the rennie review
DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE
published September 2020
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 - RESIDENTIAL
05 KING COUNTY - CONDO
Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com
Bowen Behan Pausey BUSINESS DATA ANALYST, HOUSING bbehan@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 ofJuly 1, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
active buyer pool generates the most August sales in three years
the other hand, that will dictate the trajectory of King County’s housing market as we turn the corner into 2021.
socialize (with extended family and friends)? And to the extent that these decisions are the driving force behind the recent shift in the composition of homes sales, is it a permanent shift or short-term adjustment within the marketplace? On the latter point only time will tell, though it is likely that in the longer-run more historically-typical purchasing patterns will re-establish themselves. Having said all of this, it is notable that sales in King County during the first eight months of 2020 have been slower than in the same period from one year earlier (by 8%) with the demand for residential homes and condos down by a similar magnitude. (Specifically, residential sales between January and August 2020 were down 8% versus the same period last year, while condos sales were 9% lower.) As we enter the year’s final months it will be the competing effects of continued job recovery, historically-lowmortgage rates, and pandemic-related pent-up demand on the one hand, and the potential for a second wave of covid-19 to further disrupt the economy on
After registering 3,570MLS sales in July, King County home buyers were active again in August, with last month’s total sales reaching 3,588. While August has not historically been the most active month for sales, with many would-be buyers and sellers spending more time at beaches than open houses, this August’s sales were the highest of any month in 36 months. Compared to August 2019, last month’s sales tally was up 11%, and it was 16% above the past-decade average for the month. Interestingly, residential sales were up by 10% versus last August (and 19% versus the past 10-year average), while condo sales were up only 8% (5% above average). Whether or not this shift towards ground-oriented homes is a reflection of changing housing needs or preferences in response to the pandemic that began to materially impact King County in March is an interesting question to consider, along with others: are buyers seeking more space for themselves and their families as the plan to not only live but increasingly work in their homes? Are buyers seeking more storage space? More space to distantly-
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 ofJuly 1, 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 AUGUST
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
38 % DOWN
13 % UP
-
12 % UP
10 % UP
1.0 SELLER’S
There were 2,702 residential homes for sale in King County in August, 6% below last month and 38% lower vs August 2019. Residential closed sales dipped by 0.2% month- over-month, to 2,774, but were 10% higher year-over-year. There was 1.0 months of inventory for residen- tial homes in August, reflecting seller’s market conditions. The median sold price in August was $748,750, 3% above July and a 12% increase vs last year. The average sold price for residential homes was $912,609, 5% higher month-over-month and 13% above August of last year.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
2,702 2,774
2,885 2,780
-6%
4,350
-38% 10% -44% 12% 13%
CLOSED SALES
-0.2% 2,519
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
1.0
1.0
-6%
1.73
$748,750 $727,500 $912,609 $872,740
3% $670,000 5% $806,575
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$748,750
$714,975 $725,000
$670,000 $670,000 $675,000 $680,000
1.80
1.69
1.68
4,350
3,691
2,774
2,705
2,672
2,519
1,928
1,958
2,702
2,400
2,278
1,846
1,606
1,431
Aug-19
Jul-20
Aug-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 September 10, 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 AUGUST king county
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE 12 % UP
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
7 % UP
1.3 % UP
4 % UP
8 % UP
2.2 SELLER’S
The number of condo homes for sale in King County, at 1,481, were up 10% month-over-month and 12% above last year. August’s condo closed sales, at 675, were 1.0% above last month and 8% higher than last year. There was 2.2 months of inventory for condos in August, reflecting seller’s market conditions. The condo median sold price in August was $415,000, down 3% month-over-month but 4% higher year-over-year. The average sold price was $515,561 with an aver- age PSF sales price of $453 (down 1.8% and 1.9%, respectively, vs July).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
1,481
1,349
10% 1.0%
1,323
12%
CLOSED SALES
675 2.2
668 2.0
626 2.11
8% 4% 4% 7%
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
9%
$415,000 $429,375 $515,561 $524,746
-3% $399,000 -1.8% $483,009 -1.9% $447
AVERAGE PRICE PSF
$453
$462
1.3%
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$432,000 $430,000
$410,000 $415,000
$399,000 $383,475 $405,000
1,481
1,323
1,226
1,128
902
629
611
675
626
538
530
507
504
419
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
144
BUYER'S MARKET
3+ bdrms
217
359
2 bdrms
707
172
. . . . 0 0 0 0
<2 bdrms
557
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 September 10, 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 AUGUST
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
10 % DOWN
13 % UP
-
12 % UP
17 % UP
1.3 SELLER’S
The number of residential homes for sale in Seattle in August, at 1,178, were 12% higher month-over- month but 10% lower year-over-year. With 906 in August, residential closed sales were 1.6% lower month-over-month but 17% higher year-over-year. There was 1.3 months of inventory for residen- tial homes in August, reflecting seller’s market conditions. The median sold price in August was $816,475, 5% above July and 12% higher vs August 2019. The average sold price was $951,881, 5% above the previous month and 13% higher vs August 2019.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
1,178
1,055
12%
1,308
-10% 17% -23% 12% 13%
CLOSED SALES
906 1.3
921 1.1
-1.6%
775 1.7
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
14%
$816,475 $778,000 $951,881 $909,008
5% $731,250 5% $839,002
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$799,975 $785,500 $816,475
$720,000
$731,250 $750,000
$700,000
1.72
1.63
1.62
1,308
1,238
1,178
936
836
635
604
906
810
775
715
585
522
473
Aug-19
Jul-20
Aug-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 September 10, 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 AUGUST
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE 39 % UP
CLOSED SALES
MONTHS OF INVENTORY 4.0 BALANCED
MARKET SUMMARY ›
1.0 % DOWN
1.3 % DOWN
6 % UP
18 % UP
There were 919 condo homes for sale in Seattle in August, 15% above July and 39% higher vs August 2019. August’s condo closed sales decreased by 8% month- over-month and were down 1.3% year-over-year. There was 4.0 months of inventory for condos in August, reflecting balanced market conditions. The condo median sold price in August was $499,444, 4% above July and 18% higher vs August 2019. The average sold price was $590,684, 1.0% below last month; the average PSF sales price was $595, up 0.3% from last month.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 800 251 3.2
% Change
No. 662 234 2.8
% Change
HOMES FOR SALE
919 231 4.0
15% -8% 25%
39%
CLOSED SALES
-1.3%
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
41% 18%
$499,444 $480,000 $590,684 $596,536
4% $425,000 -1.0% $555,238
6%
$595
$593
0.3%
$601
-1.0%
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$499,444
$448,000 $480,000 $470,000 $467,500 $450,000
$425,000
919
662
653
647
472
356
346
234
231
213
194
177
181
146
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
BUYER'S MARKET
EGUPV
EGUPV
. . . . 0 0 0 0
EGUPV
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 September 10, 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 AUGUST
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
12 % DOWN
7 % DOWN
18 % UP
-
19 % UP
1.5 SELLER’S
There were 185 residential homes for sale in the Bellevue market area in August, unchanged from last month and 12% lower vs August 2019. Residential closed sales increased by 4% month-over-month, to 124, but were 7% lower year-over-year. There was 1.5 months of inventory for residen- tial homes in August, reflecting seller’s market conditions. The median sold price in August was $1.28M, 7% above July and 19% higher vs last year. The average sold price for residential homes was $1.56M, 8% higher month-over-month and 18% above August of last year.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 185 119 1.6
% Change
No. 210 133 1.6
% Change
HOMES FOR SALE
185 124 1.5
0.0%
-12% -7% -6% 19% 18%
CLOSED SALES
4%
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
-4%
$1,281,500 $1,200,000 $1,557,999 $1,443,108
7% $1,075,000 8% $1,317,490
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
MILLIONS
$1.32
$1.28
$1.18
2.21
$1.10 $1.15
2.13
2.09
$1.08
$0.99
210
195
185
163
125
91
87
133
124
108
93
76
73
66
Aug-19
Jul-20
Aug-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 September 10, 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 AUGUST
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE 31 % UP
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
31 % DOWN
22 % UP
22 % UP
15 % UP
2.6 SELLER’S
The number of condo homes for sale in Bellevue, at 141, were up 24% month-over-month and increased 31% vs last year. August’s condo closed sales, at 55, were 1.8% below last month and 31% lower than last year. There was 2.6 months of inventory for condos in August, reflecting seller’s market conditions. The condo median sold price in August was $580,000, up 1.0% vs July and a 15% increase from August 2019. The average sold price was $719,189 with an average PSF sales price of $590 (up 16% and 8%, respectively, vs July).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 114
% Change
No. 108
% Change
HOMES FOR SALE
141
24%
31% -31% 90% 15% 22% 22%
CLOSED SALES
55
56
-1.8%
80
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
2.6
2.0
26%
1.4
$580,000 $574,000 $719,189 $617,404
1.0% $505,000 16% $589,457
$590
$545
8%
$482
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$657,000
$582,000 $577,500 $609,000
$580,000
$505,000 $567,500
141
108
89
76
76
80
46
43
55
49
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
12
3+ bdrms
BUYER'S MARKET
23
27
2 bdrms
87
16
. . . . 0 0 0 0
<2 bdrms
31
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 September 10, 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
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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 ofJuly 1, 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
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