the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE
published March 2023
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
11 AREA MAP
Copyright © 2023 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 March14, 2023. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
When up is still down The slow start to 2023 continued in February as rising sales counts failed to reach the 3,000 threshold for the 8th consecutive month in King County. Depressed sales combined with low inventory, have created market conditions favoring sellers.
Inventory was down across both housing types as condominium listings were 8% down month-over-month, whereas residential listings were 13% down. The combination of depressed sales count and inventory have yielded conditions strongly favoring sellers. The overall market has a months-of-inventory (MOI) of 1.8 (anything below four is considered a sellers’ market). The condominium market reported a MOI of 1.7, with the residential market following closely behind with a MOI of 1.3. With continued inflationary pressures, the current Federal funds rate lies in the range of 4.50%-4.75%, with another potential rate hike looming. As such, this might further diminish consumers’ willingness to borrow and participate in the housing market and extend this muted market activity into March.
King County’s housing market, which has been experiencing sluggish sales counts of late, continued its trend into February in spite of a sizable increase in sales over January. Low sales counts combined with constrained inventory, high interest rates, and economic uncertainty make this pattern unlikely to change significantly in the near term. There were 1,576 sales in King County in February, which was up 47% from January 2023 and exceeded the typical January- to-February increase of 13%. Despite this increase in sales counts, however, February sales were still 18% lower than last year and 21% lower than the past 10-year average. Further, it was the lowest sales count for any February going to 2011. It was also the eighth consecutive month that the sales count failed to reach the 3000-mark, and the fourth consecutive month that they failed to reach the 2,000-mark.
The month-over-month increases were felt by both housing types as condominium sales (at 363) were up 63%, and residential sales (at 1,146) were up 45%. However, both housing types were lower year-over-year — condominium sales were lower by 35%, and residential sales were 9% lower. The early part of the year is typically characterized by an increase in listings, including an average increase of 2% between January and February. This year, however, total listings declined 9% in February to 2,772. Last month’s listings count was also 33% below the past decade-average of 4,123, and it was the third-lowest total inventory for February in the last 10 years. And while last month’s listing count was 69% higher than that of last year, it should be noted that February 2022 was the all-time lowest listings for any February since 2008 (the data goes back to 2006).
Copyright © 2023 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 March14, 2023. 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
kingcounty
RESIDENTIAL-FEBRUARY2023
AVERAGEPSF PRICE - VS 2022
HOMES FOR SALE
MONTHS OF INVENTORY 1.3 SELLERS' MARKET
▶ MARKETSUMMARY Thenum berofresidentialhom esforsalein KingCountyin February,at1,547,was13% lowerthan lastm onth and 99% higherthan lastyear. W ith 1,146 in February,residentialclosed saleswere45% higherm onth-over-m onth,and 9% down year-over-year. Therewas1.3m onthsofinventoryfor residentialhom esin February,reflecting selers'm arketconditions. Them edian sold pricein Februarywas $800,000,0%aboutthesam easJanuary,and 8% below vsFebruary2022. Theaveragesold price forresidentialhom es was$1,030,190,2% abovelastm onth and 8% higherthan lastyear.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▼ 8% VS 2022
▼ 8% VS 2022
▲ 99% VS 2022
▼ 9% VS 2022
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
No. % Change
-8% -8% 120% -9% 99% - No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
1,146 1,547
$1,006,480 $799,900 2.2 793 1,769
2% 0% -39% 45% -13%
$1,116,958 $869,500 0.6 1,264 776 -
$1,030,190 $800,000 1.3
-
- -
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
1.78
1.67
1.67
$999,900 $925,000
$900,000 $901,500
$869,500
$820,000 $800,000
3,818 3,773
3,480
3,427
3,367
2,758
2,568 2,502
2,381
2,209
2,035
1,769 1,547
2,288
1,264
1,871 2,050 1,837
1,794
1,571
1,175
1,338 1,109
1,146
793
776
Feb-22 Jan-23 Feb-23
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
400
6.4
300
3.8
200
2.6
2.2
100
1.3
1.2
1.1
0.7
0
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
157 234 0.7
360 330 1.1
261 216 1.2
268 204 1.3
183 82 2.2
87 34 2.6
91 24 3.8
140 22 6.4
M onthsofInv. Closed Sales H om esforSale
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofMarch14,2023.Aldatafrom NorthwestMultipleListingService& Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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4
kingcounty CONDO -FEBRUARY2023
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 60% VS 2022
MONTHS OF INVENTORY 1.7 SELLERS' MARKET
▶ MARKETSUMMARY Therewere602 new construction condo hom esforsalein KingCountyin February,8% lowerthan Januaryand 60% higherthan February2022. February'snew construction condo closed saleswere63% higherm onth-over-m onth (at 363),and weredown 35% year-over-year.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▼ 8% VS 2022
▼ 9% VS 2022
▼ 35% VS 2022
▼ 9% VS 2022
PREVIOUSMONTH
PREVIOUSYEAR
THISMONTH No.
No. % Change
557 377 145% -35% 60% No. % Change
Therewere1.7m onthsofinventoryin February,reflecting selers'm arketconditions.
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
363 602
223 656
6% 7% 7% -44% 63% -8%
Thenew construction condom edian sold price in Februarywas$479,900,7% aboveJanuary, and 8% below vsFebruary2022.
$525 $554,482 $479,900 1.7
$493 $518,367 $450,000 2.9
$579 $611,229 $520,000 0.7
-9% -9% -8%
Theaveragesold pricewas$554,482,7% abovelastm onth,theaveragePSF salesprice was$525,up 6% from lastm onth
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$639 $624
$579
$520,000 $525,000 $505,000
$485,000 $487,475 $469,500 $479,900
$525
1,083
1,070 1,013
1,076
973
927
714 753 671
724
682 656
602
557
554
567 531
675
450
347 322
363
553
477
223
377
KING COUNTY SEAT LE
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
38.0
65
3+ bdrms
128
150
191
100
2 bdrms
283
50
6.2 6.6
2.8 3.0
107
0.9 1.3 1.8
<2 bdrms
191
0
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
105 115 0.9
173 138 1.3
117 64 1.8
71 25 2.8
27 9 3.0
37 6 6.2
33 5 6.6
38 1 38.0
M onthsofInv. Closed Sales H om esforSale
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofMarch14,2023.Aldatafrom NorthwestMultipleListingService& Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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5
seatle
RESIDENTIAL-FEBRUARY2023
AVERAGEPSF PRICE - VS 2022
HOMES FOR SALE
MONTHS OF INVENTORY 1.4 SELLERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Thenum berofresidentialhom esforsalein Seatlein February,at578,was6% lowerthan lastm onth and 95% higherthan lastyear. W ith 424 in February,residentialclosed sales were48% higherm onth-over-m onth,and 11% dow n year-over-year. Therewas1.4m onthsofinventoryfor residentialhom esin February,reflecting selers'm arketconditions. Them edian sold pricein Februarywas $817,475,2% aboveJanuary,and 9% below vs February2022. Theaveragesold pricewas$915,422,2% below lastm onth and 11% higherthan last year.
▼ 11% VS 2022
▼ 9% VS 2022
▲ 95% VS 2022
▼ 11% VS 2022
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
424 578
286 617
-1.8% 2% -37% 48% -6%
477 297
-11% -9% 119% -11% 95%
$915,422 $817,475 1.4
$932,585 $800,000 2.2
$1,033,377 $900,000 0.6
-
- -
-
-
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
1.67 1.65
1.56
$996,000 $965,000
$910,000 $910,000 $875,000
$900,000
$817,475
1,237
1,113
1,080
1,016
933
920
841
803
780
664 617
845
578
655
477
668
581
563
517
516
456
424
352
391
286
297
Feb-22 Jan-23 Feb-23
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
18.5
150
100
5.8
50
4.0
2.8
1.2
1.1
1.1
1.1
0
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
68 61 1.1
168 140 1.2
119 113 1.1
85 79 1.1
56 20 2.8
16 4 4.0
29 5 5.8
37 2 18.5
M onthsofInv. Closed Sales H om esforSale
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofMarch14,2023.Aldatafrom NorthwestMultipleListingService& Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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6
seatle NEW CONSTRUCTION CONDO -FEBRUARY2023
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 17% VS 2022
MONTHS OF INVENTORY 3.0 SELLERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Therewere98 new construction condohom es forsalein Seatlein February,16% lowerthan Januaryand 17% higherthan February2022. February'snew construction condo closed saleswere313% higherm onth-over-m onth (at 33),and weredown 37% year-over-year.
▼ 3% VS 2022
▼ 7% VS 2022
▼ 37% VS 2022
▲ 3% VS 2022
PREVIOUSMONTH
PREVIOUSYEAR
THISMONTH No.
Therewere3.0m onthsofinventoryin February,reflecting selers'm arketconditions.
No. % Change
52 84 3% -7% -3% 84% -37% 17% No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
33 98
$658 $845,125 $713,500 14.5 8 116
7% -14% -1.9% -80% 313% -16%
Thenew construction condom edian sold price in Februarywas$699,950,1.9% below January,and 3% below vsFebruary2022. Theaveragesold pricewas$728,668,14% below lastm onth,theaveragePSF salesprice was$701,up 7% from lastm onth
$701 $728,668 $699,950 3.0
$683 $779,926 $722,000 1.6
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$701
$683
$579
$819,990 $857,500
$525
$712,475 $789,000
$722,000
$660,000 $699,950
123
116
113
106
101
102
98
98 90
94 100
84 95
52
39 34 40
33
28
31 25
27
12 18
11
8
SEAT LE KING COUNTY
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
30
7.0
8
3+ bdrms
25
24
20
5.0
13
4.0
15
2 bdrms
43
3.0
10
1.6 1.7
0 5
12
<2 bdrms
31
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
5 1 5.0
16 10 1.6
27 16 1.7
21 3 7.0
4 1 4.0
6 2 3.0
M onthsofInv. Closed Sales H om esforSale
7 0
12 0
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofMarch14,2023.Aldatafrom NorthwestMultipleListingService& Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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7
seatle
PREVIOUSLY-OW NED CONDO -FEBRUARY2023
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 58% VS 2022
MONTHS OF INVENTORY 2.4 SELLERS' MARKET
▶ MARKETSUMMARY Therewere276previouslyowned condo hom esforsalein Seatlein February,6% higherthan Januaryand 58% higherthan February2022. February'spreviouslyowned condoclosed saleswere41% higherm onth-over-m onth (to 116),and weredown 47% year-over-year.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▼ 4% VS 2022
▼ 2% VS 2022
▼ 47% VS 2022
▼ 4% VS 2022
PREVIOUSYEAR
THISMONTH No.
PREVIOUSMONTH
217 175 195% -47% 58% No. % Change
Therewere2.4m onthsofinventoryin February,reflecting selers'm arketconditions.
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
116 276
$572 $540,656 $475,000 3.2 82 261
1.0% -25% 41% 6%
Thepreviouslyowned condom edian sold pricein Februarywas$479,950,1.0% above January,and 2% below vsFebruary2022. Theaveragesold pricewas$565,834,5% abovelastm onth,theaveragePSF salesprice was$603,up 5% from lastm onth
$603 $565,834 $479,950 2.4
$628 $590,004 $490,000 0.8
-4% -4% -2%
5% 5%
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$628
$603
$497,000
$579
$490,000 $485,000
$479,950
$480,000 $462,000
$495,000
$525
518
491
485
455
467
415
333
279 261 276
256 297
217
304
256
263
220
213
222 205
175
150
129
111
116
82
SEAT LE KING COUNTY
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
9
100
22.0
3+ bdrms
20.0
28
80
60
52
2 bdrms
121
8.5
40
0 20
3.2
55
2.3 1.7
1.3 1.9
<2 bdrms
127
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
M onthsofInv. Closed Sales H om esforSale
46 35 1.31
96 50 1.92
51 16 3.19
18 8 2.25
5 3 1.67
17 2 8.50
20 1 20.00
22 1 22.00
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofMarch14,2023.Aldatafrom NorthwestMultipleListingService& Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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8
belevue
RESIDENTIAL-FEBRUARY2023
AVERAGEPSF PRICE - VS 2022
HOMES FOR SALE ▲ 181% VS 2022
MONTHS OF INVENTORY 1.4 SELLERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Thenum berofresidentialhom esforsalein Belevuein February,at87,was6% lowerthan lastm onth and 181% higherthan lastyear. W ith 62 in February,residentialclosed sales were107% higherm onth-over-m onth,and up 32% year-over-year. Therewas1.4m onthsofinventoryfor residentialhom esin February,reflecting selers'm arketconditions. Them edian sold pricein Februarywas $1,500,000,5% below January,and 29% below vsFebruary2022. Theaveragesold pricewas$1,882,503,3% abovelastm onth,and 26% lowerthan last year.
▼ 29% VS 2022
▼ 26% VS 2022
▲ 32% VS 2022
PREVIOUSYEAR
PREVIOUSMONTH
THISMONTH No.
47 31 -26% -29% 113% 32% 181% - No. % Change -
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
62 87
30 93
-55% 107% -6%
$2,545,530 $2,110,609 0.7
$1,882,503 $1,500,000 1.4
$1,835,399 $1,574,000 3.1
3% -5%
-
- -
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
3.09
2.94
$2,110,609
2.72
$1,835,000 $1,870,230
$1,600,000
$1,480,000 $1,422,500 $1,500,000
199
188
192
185
177
147
125
102
97 93 87
104
97
95
79
77 73
67
123
54
47
92
30
62
54
31
Feb-22 Jan-23 Feb-23
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
60 70
4.1
50
40
2.3
30
1.6
20
1.0
1.0
0 10
0.4
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
M onthsofInv. Closed Sales H om esforSale
6 6 1.0
8 20 0.4
13 8 1.6
9 9 1.0
18 8 2.3
33 8 4.1
0 1
0 2
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofMarch14,2023.Aldatafrom NorthwestMultipleListingService& Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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belevue
PREVIOUSLY-OW NED CONDO -FEBRUARY2023
AVERAGEPSF PRICE
HOMES FOR SALE
MONTHS OF INVENTORY 1.6 SELLERS' MARKET
▶ MARKETSUMMARY Therewere46previouslyowned condohom esfor salein Seatlein February,0%aboutthesam eas Januaryand 188% higherthan February2022. February'spreviouslyowned condo closed sales were56% higherm onth-over-m onth (to28),and weredown 15% year-over-year.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▼ 23% VS 2022
-36% VS 2022
▲ 188% VS 2022
▼ 15% VS 2022
▼ 18% VS 2022
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
Therewere1.6m onthsofinventoryin February, reflecting selers'm arketconditions.
No. % Change
33 16 -18% -23% -36% 239% -15% 188% No. % Change
28 46
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
18 46
-11% -3% -9% -36% 56% 0%
Thepreviouslyowned condom edian sold pricein Februarywas$485,000,9% below January,and 36% below vsFebruary2022. Theaveragesold pricewas$609,570,3% below lastm onth,theaveragePSF salespricewas$557, down 11% from lastm onth
$557 $609,570 $485,000 1.6
$627 $629,452 $535,844 2.6
$676 $791,649 $761,000 0.5
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$676
$557 $579
$525
$761,000
$752,000
$735,000 $675,000
$550,000 $565,000
106
98
$485,000
91
88
77
68
61 58 58
49 46 46
33
53
52
50 44
18
39
30
28
27 23
16 23 27
SEAT LE KING COUNTY
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
20
2.0
3
3+ bdrms
10
15
1.3
17
10
1.0
1.0
2 bdrms
27
5
0.5
8
<2 bdrms
0
9
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
4 4 1.0
18 14 1.3
7 7 1.0
2 1 2.0
1 2 0.5
M onthsofInv. Closed Sales H om esforSale
8 0
5 0
1 0
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofMarch14,2023.Aldatafrom NorthwestMultipleListingService& Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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renniereview
AREAS
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofMarch14,2023.Aldatafrom NorthwestMultipleListingService& Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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Copyright © 2023 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 March14, 2023. 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. 12
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