the seattle rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN KING COUNTY
published March 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
Copyright © of March 4, 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 March 4, 2024. All data from Northwest Multiple Listing Service & 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
highlights • Thenum berofclosed M LS salesin KingCountyreached 1,534in February,which wasup 45% from January.Thisfar-outpaced thetypicalJanuary-to-February increaseof18% . • O n ayear-over-yearbasis,saleswere1.7% lowerthan February2023’stotalof1,561.N otably, residentialhom esrealized adecreaseof6% w hilecondo salesw ereup 12% com pared to lastyear. • Com pared to thepast-decadeaverage,salesin King Countywere21% below thetypicalFebruary count.Thiswasfairlyconsistentacros hom etypesasresidentialhom eswere23% below their historicalaverageand condoswere16% lower.
KINGCOUNTY THERENNIEADVANCE sales
FEBRUARY 2024
3,500
- 6% vsFeb2023
3,000
2,500
2,000
1,450 10 yrFebAvg
1,500
1,000
RESIDENTIAL sales
1,120
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500
- 23% vs10yrFebAvg
﹍ 10 yrFebruaryAverage
● February
1,250
+ 12% vsFeb2023
1,000
750
493 10 yrFebAvg
500
CONDOMINIUM sales
414
250
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
- 16% vs10yrFebAvg
﹍ 10 yrFebruaryAverage
● February
1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500
- 2% vsFeb2023
1,943 10 yrFebAvg
1,534
TOTAL sales
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500
- 21% vs10yrFebAvg
﹍ 10 yrFebruaryAverage
● February
Copyright© March4,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofMarch4,2024.Aldatafrom NorthwestMultiple ListingService& Ren ie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ation shouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom aren ieand as ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.
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highlights • An uptick in new M LS listingstostarttheyearcontinued intoFebruary,with 2,558 hom esbeing listed forsale.Thiswas33% higherthan in Januaryand 40% aboveFebruary2023. • Both hom etypescontributed to theincreasein new listings,with residentialhom esup 38% versus lastm onth and 37% versuslastyear,whilecondoswereup 22% and 49%,respectively. • D espitenew listingsbeing 3% below thepast-decadeFebruary average,thisw astheclosestany onem onth’sinventorycounthasbeen to itsrespectivepast-decadeaveragesinceSeptem ber 2022.Furtherm ore,when splitbyhom etypes,new condolistingswereactualy7% abovetheir historicalaverage(w hilenew residentiallistingsw ere6% low er).
KINGCOUNTY THERENNIEADVANCE new listings
FEBRUARY 2024
+ 37% vsFeb2023
4,000
3,000
1,999 10 yrFebAvg
2,000
1,881
RESIDENTIAL new listings
1,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
- 6% vs10yrFebAvg
﹍ 10 yrFebruaryAverage
● February
1,200
+ 49% vsFeb2023
1,000
800
600
633 10 yrFebAvg
677
400
CONDOMINIUM new listings
200
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 7% vs10yrFebAvg
﹍ 10 yrFebruaryAverage
● February
+ 40% vsFeb2023
5,000
4,000
3,000
2,632 10 yrFebAvg
2,558
2,000
TOTAL new listings
1,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
- 3% vs10yrFebAvg
﹍ 10 yrFebruaryAverage
● February
Copyright© March4,2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofMarch4,2024.Aldatafrom NorthwestMultiple ListingService& Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycan otbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ation shouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieand as ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.
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highlights • Inventoryin KingCountyreached 2,282lastm onth,up 18% from Januaryand thehighest m onth-over-m onth increasein M LS listingssinceM arch 2023. • O n ayear-over-yearbasis,inventorywas6% higher,driven largelybym oreactivecondo listings, which were29% higherthan in February2023 (whileresidentialinventorywas3% lower). • February’sinventory w as,in fact,stil 18% below thepast-decadeaverage.H ow ever,therew ere diferencesbetween thetwo hom etypes:residentialhom elistingswere27% lowerthan their historicalaverage,w hilecondo listingsw ere9% higher.
KINGCOUNTY THERENNIEADVANCE inventory
•
FEBRUARY 2024
- 3% vsFeb2023
5,000
4,000
3,000
2,086 10 yrFebAvg
2,000
RESIDENTIAL inventory
1,516
1,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
- 27% vs10yrFebAvg
﹍ 10 yrFebruaryAverage
● February
1,400 1,600
+ 29% vsFeb2023
1,200
800 1,000
701 10 yrFebAvg
766
600
200 400
CONDOMINIUM inventory
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 9% vs10yrFebAvg
﹍ 10 yrFebruaryAverage
● February
7,000
+ 6% vsFeb2023
6,000
5,000
4,000
2,787 10 yrFebAvg
3,000
2,000
TOTAL inventory
2,282
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1,000
- 18% vs10yrFebAvg
﹍ 10 yrFebruaryAverage
● February
Copyright© March4,2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofMarch4,2024.Aldatafrom NorthwestMultiple ListingService& Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycan otbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ation shouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieand as ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.
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highlights • W ith itsfirstm onth-over-m onth increase in five m onthsand itslargestsuch increase since M arch 2022,them edian sold pricein KingCountyroseby8% in February.Both hom e types— residentialand condos— realized sim ilarincreases,rising by 9% and 10% ,respectively. • O n ayear-over-yearbasis,them edian sold pricewasup 15% — thelargestsuch gain sinceApril 2022.Them edian sold priceforresidentialhom eswas16% higher,whileforcondositwas18% higher,than oneyearago. •
KINGCOUNTY THERENNIEADVANCE median prices
FEBRUARY 2024
$1,000,000
KingCounty
$938,950
$800,000
$600,000
+ 16% vsFeb2023
$400,000
RESIDENTIAL median salesprice
$200,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0
● February
$600,000
KingCounty
$559,990
$500,000
$400,000
$300,000
+ 18% vsFeb2023
$200,000
CONDOMINIUM median salesprice
$100,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0
● February
$1,000,000
KingCounty
$800,000
$840,000
$600,000
+ 15% vsFeb2023
$400,000
TOTAL median salesprice
$200,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0
● February
Copyright© March4,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofMarch4,2024.Aldatafrom NorthwestMultiple ListingService& Ren ie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ation shouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom aren ieand as ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.
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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
Copyright © of March 4, 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 March 4, 2024. All data from Northwest Multiple Listing Service & 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
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