the seattle rennie advance | June 2024

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

published June 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

Information and statistics derived from Northwest Multiple Listing Service . Copyright © June 3, 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 June 3, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.

highlights • At2,588,KingCounty’sM LS salesin M ayexceeded the2,500-m arkforthefirsttim esince August2022.Com pared to April,saleswere11% higher,representingthelowest m onth-over-m onth increasesinceD ecem ber-to-January ofthisyearand slightly below thetypical A pril-to-M ay increaseof12% . • M ay’ssalescountwas11% higherthan oneyearearlier.Acros hom etypes,single-fam ilyhom e and townhom esaleswere13% and 10% aboveM ay2023,whilecondoswere0.6% lower. • Forthepasttwo years,salescountsin King Countyhavebeen below theirpast-decadeaverage and lastm onth wasno diferent,siting 19% below M ay’shistoricalaverage.N otably,townhom e saleswere3% higherthan their10-yearaveragewhilesingle-fam ilyhom esand condoswere21% and 31% below theirs,respectively.

KINGCOUNTY THERENNIEADVANCE sales

MAY 2024

3,500

+ 13% vsM ay2023

3,000

2,500

2,000

2,279 10 yrM ayAvg

1,500

1,797

1,000

SINGLE-FAMILY HOME sales

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

- 21% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

+ 10% vsM ay2023

800

600

451 10 yrM ayAvg

400

467

TOWNHOME sales

200

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

+ 3% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

800

- 1% vsM ay2023

600

400

469 10 yrM ayAvg

324

200

CONDO sales

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

- 31% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

Inform ation and statisticsderived from NorthwestM ultipleListingService. Copyright© June3,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofJune3,2024.W hiletheinform ationanddatacontainedhereinhas be nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.ren iegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacing anyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatany tim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 3 ●

highlights • N ew M LS listingsrose20% in M ay,reaching4,192 and eclipsing4,000 forthefirsttim esince June2022.O n ayear-over-yearbasis,new listingswereup 39% ,which wasrelativelyconsistent acros hom etypes:single-fam ilyhom esrising37%,townhom es44%,and condos43%. • Atonly5% below theirpast10-yearaverageforthem onth,new listingswerewithin 10% oftheir long-run typicallevelforonlythethird tim ein twenty-two m onths.Considering hom etypes, townhom esand condoswereboth abovetheirhistoricalM ayaverage,by27% and 5% respectively;single-fam ily hom enew listingsrem ained 12% below.

KINGCOUNTY THERENNIEADVANCE new listings

MAY 2024

4,000

+ 37% vsM ay2023

3,000

2,832

2,000

3,217 10 yrM ayAvg

1,000

SINGLE-FAMILY HOME new listings

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

- 12% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

800

+ 44% vsM ay2023

723

600

400

568 10 yrM ayAvg

200

TOWNHOME new listings

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

+ 27% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

800

+ 43% vsM ay2023

600

637

400

609 10 yrM ayAvg

200

CONDO new listings

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

+ 5% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

highlights • KingCounty’sinventoryin M ayreached 3,583,a38% increaseversusApril(considerablyhigher than thetypicalA pril-to-M ay increaseof12% and thelargestm onth-over-m onth increasesince M ay-to-Juneof2022). • Inventorywasup 30% year-over-yearin King County— thefirstsuch increasesinceApril2023. W hen consideringhom etypes,single-fam ilyhom einventoryrose18%,townhom es38%,and condos60%.At872 activelistings,condoinventoryhitahigh notseen sinceN ovem ber2020. • Totalinventoryin M aywas8% below thepast-decadeaverage,theclosestithasbeen to this historicalm onthlybenchm ark sinceD ecem ber2022.Single-fam ilyhom einventorywas29% lower,whiletownhom eand condoswere50% and 38% higher,respectively,than their10-year M ay average.

KINGCOUNTY THERENNIEADVANCE inventory

•

MAY 2024

+ 18% vsM ay2023

5,000

4,000

3,000

2,790 10 yrM ayAvg

2,000

1,988

SINGLE-FAMILY HOME inventory

1,000

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

- 29% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

+ 38% vsM ay2023

1,000

800

723

600

482 10 yrM ayAvg

400

TOWNHOME inventory

200

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

+ 50% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

+ 60% vsM ay2023

1,200

1,000

800

872

634 10 yrM ayAvg

600

400

CONDO inventory

200

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

+ 38% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

highlights • A l hom etypesrealized m edian sold priceincreasesbetw een A priland M ay,w ith single-fam ily hom esrising5% (thehighestm onth-over-m onth increasein twom onths).Townhom epricesrose 2% whilecondopriceswereup 3%. • Continuingatrend thathasbeen noted overthepastseveralm onths,pricesin M aywereabove lastyear’slevelsforal hom etypes.Single-fam ilyhom epriceswere12% abovelastyear(m arking seven consecutivem onthsofpricesbeinghigheryear-over-year)whiletownhom eand condo priceswereboth 8% aboveM ay2023 (m arkingeightconsecutivem onthsofpricesbeinghigher year-over-year).

KINGCOUNTY THERENNIEADVANCE median prices

MAY 2024

•

$1,200,000

KingCounty

$1,090,000

$1,000,000

$800,000

$600,000

+ 12% vsM ay2023

$400,000

SINGLE-FAMILY HOME median salesprice

$200,000

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

● May

KingCounty

$800,000

$789,000

$600,000

$400,000

+ 8% vsM ay2023

TOWNHOME median salesprice

$200,000

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

● May

$600,000

KingCounty

$500,000

$505,000

$400,000

$300,000

+ 8% vsM ay2023

$200,000

CONDO median salesprice

$100,000

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

● May

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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