the seattle rennie advance | November 2024

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

published November 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

06 MEDIAN PRICES

07 RENNIE INTELLIGENCE

Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 November 01 , 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 • Closed M LS salesacros KingCountywereup considerablyto2,333 in O ctober,a22% m onth-over-m onth increase,w hich w ascounterto thetypicalseasonalpat ern offlatsales between Septem berand O ctober. • Salesw ereup 26% relativeto O ctober2023 (1,856 sales),m arking thelargestyear-over-year increasesinceJune2021.A l hom etypessaw activity up year-over-year,led by single-fam ily ho. • Salesrem ained 20% below theirprior10-yearO ctoberaverage(of2,928),with condosthe furthestbelow average(-29%),folowed bysingle-fam ilyhom es(-21%)and townhom es(-11%).

KINGCOUNTY THERENNIEADVANCE sales

OCTOBER 2024

3,500

+ 31% vsOct2023

3,000

2,500

2,000

2,091 10 yrOctAvg

1,500

1,661

1,000

SINGLE-FAMILY HOME sales

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

- 21% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

+ 10% vsOct2023

800

600

406 10 yrOctAvg

400

361

TOWNHOME sales

200

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

- 11% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

800

+ 18% vsOct2023

600

400

411 10 yrOctAvg

292

200

CONDO sales

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

- 29% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

Inform ation and statisticsderived from NorthwestM ultipleListingService. Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber1,2024.W hiletheinform ationanddatacontainedhereinhasbe n obtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacingany relianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim e withoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 3 ●

highlights • N ew M LS listingsfel to2,846 in O ctober,a19% decreasem onth-over-m onth thatwasin line w ith thetypical19% Septem ber-to-O ctoberdecline. • N ew listingswerestil higherby36% on ayear-over-yearbasis,led bycondos(+48%,to493)and townhom es(+48%,to570),and folowed bysingle-fam ilyhom es(+30%,to1,757). • N ew single-fam ily listingsw ere14% below theirprior10-yearO ctoberaverage,w hilenew townhom elistingswere29% aboveaverageand new condo listingswere6% aboveaverage.

KINGCOUNTY THERENNIEADVANCE new listings

OCTOBER 2024

4,000

+ 30% vsOct2023

3,000

2,000

2,055 10 yrOctAvg

1,757

1,000

SINGLE-FAMILY HOME new listings

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

- 14% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

800

+ 48% vsOct2023

600

570

400

443 10 yrOctAvg

200

TOWNHOME new listings

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

+ 29% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

800

+ 48% vsOct2023

600

493

400

467 10 yrOctAvg

200

CONDO new listings

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

+ 6% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

highlights • ActiveM LS listingsin KingCountyfelto4,291,adeclineof9% m onth-over-m onth thatwasin linewith thetypical10% drop. • Activelistingswere0.4% below theprior10-yearO ctoberaverageof4,310.Thiswasentirely driven bysingle-fam ilylistings,which were26% below average(to 2,182).In contrast,townhom e inventorywas76% aboveaverage(to1,046)and condoinventorywas38% above(to1,031). • Theoveral m arketcontinued tofavorselerswith only1.8 m onthsofinventory(M O I)in O ctober,down from 2.5 in Septem ber.Al hom etypeswerein selers’m arketter itorywith M O I’sof1.3 forsingle-fam ilyhom es,2.9 fortownhom es,and 3.5 forcondos.

KINGCOUNTY THERENNIEADVANCE inventory

•

OCTOBER 2024

5,000

+ 13% vsOct2023

4,000

3,000

2,930 10 yrOctAvg

2,000

2,182

SINGLE-FAMILY HOME inventory

1,000

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

- 26% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

+ 64% vsOct2023

1,000

1,046

800

600

596 10 yrOctAvg

400

TOWNHOME inventory

200

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

+ 76% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

+ 43% vsOct2023

1,200

1,000

1,031

800

746 10 yrOctAvg

600

400

CONDO inventory

200

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

+ 38% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

highlights • O n am onth-over-m onth basis,King Countysaw adecreaseof4% in m edian sold prices(averaged acros hom etypes).Them edian detached priceforsingle-fam ilyhom eswasdown 1.6%,while townhom epricesweredown4% andcondopricesweredown6%. • Single-fam ilyhom epriceswere13% higherin O ctoberrelativeto thesam em onth lastyear,while townhom epriceswere1.4% higherand condopriceswere5% higher. •

KINGCOUNTY THERENNIEADVANCE median prices

OCTOBER 2024

$1,200,000

KingCounty

$1,000,000

$1,020,000

$800,000

$600,000

+ 13% vsOct2023

$400,000

SINGLE-FAMILY HOME median salesprice

$200,000

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

● October

KingCounty

$800,000

$750,000

$600,000

$400,000

+ 1.4% vsOct2023

TOWNHOME median salesprice

$200,000

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

● October

$600,000

KingCounty

$500,000

$485,000

$400,000

$300,000

+ 5% vsOct2023

$200,000

CONDO median salesprice

$100,000

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

● October

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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