Seattle rennie review - October 2021

the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE

published October 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

Ryan Wyse SENIOR ANALYST rwyse@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 October 5, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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

the current refrain: inventory is constrained

If not for elevated new listing activity, the continued presence of strong buyer demand would have whittled inventory down to improbably low levels in King County. As it stands, last month’s inventory count merely represented a two-decade September nadir.

in June). The last time the County tallied this many new listings over a 12-month period was in February 2011 (46,994). So, incredibly, despite conditions in King County objectively favouring sellers since the beginning of the pandemic, the lack of balance in our current market would have been exacerbated if not for the elevated new listings activity. In some ways, new listings have played the role of unsung hero, accruing in the background while most of the attention has remained on elevated sales counts and depleted inventory. If the trend of further inventory contraction in the face of steady demand continues for the next few months, we could see conditions remain challenging for buyers through to the new year.

The most compelling real estate story in King County continues to be centered on housing supply—or rather, a lack thereof. To be more precise, inventory levels—that is, the number of homes available for purchase at a given point in time—fell to 3,122 in September, which is the lowest count for any September in 20 years (at least—the available data don’t go further back). September was the third straight month of receding inventory, with last month’s count down 39% from 2020’s September number and 60% below the past-decade September average. What gives? Well, for all of the chatter about softening sales counts, the fact remains that buyers continue to be active in the County’s housing market. For example, while we came up short of the 4,000 threshold for sales in September, we did tally 3,672, which is 27%

higher than the past 10-year average for September. It extends a run going back to June whereby the number of sales accruing in the previous 12 months exceed 40,000. For example, between October 2020 and September 2021 (inclusive), King County tallied 41,068 sales and, notably, for the 12 months ending in August 2021, the total was an all-time high of 41,150. In acknowledging the above, it is interesting to note that new listings activity—that is, the number of homes that are newly-listed on MLS each month (which are added to that month’s inventory if they don’t sell)—remain above historical averages and by some measures are higher than they have been in a decade. To be specific, the previous-12-month new listings count in King County was 44,615 in September, having been in the neighbourhood of 45,000 for 6 consecutive months (peaking at 45,824

king county

RES IDENT IAL - SEPTEMBER 2021

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY

MARKET SUMMARY ›

7 % DOWN

36 % DOWN

18 % UP

10 % UP

0.6 SELLER’S

There were 1,683 residential homes for sale in King County in September, 4% above last month but 36% lower vs September 2020. Residential closed sales were down 7% month- over-month, to 2,688, and were also 7% lower year-over-year. There was 0.6 months of inventory for residential homes in September, reflecting seller’s market conditions. The median sold price in September was $826,867, 3% below August and 10% higher vs last year. The average sold price for residential homes was $1.08M, 0.6% lower month-over-month and 18% above September of last year.

VS 2020

&KDQJH

RATIO OF MEDIAN PRICES ›

HISTORICAL TREND ›

CLOSED SALES

HOMES FOR SALE

MEDIAN PRICE

6HS

$XJ

6HS

HOMES FOR SALE & CLOSED SALES BY PRICE RANGE

›

CLOSED SALES

HOMES FOR SALE

MONTHS OF INVENTORY

. . . 0 0 0 0 0

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 October 05, 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 - SEPTEMBER 2021

AVERAGE PRICE

AVERAGE PSF PRICE 6 % UP

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY

MARKET SUMMARY ›

0.3 % DOWN

51 % DOWN

5 % UP

12 % UP

0.9 SELLER’S

The number of condo homes for sale in King County, at 782, was down 8% month-over-month, and was 51% below last year. September’s condo closed sales, at 826, were 1.4% below last month, but 12% higher than last year. There was 0.9 months of inventory for condos in September, reflecting seller’s market conditions. The condo median sold price in September was $470,000, up 0.5% month-over-month, and up 5% year-over-year. The average sold price was $567,918 with an aver- age PSF sales price of $523 (down 0.5% and down 0.8%, respectively, vs August).

VS 2020

&KDQJH

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND ›

CLOSED SALES

HOMES FOR SALE

MEDIAN PRICE

HOMES FOR SALE & CLOSED SALES BY PRICE RANGE

NUMBER OF BEDROOMS ›

›

CLOSED SALES

HOMES FOR SALE

MONTHS OF INVENTORY

CLOSED SALES HOMES FOR SALE

EGUPV

. . . . 0 0 0 0

EGUPV

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 October 05, 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 - SEPTEMBER 2021

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY

MARKET SUMMARY ›

11 % DOWN

43 % DOWN

5 % UP

4 % UP

0.8 SELLER’S

The number of residential homes for sale in Seattle in September, at 706, was 3% higher month-over- month but 43% lower year-over-year. With 869 in September, residential closed sales were 8% lower month-over-month, and 11% lower year-over-year. There was 0.8 months of inventory for residential homes in September, reflecting seller’s market conditions. The median sold price in September was $832,000, 4% below August but 4% higher vs September 2020. The average sold price was $1.01M, 1.5% lower than last month and 5% higher than September 2020.

VS 2020

&KDQJH

RATIO OF MEDIAN PRICES ›

HISTORICAL TREND ›

CLOSED SALES

HOMES FOR SALE

MEDIAN PRICE

$893,500 $866,000

$832,000

$818,000

$799,000 $799,000 $780,000

1.77

1.68

1.66

1,235

1,094

1,008

910

868

869

978

559

805

823

706

618

582

528

Sep-20

Aug-21

Sep-21

HOMES FOR SALE & CLOSED SALES BY PRICE RANGE ›

CLOSED SALES

HOMES FOR SALE

MONTHS OF INVENTORY

. . . 0 0 0 0 0

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 October 05, 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 - SEPTEMBER 2021

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY

MARKET SUMMARY ›

45 % UP

8 % DOWN

1.1 % DOWN

31 % DOWN

181 % UP

1.8 SELLER’S

There were 82 new construction condo homes for sale in Seattle in September, 25% below August, and 31% lower than August 2020. September’s new construction condo closed sales were 50% higher month-over-month (at 45), and were up 181% year-over-year. There was 1.8 months of inventory in September, reflecting sellers’ market conditions. The new construction condo median sold price in September was $714,000, 3% below August, and 8% lower vs September 2020. The average sold price was $878,764, 10% above last month; the average PSF sales price was $993, up 3% from last month.

VS 2020

&KDQJH

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND ›

CLOSED SALES

HOMES FOR SALE

MEDIAN PRICE

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

2 bdrms

. . . . 0 0 0 0 QD

MONTHS OF INV. CLOSED SALES HOMES FOR SALE

<2 bdrms

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 October 05, 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 - SEPTEMBER 2021

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY

MARKET SUMMARY ›

48 % DOWN

4 % UP

1.8 % UP

8 % UP

1.6 SELLER’S

3 % DOWN

There were 452 previously owned condo homes for sale in Seattle in September, 2% above August but 48% lower vs September 2020. September’s previously owned condo closed sales decreased by 8% month-over-month (to 281), but were up 8% year-over-year. There was 1.6 months of inventory in September, reflecting seller’s market conditions. The previously owned condo median sold price in September was $475,000, 1.0% above August and 1.8% lower than September 2020. The average sold price was $549,778, 1.1% below last month; the average PSF sales price was $603, up 0.3% from last month.

VS 2020

&KDQJH

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND ›

CLOSED SALES

HOMES FOR SALE

MEDIAN PRICE

$478,500 $466,500 $473,000 $475,000

$466,500 $475,000 $463,250

870

714

506

484

478

452

447

293

281

276

260

258

191

146

HOMES FOR SALE & CLOSED SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

CLOSED SALES

HOMES FOR SALE

MONTHS OF INVENTORY

CLOSED SALES HOMES FOR SALE

3+ bdrms

121

2 bdrms

200

145

. . . . 0 0 0 0

<2 bdrms

230

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 October 05, 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 - SEPTEMBER 2021

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY

MARKET SUMMARY ›

67 % DOWN

33 % UP

44 % UP

0.8 % UP

0.4 SELLER’S

There were 47 residential homes for sale in the Bellevue market area in September, 10% below last month, and 67% lower vs September 2020. Residential closed sales decreased by 2% month- over-month, to 133, and were 0.8% higher year-over-year. There was 0.4 months of inventory for residential homes in September, reflecting seller’s market conditions. The median sold price in September was $1.81M, 21% above August, and 44% higher vs last year. The average sold price for residential homes was $2.03M, 1.9% lower month-over-month and 33% above September of last year.

VS 2020

&KDQJH

RATIO OF MEDIAN PRICES ›

HISTORICAL TREND ›

CLOSED SALES

HOMES FOR SALE

MEDIAN PRICE

(MILLIONS)

6HS

$XJ

6HS

HOMES FOR SALE & CLOSED SALES BY PRICE RANGE

›

CLOSED SALES

HOMES FOR SALE

MONTHS OF INVENTORY

. . . 0 0 0 0 0

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 October 05, 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 - SEPTEMBER 2021

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY 6.0 BALANCED

MARKET SUMMARY ›

97 %

50 % DOWN

20 % DOWN

24 % DOWN

11 % DOWN

The number of new construction condo homes for sale in Bellevue, at 6, was 40% lower than in August, and 50% lower year-over-year. September’s new construction condo closed sales, at 1, were 83% lower than last month’s 6 sales and 97% lower than September 2020. There was 6.0 months of inventory in September, reflecting balanced market conditions. The new construction condo median sold price in September was $949,000, down 16% vs August, and down 20% from September 2020. The average sold price was $949,000 with an aver- age PSF sales price of $892 (down 25% and 16%, respectively, vs August).

DOWN

VS 2020

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

6 1

-40% -83% 260%

12 33

-50% -97%

HOMES FOR SALE

CLOSED SALES

6.0

1.7

0.4

1550%

MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE

$949,000 $1,123,500 -16% $1,189,900 -20% $949,000 $1,272,617 -25% $1,251,406 -24%

$892

$1,066

-16% $1,006

-11%

AVERAGE PRICE PSF

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND ›

CLOSED SALES

HOMES FOR SALE

MEDIAN PRICE

HOMES FOR SALE & CLOSED SALES BY PRICE RANGE

NUMBER OF BEDROOMS ›

›

CLOSED SALES

HOMES FOR SALE

MONTHS OF INVENTORY

CLOSED SALES HOMES FOR SALE

EGUPV

. . . . 0 0 0 0 QD QD QD QD QD QD QD QD

EGUPV

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 October 05, 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 - SEPTEMBER 2021

AVERAGE PRICE

AVERAGE PSF PRICE 5 % UP

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY

MARKET SUMMARY ›

0.9 % DOWN

5 % DOWN

75 % DOWN

78 % UP

0.5 SELLER’S

The number of previously owned condo homes for sale in Bellevue, at 40, was down 35% month-over- month, and down 75% vs last year. September’s previously owned condo closed sales, at 80, were 3% above last month, and 78% higher than last year. There was 0.5 months of inventory in September, reflecting sellers’ market conditions. The previously owned condo median sold price in September was $588,325, up 1.7% vs August but down 5% vs September 2020. The average sold price was $715,053 with an average PSF sales price of $578 (down 8% and 4%, respectively, vs August).

VS 2020

&KDQJH

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND ›

CLOSED SALES

HOMES FOR SALE

MEDIAN PRICE

HOMES FOR SALE & CLOSED SALES BY PRICE RANGE

NUMBER OF BEDROOMS ›

›

CLOSED SALES

HOMES FOR SALE

MONTHS OF INVENTORY

CLOSED SALES HOMES FOR SALE

EGUPV

. . . . 0 0 0 0 QD

EGUPV

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 October 05, 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 October 05, 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

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