the rennie review
DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE
published May 2020
table of contents
Each month, we release the rennie review, a detailed look at the real estate marketplace in Vancouver and the Lower Mainland. This report examines the market stats by neighbourhood, current rennie projects, and more.
02 INTRO
03 WHAT YOU NEED TO KNOW
04 KING COUNTY - RESIDENTIAL
05 KING COUNTY - CONDO
Andrew Ramlo VP Intelligence aramlo@rennie.com
Ryan Berlin Senior Economist rberlin@rennie.com
06 SEATTLE - RESIDENTIAL
07 SEATTLE - CONDO
08 BELLEVUE - RESIDENTIAL
09 BELLEVUE - CONDO
Copyright © 2020 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 14, 2020. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
a new pace for housing supply and demand
The voluntary shutdown of much of the US economy has reduced employment across the country and slowed real estate activity in King County. While current conditions are expected to prevail for the next few months, they remain temporary.
25% (on a year-over-year basis). As with sales, each home type experienced a similar drop in supply, with residential homes for sale down 31% and condo inventory down 20%. For now, this feature of our current circumstances differs fromwhat might be typically seen during a traditional economic downturn--an increase in homes available for sale--thanks to well-functioning credit markets, the financial support being provided to businesses and households by different levels of government, and the relative resilience of the Pacific Northwest’s labour market. We expect this new “reduced” equilibrium to prevail in the short-term, with buyers and sellers slowly re-entering the market in the coming months. While we remain in the throes of this figurative boxing match, we remain confident in our collective ability to come out on top as we progress from one round to the next.
population working or looking for work) fell by 2.5 percentage points in April, to 60.2%--its lowest level since January 1973. The unprecedented nature of the changing employment landscape across the country truly underscores the importance of the extraordinary fiscal and Federal Reserve policy responses aimed at supporting Americans during this temporary downturn. In light of these changes, it wasn’t particularly surprising that MLS closed sales counts were down in King County in April: overall, sales were 31% lower than the same month last year, with residential sales down 29% and condo sales down by 34%. Despite this regularly-cited--and widespread- -decline in demand, it is important to acknowledge that the market has remained relatively balanced. This is because the number of homes for sale (supply) has also fallen, by
In last month’s rennie review commentary, we likened our challenge of managing the economy through these unprecedented times to being in a heavyweight boxing match that is all but guaranteed to go 12 rounds. We are currently only a few rounds in and, as expected, we’re absorbing body blows in the form of employment and housing metrics that are more dramatic than they are unexpected, describing an economy that slowed measurably last month. Nationally, the unemployment rate rose to 14.7% in April, far exceeding the peak reached during the Great Recession (of 10%), on the back of nonfarm payroll employment falling by 20.5 million over the course of the month. All sectors are being impacted, but it is leisure and hospitality that are shouldering a more- than-proportional share of the downturn. Overall, the US labour force participation rate (measured as the proportion of the 15-plus
Copyright © 2020 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 14, 2020. 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
king county
RES IDENT IAL APRI L
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
31 % DOWN
29 % DOWN
0.0 %
-
2 % UP
1.6 SELLER’S
There were 2,593 residential homes for sale in King County in April, 5% above last month but 31% lower vs April 2019.
VS
VS
VS
VS
VS
Residential closed sales fell by 13% month- over-month, to 1,596, and were 29% lower year-over-year.
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
There was 1.6 months of inventory for residential homes in April, reflecting seller’s market conditions. The median sold price in April was $715,000, 1.4% below the previous month but a 2% increase vs last year. The average sold price for residential homes was $832,717, 4% lower month-over-month and rela- tively unchanged vs April of last year.
HOMES FOR SALE
2,593 1,596
2,467 1,839
5%
3,742 2,255
-31% -29%
CLOSED SALES
-13% 21%
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
1.6
1.3
1.66
-2%
$715,000 $725,000 $832,717 $870,266
-1.4% $699,950 -4% $832,527
2%
0.0%
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$699,950 $699,950 $670,000 $670,000 $675,000 $681,500 $715,000
1.72
4,776
1.68
1.65
4,350
3,742
3,692
2,593
1,927
1,926
2,671
2,519
2,278
2,255
1,839
1,596
1,430
Apr-19
Mar-20
Apr-20
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
. . . 0 0 0 0 0 MONTHS OF INV. CLOSED SALES HOMES FOR SALE SELLER'S MARKET BALANCED BUYER'S MARKET
Copyright © 2020 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 14, 2020. 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
CONDO APRI L king county
AVERAGE PRICE
AVERAGE PSF PRICE 5 % UP
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
20 % DOWN
34 % DOWN
6 % UP
5 % UP
2.1 SELLER’S
The number of condo homes for sale in King County, at 875, were up 9% month-over-month but fell 20% vs last year. April’s condo closed sales, at 413, were 33% below last month and 34% lower than last year. There was 2.1 months of inventory for condos in April, reflecting seller’s market conditions. The condo median sold price in April was $425,000, down 3% vs March but a 5% increase from April 2019. The average sold price was $504,641 with an aver- age PSF sales price of $465 (up 0.8% but down 3%, respectively, vs March).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 800 612 1.3
% Change
No.
% Change
HOMES FOR SALE
875 413 2.1
9%
1,100
-20% -34% 20%
CLOSED SALES
-33% 62%
624 1.76
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$425,000 $438,225 $504,641 $500,763
-3% $406,625 0.8% $474,317
5% 6% 5%
$465
$477
-3%
$441
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$432,000 $425,000
$406,625 $420,000 $399,000 $383,475 $405,000
1,356
1,315
1,219
1,100
875
624
604
626
625
624
538
530
507
413
KING COUNTY
SEATTLE
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
93
BUYER'S MARKET
3+ bdrms
194
212
2 bdrms
398
108
. . . . 0 0 0 0
<2 bdrms
283
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2020 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 14, 2020. 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 APRI L
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
29 % DOWN
32 % DOWN
4 % UP
-
7 % UP
1.6 SELLER’S
The number of residential homes for sale in Seattle in April, at 817, were 9% higher month-over-month but 29% lower year-over-year. With 520 in April, residential closed sales were 20% lower month-over-month and 32% below last year. There was 1.6 months of inventory for residential homes in April, reflecting seller’s market conditions. The median sold price in April was $800,000, 2% above March and 7% higher vs April 2019. The average sold price was $904,938, 1.5% below the previous month but 4% higher vs April 2019.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 747 646 1.2
% Change
No.
% Change
HOMES FOR SALE
817 520 1.6
9%
1,147
-29% -32%
CLOSED SALES
-20% 36%
766 1.5
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
5% 7% 4%
$800,000 $782,750 $904,938 $919,144
2% $745,000 -1.5% $873,587
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$800,000
$745,000 $750,000 $731,250 $750,000
$700,000 $720,000
1.71
1,514
1.62
1.57
1,308
1,240
1,147
817
635
600
791
775
766
715
582
520
474
Apr-19
Mar-20
Apr-20
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE ›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
SELLER'S MARKET
BALANCED
BUYER'S MARKET
. . . 0 0 0 0 0
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2020 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 14, 2020. 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
CONDO APRI L
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
0.0 %
1.2 % UP
1.5 % DOWN
24 % DOWN
32 % DOWN
3.2 SELLER’S
There were 457 condo homes for sale in Seattle in April, 8% above March but 24% lower vs April 2019. April’s condo closed sales decreased by 38% month- over-month and fell by 32% year-over-year. There was 3.2 months of inventory for condos in April, reflecting seller’s market conditions. The condo median sold price in April was $468,000, 3% below March and 1.5% lower vs April 2019. The average sold price was $526,303, 5% below last month; the average PSF sales price was $602, down 4% from last month.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 422 233 1.8
% Change
No. 603 213 2.8
% Change
HOMES FOR SALE
457 145 3.2
8%
-24% -32% 11% -1.5% 0.0% 1.2%
CLOSED SALES
-38% 74%
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$468,000 $483,500 $526,303 $556,504
-3% $475,000 -5% $526,244
AVERAGE PRICE PSF
$602
$626
-4%
$595
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$475,000 $490,000
$448,000 $480,000 $470,000 $468,000
$425,000
694
655
640
603
457
349
332
241
234
211
213
194
181
145
SEATTLE
KING COUNTY
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
7
3+ bdrms
BUYER'S MARKET
52
72
2 bdrms
179
66
<2 bdrms
. . . . 0 0 0 0
226
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2020 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 14, 2020. 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
bellevue
RES IDENT IAL APRI L
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
6 % DOWN
41 % DOWN
45 % DOWN
1.7 % DOWN
-
1.9 SELLER’S
There were 123 residential homes for sale in the Bellevue market area in April, 0.8% below last month and 41% lower vs April 2019. Residential closed sales fell by 13% month-over- month, to 65, and were 45% lower year-over-year. There was 1.9 months of inventory for residential homes in April, reflecting seller’s market conditions. The median sold price in April was $1.09M, 20% below the previous month and a 6% decrease vs last year. The average sold price for residential homes was $1.31M, 14% lower month-over-month and 1.7% lower vs April of last year.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 124
% Change
No. 210 119 1.8
% Change
HOMES FOR SALE
123
-0.8% -13%
-41% -45%
CLOSED SALES
65
75
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
1.9
1.7
14%
7%
$1,090,000 $1,370,000 -20% $1,160,000
-6%
$1,307,139 $1,521,189 -14% $1,329,805 -1.7%
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
MILLIONS
2.83
$1.32
$1.18
$1.18
$1.16
$1.09
$1.08
$0.99
2.13
281
1.79
210
210
195
123
91
85
133
119
116
93
76
73
65
Apr-19
Mar-20
Apr-20
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
SELLER'S MARKET
BALANCED
BUYER'S MARKET
. . . 0 0 0 0 0 QD
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2020 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 14, 2020. 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
CONDO APRI L
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
12 % DOWN
34 % DOWN
14 % UP
18 % UP
12 % UP
1.6 SELLER’S
The number of condo homes for sale in Bellevue, at 74, were up 23% month-over-month but fell 12% vs last year. April’s condo closed sales, at 45, were 18% below last month and 34% lower than last year. There was 1.6 months of inventory for condos in April, reflecting seller’s market conditions. The condo median sold price in April was $609,000, up 26% vs March and a 12% increase from April 2019. The average sold price was $715,295 with an aver- age PSF sales price of $594 (19% and 3% higher, respectively, vs March).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
74 45
60 55
23% -18% 51%
84 68
-12% -34% 33% 12% 14% 18%
CLOSED SALES
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
1.6
1.1
1.2
$609,000 $484,000 $715,295 $600,554
26% $545,000 19% $630,199
AVERAGE PRICE PSF
$594
$575
3%
$505
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$635,000
$577,500 $609,000
$505,000 $567,500 $582,000
$545,000
124
108
84
76
74
80
46
43
68
62
48
45
34
29
BELLEVUE KING COUNTY
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
11
BUYER'S MARKET
3+ bdrms
16
22
2 bdrms
40
12
. . . . 0 0 0 0 QD QD
<2 bdrms
18
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2020 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 14, 2020. 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
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
Copyright © 2020 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 14, 2020. 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. 10
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10Made with FlippingBook - professional solution for displaying marketing and sales documents online