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 May 8, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
a slow thaw for King County’s spring market
Housing activity throughout King County is picking up but has yet to reach what would be considered typical for this market. Two months into spring, April’s data reveals a lack of inventory and sales struggling to reach their historical average.
below that past-decade average, while townhome and condo inventories were 26% and 20% higher, respectively. Additionally, new listings—which jumped 35% versus last year and, excluding February of this year, reached the closest they’ve been to their 10-year average since September 2022—provided some encouraging signs for those searching for greater choice in the market (as inventory expanded 14% compared to March). Median sold prices, at near record-highs, remained unbothered in April, with the price of a single-family home sitting at $1.05M (15% above last year), townhomes at $770,000 (7% higher), and condos at $495,500 (10% higher). The supply and demand factors influencing our market are moving in a direction that signals an increase in activity, despite a macroeconomic environment that is causing our journey back to historical averages to be a little more leisurely than some would like. We’ll see if the spring market, which is moving in a slow but encouraging direction with respect to activity, can burn off some of the remaining frost in May.
At the conclusion of last year, the prevailing expectation was that there would be a handful of interest rate cuts in 2024. However, as we find ourselves in early May, this expectation remains unaligned with reality, owing to stubborn inflation and an economy that’s running a little too hot for the Fed’s liking. The rate outlook has been thusly muddied—with the prospect of even a single rate cut this year now in jeopardy—and while the most recent softer-than-expected jobs report from the Bureau of Labor Statistics (BLS) is promising for Wall Street (if a little less so for Main Street), it’s not nearly enough to move the needle for a central banking system that has emphasized its reliance on the “totality” of the data. These macroeconomic conditions have impacted housing markets across the country, and King County’s market has been no exception. Examining the buy-side of the market, the combined sales for March and April, excluding last year, have fallen to their lowest total since 2011—a departure from a season that generally
marks a “hot” time of year for this region. Sales counts in April also struggled to reach their historical norm, sitting 19% below their 10-year average. With all of this said, there are some signs of increasing activity emerging from last month’s data, with sales up 13% month-over-month (above the typical seasonal increase of 7%), and sitting 17% higher versus last year. Now, we cannot attribute a struggle in sales reaching its historical levels solely on the macroeconomic environment, as inventory in the region remains constrained (though to be fair, this is another consequence of the macroeconomic climate, as would-be sellers stay put thanks to the rates they locked in prior to their unprecedented rise). The overall count of homes for sale in April was 26% below the past-decade average and a sliver (1.0%) lower than last year (meaning choices for buyers are limited). As we dive deeper into the data, though, single-family homes (which composed over half the inventory in King County in April) were 46%
Copyright © May 8, 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 May 8, 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. 3
king county SINGLE-FAMILY HOME - APRIL 2 0 2 4
MONTHS OF INVENTORY 0.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 14% VS 2023
▲ 14% VS 2023
▲ 18% VS 2023
▼ 15% VS 2023
There were 1,327 single-family home listings in King County in April, 13% above March and 15% lower than April 2023. April single-family home sales increased by 20% month-over-month, to 1,574, and were 18% above April 2023. The months of inventory for single-family home in King County, at 0.8, re(ected a sellers' market. The single-family home median price in April was $1,050,000, a 0.9% decrease from March and 14% above April 2023. The average sold price was $1,344,451, 0.7% above last month and up 14% to April 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
1,574 1,327
1,334 1,562
14% 14% -28% 18% -15%
1,307 1,173
20% 13%
$1,344,451 $1,050,000 0.8
$1,334,589 $1,060,000 0.9
0.7% -0.9% -6%
$1,183,400 $920,000 1.17
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
2,113
35
1,951
1,852
1,824
33
32
1,531 1,960
1,661
1,327 1,574
1,562 1,334
1,700
1,407
1,569
1,307
1,270
1,484
1,104
1,304
907
1,173
876
1,096
973
880
690
$1.02M $1.06M $1.05M
$985K
$980K
$969K
$935K
$926K
$920K
$917K
$900K
$900K
$890K
Apr-23
Mar-24
Apr-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
800
7.0
700
600
500
4.0
400
2.9
300
1.5
1.4
200
0.7
0.7
0.7
0.7
0.7
100
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
743 531 0.7
190 142 0.7
166 120 0.7
229 171 0.7
114 85 0.7
54 81 1.5
52 74 1.4
10 29 2.9
6 24 4.0
10 70 7.0
Copyright © May 8, 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 May 8, 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 or revised at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 4 ●
king county TOWNHOME - APRIL 2 0 2 4
MONTHS OF INVENTORY 1.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 9% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 14% VS 2023
▲ 7% VS 2023
▲ 8% VS 2023
▲ 20% VS 2023
There were 558 townhome listings in King County in April, 16% above March and 8% higher than April 2023. April townhome sales increased by 1.9% month-over-month, to 429, and were 20% above April 2023. The months of inventory for townhomes in King County, at 1.3, re(ected a sellers' market. The townhome median price in April was $770,000, a 1.9% decrease from March and 7% above April 2023. The average sold price was $855,436, 1.4% below last month; the average PSF sale price was $563, up 1.5% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
% Change
No. 357 515
No. 421 481
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
429 558
9% 14% 7% -10% 20% 8%
1.5% -1.4% -1.9% 14% 1.9% 16%
$563 $855,436 $770,000 1.3
$517 $747,193 $719,990 1.44
$555 $867,560 $785,000 1.1
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
660
40
40
603
39
592
575
528
558
583
481
515
457
525
406
429
426
421
338
335
328
402
357
396
375
345
269
235
222
$785K
$770K
$761K
$740K
$739K
$729K
$725K
$725K
$730K
$720K
$720K
$721K
$700K
Apr-23
Mar-24
Apr-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.
200
2.6
45
4+ bdrms
2.2
72
150
1.5
1.4
198
1.2
3 bdrms
1.0
100
1.0
221
0.9
172
50
2 bdrms
224
0
14
<$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 98 114 1.2 142 195 1.4 84 125 1.5 54 56 1.0 30 26 0.9 11 24 2.2 5 13 2.6 5 5 1.0
<2 bdrms
41
Copyright © May 8, 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 May 8, 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 or revised at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 5 ●
king county CONDO - APRIL 2 0 2 4
MONTHS OF INVENTORY 2.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 6% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 19% VS 2023
▲ 8% VS 2023
▲ 37% VS 2023
▲ 15% VS 2023
There were 690 condo listings in King County in April, 17% above March and 37% higher than April 2023.
April condo sales increased by 5% month-over-month, to 308, and were 15% above April 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
% Change
No. 268 502
No. 294 588
% Change
The months of inventory for condos in King County, at 2.2, re(ected a sellers' market.
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
308 690
6% 19% 8% 20% 15% 37%
-7% 0.2% -0.9% 12% 5% 17%
The condo median price in April was $491,250, a 0.9% decrease from March and 8% above April 2023. The average sold price was $625,881, 0.2% above last month; the average PSF sale price was $605, down 7% to last month.
$605 $625,881 $491,250 2.2
$570 $528,160 $453,450 1.87
$652 $624,613 $495,500 2.0
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
675
706
40
690
39
600
583
580
544
35
607
588
502
505
357
436
326
413
319
294
308
255
248
268
287
263
207
191
190
$512K
$492K
$496K
$491K
$474K
$469K
$470K
$460K
$460K
$460K
$453K
$453K
$450K
Apr-23
Mar-24
Apr-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.
9.0
400
4+ bdrms
2
300
32
5.0
3 bdrms
56
200
2.9
2.8
2.5
2.1
160
1.7
1.6
2 bdrms
100
318
0
116
<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 206 428 2.1 45 112 2.5 19 54 2.8 15 25 1.7 9 14 1.6 8 23 2.9 1 9 9.0 5 25 5.0
314
Copyright © May 8, 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 May 8, 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 or revised at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 6 ●
ballard/greenlake SINGLE-FAMILY HOME - APRIL 2 0 2 4
MONTHS OF INVENTORY 0.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 25% VS 2023
▲ 8% VS 2023
▼ 9% VS 2023
▼ 0.5% VS 2023
There were 84 single-family home listings in Ballard/Greenlake in April, 14% above March and 25% higher than April 2023. April single-family home sales decreased by 5% month-over-month, to 98, and were 8% above April 2023. The months of inventory for single-family home in Ballard/Greenlake, at 0.9, re)ected a sellers' market. The single-family home median price in April was $985,000, a 3% decrease from March and 0.5% below April 2023. The average sold price was $1,066,497, 6% below last month and down 9% to April 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
98 84
91 67
-9% -0.5% 16% 8% 25%
$1,139,056 $1,020,000 0.7 103 74
-6% -3% 19% -5% 14%
$1,066,497 $985,000 0.9
$1,168,399 $990,000 0.74
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
29
29
28
125 124
110
103
103
99
96
94
93
98 84
91
74
86
69
82
67
75
72
55
69
50
63
60
44
41
$1.16M
$1.11M
$1.05M $1.05M $1.08M
$1.02M
$990K
$986K
$990K
$985K
$945K
$905K
$881K
Apr-23
Mar-24
Apr-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
50
3.0
3.0
40
1.6
30
0.7
0.6
20
0.6
10
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
51 37 0.7
25 15 0.6
11 7 0.6
8 13 1.6
2 6 3.0
1 3 3.0
0 1 n/a
0 1 n/a
0 1 n/a
Copyright © May 8, 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 May 8, 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 or revised at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 7 ●
ballard/greenlake TOWNHOME - APRIL 2 0 2 4
MONTHS OF INVENTORY 1.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 1.9% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 1.2% VS 2023
▲ 13% VS 2023
▲ 1.4% VS 2023
▼ 0.8% VS 2023
There were 95 townhome listings in Ballard/Greenlake in April, 22% above March and 13% higher than April 2023. April townhome sales decreased by 12% month-over-month, to 72, and were 1.4% above April 2023. The months of inventory for townhomes in Ballard/Greenlake, at 1.3, re)ected a sellers' market. The townhome median price in April was $763,500, a 8% decrease from March and 0.8% below April 2023. The average sold price was $826,357, 3% below last month; the average PSF sale price was $612, up 2% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
% Change
No.
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
72 95
71 84
1.9% 1.2% -0.8% 12% 1.4% 13%
82 78
2% -3% -8% 39% -12% 22%
$612 $826,357 $763,500 1.3
$601 $816,774 $769,950 1.18
$597 $855,801 $827,475 1.0
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
40
130
138 136
36
35
120
101
107
104
95
82
82
84
76
75
91
70
72
78
76
74 57
71
71
67
62
57
52
$825K
$827K
$815K
$800K
$795K
$800K
$799K
$792K
$789K
$780K
$770K
$763K
$764K
Apr-23
Mar-24
Apr-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.
35
1.9
6
4+ bdrms
1.6
11
30
25
1.1
1.0
28
0.9
3 bdrms
20
35
15
36
10
2 bdrms
40
5
0
2
<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 9 14 1.6 34 36 1.1 17 33 1.9 8 7 0.9 3 3 1.0 0 2 n/a 1 0 n/a
9
Copyright © May 8, 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 May 8, 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 or revised at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 8 ●
ballard/greenlake CONDO - APRIL 2 0 2 4
MONTHS OF INVENTORY 1.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 3% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 7% VS 2023
▲ 3% VS 2023
▲ 45% VS 2023
▲ 79% VS 2023
There were 42 condo listings in Ballard/Greenlake in April, 5% above March and 45% higher than April 2023.
April condo sales increased by 4% month-over-month, to 25, and were 79% above April 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
% Change
No.
No.
% Change
The months of inventory for condos in Ballard/Greenlake, at 1.7, re)ected a sellers' market.
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
25 42
14 29
3% 7% 3% -19% 79% 45%
24 40
4% 5%
The condo median price in April was $450,000, a 3% decrease from March and 3% above April 2023. The average sold price was $509,100, 0.2% above last month; the average PSF sale price was $626, up 0.7% to last month.
$626 $509,100 $450,000 1.7
$608 $473,854 $438,250 2.07
$622 $508,183 $465,000 1.7
0.7% 0.2% -3% 0.8%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
47
41
40
40
39
42
37
34
40
35
28
27
29
26
32
26
31
24
25
21
21
20
24
17
20
17
14
14
7
$495K
$495K
$480K
$465K
$458K
$456K
$450K
$450K
$449K
$438K
$440K
$440K
$404K
Apr-23
Mar-24
Apr-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.
40
2.0
4+ bdrms
30
1.0
1
0.7
3 bdrms
2
20
13
2 bdrms
10
18
0
11
<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 0 n/a 20 39 2.0 3 2 0.7 1 1 1.0
22
Copyright © May 8, 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 May 8, 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 or revised 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 - APRIL 2 0 2 4
MONTHS OF INVENTORY 0.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 6% VS 2023
▲ 0.5% VS 2023
▲ 73% VS 2023
▼ 16% VS 2023
There were 36 single-family home listings in Bellevue East of 405 in April, 8% below March and 16% lower than April 2023. April single-family home sales increased by 33% month-over-month, to 57, and were 73% above April 2023. The months of inventory for single-family home in Bellevue East of 405, at 0.6, re)ected a sellers' market. The single-family home median price in April was $1,617,500, a 3% decrease from March and 0.5% above April 2023. The average sold price was $1,863,767, 4% below last month and up 6% to April 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
57 36
33 43
6% 0.5% -52% 73% -16%
43 39
-4% -3% -30% 33% -8%
$1,863,767 $1,617,500 0.6
$1,941,976 $1,675,000 0.9
$1,756,728 $1,610,000 1.30
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
68
68
36
63
60
60
34
57
52
50
58
43
43
50
49
28
43
37
45
35
36
39
37
36
33
20
22
22
16
$1.78M
$1.61M
$1.60M
$1.58M
$1.58M $1.50M
$1.56M $1.68M $1.62M
$1.46M $1.41M
$1.45M
$1.44M
Apr-23
Mar-24
Apr-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
20
3.0
15
2.0
10
0.4
0.4
0.4
0.3
0.2
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 0 n/a
6 2 0.3
13 3 0.2
20 8 0.4
5 2 0.4
8 3 0.4
3 6 2.0
1 3 3.0
0 5 n/a
0 4 n/a
Copyright © May 8, 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 May 8, 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 or revised at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 1 0 ●
bellevue east of 405 TOWNHOME - APRIL 2 0 2 4
MONTHS OF INVENTORY 0.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 1.1% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 1.2% VS 2023
▲ 6% VS 2023
▲ 73% VS 2023
▼ 21% VS 2023
There were 11 townhome listings in Bellevue East of 405 in April, 10% above March and 21% lower than April 2023. April townhome sales increased by 36% month-over-month, to 19, and were 73% above April 2023. The months of inventory for townhomes in Bellevue East of 405, at 0.6, re)ected a sellers' market. The townhome median price in April was $870,000, a 16% increase from March and 6% above April 2023. The average sold price was $865,579, 9% above last month; the average PSF sale price was $560, up 9% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
% Change
No.
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
19 11
11 14
1.1% 1.2% 6% -55% 73% -21%
14 10
9% 9% 16% -19% 36% 10%
$560 $865,579 $870,000 0.6
$554 $855,135 $822,000 1.27
$513 $794,500 $750,000 0.7
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
38
19
37
17
15
15
33
14
14
14
14
15
15
12
11
11
11
11
12
12
11
8
10
10
10
9
8
7
6
$920K
$870K
$825K
$822K
$815K
$820K
$803K
$775K
$755K
$753K
$750K
$647K
$585K
Apr-23
Mar-24
Apr-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.
6
2.0
1
4+ bdrms
2
5
1.3
4
13
3 bdrms
2
3
0.5
0.3
0.2
2
4
2 bdrms
6
1
0
1 1
<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
4 2 0.5
3 4 1.3
5 1 0.2
6 2 0.3
1 2 2.0
Copyright © May 8, 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 May 8, 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 or revised at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 1 1 ●
bellevue east of 405 CONDO - APRIL 2 0 2 4
MONTHS OF INVENTORY 0.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 13% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 55% VS 2023
▲ 30% VS 2023
▲ 13% VS 2023
▲ 100% VS 2023
There were 17 condo listings in Bellevue East of 405 in April, no change to March and 13% higher than April 2023. April condo sales increased by 125% month-over-month, to 18, and were 100% above April 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
% Change
No.
No.
% Change
The months of inventory for condos in Bellevue East of 405, at 0.9, re)ected a sellers' market.
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
18 17
$539 $535,439 $445,000 1.67 9 15
-43% 100% 13%
$553 $502,625 $487,500 2.1 8 17
10% 65% 19% -56% 125% 0%
The condo median price in April was $580,000, a 19% increase from March and 30% above April 2023. The average sold price was $827,389, 65% above last month; the average PSF sale price was $607, up 10% to last month.
$607 $827,389 $580,000 0.9
13% 55% 30%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
21
36
19
35
18
17
17
17
32
17
15
15
15
13
13
12
14
11
13
12
9
11
11
8
9
8
7
3
$580K
$560K
$540K
$510K
$495K
$491K
$488K
$479K
$475K
$465K
$445K
$446K
$410K
Apr-23
Mar-24
Apr-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.
6
2.0
2.0
4+ bdrms
5
1.5
1.0
4
4
3 bdrms
0.7
2
3
2
9
2 bdrms
11
1
0
5
<2 bdrms
<$300K $300K-399K $400K-499K $500K-599K $600K-699K $700K-799K $800K-899K $900K-999K $1M+ MOI INVENTORY SALES 1 0 n/a 4 0 n/a 3 2 0.7 3 6 2.0 4 4 1.0 1 2 2.0 2 3 1.5
4
Copyright © May 8, 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 May 8, 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 or revised at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 1 2 ●
bellevue west of 405 SINGLE-FAMILY HOME - APRIL 2 0 2 4
MONTHS OF INVENTORY 2.0 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▼ 11% VS 2023
▼ 9% VS 2023
▼ 21% VS 2023
0.0% VS 2023
There were 49 single-family home listings in Bellevue West of 405 in April, 9% below March and 21% lower than April 2023. April single-family home sales decreased by 8% month-over-month, to 24, and were the same in April 2023. The months of inventory for single-family home in Bellevue West of 405, at 2.0, re(ected a sellers' market. The single-family home median price in April was $3,255,000, a 18% decrease from March and 9% below April 2023. The average sold price was $3,821,083, 10% below last month and down 11% to April 2023.
PREVIOUS YEAR
No.
% Change
No.
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
24 49
24 62
-11% -9% -21% 0% -21%
26 54
-8% -9%
$3,821,083 $3,255,000 2.0
$4,234,899 $3,985,000 2.1
-10% -18% -1.7%
$4,294,224 $3,565,000 2.58
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
38
38
64
36
69
69
58
62
54
61
59
49
35
41
31
29
37
28
26
24
28
24
20
19
18
16
12
11
8
$4.14M
$3.90M
$3.77M $4.05M $3.78M $3.99M
$3.57M
$3.49M
$3.21M
$3.26M
$3.20M
$2.83M
$2.76M
Apr-23
Mar-24
Apr-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
30
7.0
25
20
4.5
15
2.0
10
1.0
0.7
0.7
5
0.2
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 0 n/a
3 2 0.7
3 2 0.7
2 4 2.0
6 1 0.2
3 3 1.0
2 9 4.5
4 28 7.0
Copyright © May 8, 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 May 8, 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 or revised at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 1 3 ●
bellevue west of 405 CONDO - APRIL 2 0 2 4
MONTHS OF INVENTORY 2.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 12% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 18% VS 2023
▲ 26% VS 2023
▲ 35% VS 2023
0.0% VS 2023
There were 46 condo listings in Bellevue West of 405 in April, 5% above March and 35% higher than April 2023.
April condo sales decreased by 26% month-over-month, to 17, and were the same in April 2023.
PREVIOUS YEAR
No.
% Change
No.
No.
% Change
The months of inventory for condos in Bellevue West of 405, at 2.7, re(ected a sellers' market.
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
17 46
17 34
12% 18% 26% 35% 0% 35%
23 44
-15% -0.4% 2% 41% -26% 5%
The condo median price in April was $1,124,000, a 2% increase from March and 26% above April 2023. The average sold price was $1,144,471, 0.4% below last month; the average PSF sale price was $918, down 15% to last month.
$918 $1,144,471 $1,124,000 2.7
$821 $968,324 $889,000 2.00
$1,080 $1,149,133 $1,099,000 1.9
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
57
55
53
46
45
43
46
45
44
44
44
42
39
29
42
34
25
23
22
17
24
23
16
17
28
13
10
10
9
$1.13M
$1.07M $1.10M $1.10M $1.12M
$1.04M $1.04M
$958K
$925K
$889K
$875K
$783K
$730K
Apr-23
Mar-24
Apr-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
9.0
4+ bdrms
8
5
6
3 bdrms
4
4.0
3.5
3.3
4
2.5
2.0
8
2 bdrms
18
2
0.7
0
4
<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 2 7 3.5 1 9 9.0 6 4 0.7 2 5 2.5 2 8 4.0 1 2 2.0 0 1 n/a
24
Copyright © May 8, 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 May 8, 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 or revised at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 1 4 ●
belltown/downtown seattle CONDO - APRIL 2 0 2 4
MONTHS OF INVENTORY 6.1 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 13% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 66% VS 2023
▲ 37% VS 2023
▲ 27% VS 2023
▼ 21% VS 2023
There were 183 condo listings in Belltown/Downtown Seattle in April, 15% above March and 27% higher than April 2023. April condo sales decreased by 41% month-over-month, to 30, and were 21% below April 2023. The months of inventory for condos in Belltown/Downtown Seattle, at 6.1, re*ected a buyers' market. The condo median price in April was $787,450, a 31% increase from March and 37% above April 2023. The average sold price was $995,745, 26% above last month; the average PSF sale price was $872, up 8% to last month.
PREVIOUS YEAR
No.
% Change
No.
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$872 $995,745 $787,450 6.1 30 183
$772 $599,071 $573,500 3.79 38 144
13% 66% 37% 61% -21% 27%
$809 $791,003 $599,000 3.1 51 159
8% 26% 31% 96% -41% 15%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
175
55
183
171
165
180
145
141
162
159
144
153
47
41
116
108
53
51
39
29
38
27
30
39
38
35
33
22
18
$905K
$787K
$719K
$703K
$664K
$643K
$625K
$599K
$588K
$583K
$574K
$573K
$550K
Apr-23
Mar-24
Apr-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.
80
9.1
70
4+ bdrms
1
60
6.5
6.5
50
2
5.1
3 bdrms
4.5
40
13
3.3
30
13
1.7
20
2 bdrms
66
10
0
15
<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 8 73 9.1 8 41 5.1 4 26 6.5 3 10 3.3 3 5 1.7 2 9 4.5 0 6 n/a 2 13 6.5
103
Copyright © May 8, 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 May 8, 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 or revised at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 1 5 ●
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