the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE
published September 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 SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER 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 September 20, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
high rates brings low interest from buyers and sellers King County’s housing market in August mirrored that of July, with little changes to either sales or listings. With uncertainty still swirling around inflation and interest rates, buyers and sellers continue to wait on the sidelines.
The fact that the Federal Reserve held its policy rate in the range of 5.25%- 5.50% in early September may pad the confidence of some potential buyers and sellers heading into fall. That being said, it’s unlikely that the September announcement will move many off the sidelines with the Federal Reserve continuing to strike a hawkish tone on rates, suggesting that more interest rate increases may be on the way. Instead, expect September to eschew typical seasonality– which would be expanding inventory and decreasing sales— and to appear strikingly similar to its preceding months.
King County’s housing market in August looked an awful lot like July, with would-be market participants still waiting for more certainty about the level and direction of change in interest rates and inflation. Once again, total MLS sales failed to reach the 3,000- mark, a streak that has now reached 14 consecutive months. Both sales and inventory continue to be at very low levels—significantly lower than their respective long-run averages. Despite King County sales growing by 2% (to 2,233),--when they typically fall by that amount– they were 34% below the long-run August average (of 3,408), and what’s more, were the lowest total sales count for the month of August since 2010. Inventory, on the other hand, decreased by 0.2% month-over-month (to 4,129),
which was in line with the typical seasonal decline of 0.4% observed between July and August. Inventory, like sales counts, was one-third less than the August long-run average, and the second-lowest August inventory count on record (considering data that goes back to 2006). Given the relatively small changes to both sales and inventory, the months of inventory metric (MOI) did not change much from July to August. The overall MOI decreased to 1.8 in August, from the previous month’s 1.9, and market conditions continued to favor sellers. When looking at the respective product types, both the residential and condominium markets were unchanged, with MOI’s of 2.0 and 1.5, respectively—market conditions that also favored sellers.
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 September 20, 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-AUGUST2023
AVERAGEPSF PRICE - VS 2022
HOMES FOR SALE
MONTHS OF INVENTORY 1.5 SELLERS' MARKET
▶ MARKETSUMMARY Thenum berofresidentialhom esforsalein KingCountyin August,at2,418,was0.5% lowerthan lastm onth and 31% lowerthan last year. W ith 1,641 in A ugust,residentialclosed sales were2% higherm onth-over-m onth,and 20% dow n year-over-year. Therewas1.5m onthsofinventoryfor residentialhom esin A ugust,reflecting selers' m arketconditions. Them edian sold pricein Augustwas $911,750,1.3% aboveJuly,and abovevs August2022. Theaveragesold price forresidentialhom es was$1,197,355,4% abovelastm onth and 7% higherthan lastyear.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
- VS 2022
▲ 1.3% VS 2022
▼ 31% VS 2022
▼ 20% VS 2022
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
No. % Change
2,050 3,489 7% 1.3% -13% -20% 31% - No. % Change -
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
1,641 2,418
1,607 2,431
4% 1.3% -3% 2% -0.5%
$1,197,355 $911,750 1.5
$1,153,724 $900,000 1.5
$1,115,260 $900,000 1.7
-
- -
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
1.86
1.76 1.74
$911,750
$900,000 $901,500
$935,000
$875,000
$820,000 $802,500
3,772
3,489
3,352
2,738
2,418
2,036 2,296 2,431
2,013
1,906
1,834
1,729 1,555
2,050 1,838
1,607
1,571
1,495 1,739 1,827 1,641 1,456
1,338 1,110
1,132
793
Aug-22 Jul-23 Aug-23
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
500 600
4.9
400
300
2.5
200
1.5
1.5
1.3
1.3
1.2
1.1
0 100
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
247 215 1.1
528 405 1.3
430 292 1.5
456 368 1.2
264 179 1.5
112 84 1.3
105 42 2.5
276 56 4.9
M onthsofInv. Closed Sales H om esforSale
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofSeptem ber20,2023.Aldatafrom NorthwestMultipleListing Service& Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takesteps astherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Al inform ationissubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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4
kingcounty CONDO -AUGUST2023
AVERAGEPSF PRICE
HOMES FOR SALE ▼ 6% VS 2022
MONTHS OF INVENTORY 2.0 SELLERS' MARKET
▶ MARKETSUMMARY Therewere956 new construction condo hom esforsalein KingCountyin August,0.8% higherthan Julyand 6% lowerthan August 2022. A ugust'snew construction condoclosed sales were1.9% higherm onth-over-m onth (at487), and weredown 14% year-over-year. Therewere2.0m onthsofinventoryin A ugust,reflecting selers'm arketconditions. Thenew construction condom edian sold price in Augustwas$524,000,3% aboveJuly,and 8% abovevsAugust2022. Theaveragesold pricewas$686,657,8% abovelastm onth,theaveragePSF salesprice was$571,up 4% from lastm onth.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 8% VS 2022
▲ 16% VS 2022
▼ 14% VS 2022
- VS 2022
PREVIOUSMONTH
PREVIOUSYEAR
THISMONTH No.
No. % Change
8% 9% -14% -6% No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
487 956
478 948
4% 8% 3% -1.0% 1.9% 0.8%
$536 $591,214 $485,000 1.8 567 1,022
$571 $686,657 $524,000 2.0
$551 $636,262 $511,000 2.0
7% 16%
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$500,000 $526,000 $524,000
$633 $653
$485,000 $487,475 $469,500
$475,000
$571
$536
1,022 1,076 1,075
956
948
913
883
797
739
711
660
567
619 591
557
531
501
478 487
450
431
421
347 322
359
223
KING COUNTY SEAT LE
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
4.0
101
250
3+ bdrms
3.6
189
200
2.9
2.7
2.7
252
150
2 bdrms
2.0
464
1.7
100
1.4
0 50
134
<2 bdrms
303
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
194 135 1.4
263 155 1.7
186 93 2.0
112 42 2.7
56 14 4.0
48 18 2.7
47 13 3.6
50 17 2.9
M onthsofInv. Closed Sales H om esforSale
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofSeptem ber20,2023.Aldatafrom NorthwestMultipleListing Service& Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takesteps astherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Al inform ationissubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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5
seatle
RESIDENTIAL-AUGUST2023
AVERAGEPSF PRICE - VS 2022
HOMES FOR SALE
MONTHS OF INVENTORY 1.6 SELLERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Thenum berofresidentialhom esforsalein Seatlein August,at829,was4% lowerthan lastm onth and 19% lowerthan lastyear. W ith 528 in A ugust,residentialclosed sales were1.7% higherm onth-over-m onth,and 21% down year-over-year. Therewas1.6m onthsofinventoryfor residentialhom esin A ugust,reflecting selers' m arketconditions. Them edian sold pricein Augustwas $881,000,0.6% below July,and 3% below vs August2022. Theaveragesold pricewas$1,066,166,0.4% abovelastm onth and 0.1% abouteven with lastyear.
▼ 0.1% VS 2022
▼ 3% VS 2022
▼ 19% VS 2022
▼ 21% VS 2022
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
No. % Change
-0.1% -3% 3% -21% 19% - No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
528 829
519 866
0.4% -0.6% -6% 1.7% -4%
$1,066,962 $910,000 1.5 668 1,018 -
$1,066,166 $881,000 1.6
$1,062,061 $886,500 1.7
-
- -
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
1.75 1.71
1.59
$875,000
$910,000 $910,000 $875,000
$912,500
$881,000
$819,950
1,238
1,108
1,018
914
866
862
829
709 744
676
659 599
567
646 624
668
563
519
528
517
513 541
456
417
390
286
Aug-22 Jul-23 Aug-23
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
9.7
200
150
100
3.1
50
2.1
1.8
1.7
1.4
1.3
1.3
0
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
91 44 2.1
208 157 1.3
168 123 1.4
157 125 1.3
72 39 1.8
35 21 1.7
40 13 3.1
58 6 9.7
M onthsofInv. Closed Sales H om esforSale
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofAugust2 ,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 -AUGUST2023
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 41% VS 2022
MONTHS OF INVENTORY 3.4 SELLERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Therewere148 new construction condo hom esforsalein Seatlein August,5% lower than Julyand 41% higherthan August2022. A ugust'snew construction condoclosed sales were10% lowerm onth-over-m onth (at44), and wereup 144% year-over-year. Therewere3.4m onthsofinventoryin A ugust,reflecting selers'm arketconditions. Thenew construction condom edian sold price in Augustwas$732,470,5% aboveJuly,and 3% abovevsAugust2022. Theaveragesold pricewas$811,719,4% abovelastm onth,theaveragePSF salesprice was$672,down 6% lastm onth.
▲ 3% VS 2022
▼ 1.3% VS 2022
▲ 144% VS 2022
▼ 19% VS 2022
PREVIOUSMONTH
PREVIOUSYEAR
THISMONTH No. $672 $811,719 $732,470 3.4 44 148
No. % Change
-42% 144% 41% No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$714 $779,533 $699,950 3.2 49 155
-6% 4% 5% 6% -10% -5%
$825 $822,623 $712,475 5.8 18 105
-19% -1.3% 3%
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$825
$732,470
$712,475 $789,000
$699,950 $699,475
$660,000 $682,625
$672
$571
$536
155
148
142
123
123
112
106
103
103
105 105
94
94
58 49 44
36
32
31 41
31
27
25
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
6.5
6.5
10
50
3+ bdrms
39
5.0 4.8
40
4.8
31
30
2 bdrms
78
20
2.3
2.1
0 10
3
<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
29 6 4.8
51 24 2.1
24 5 4.8
13 2 6.5
9 4 2.3
13 2 6.5
M onthsofInv. Closed Sales H om esforSale
4 0
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofAugust2 ,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 NEDCONDO -AUGUST2023
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 0.7% VS 2022
MONTHS OF INVENTORY 2.7 SELLERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Therewere457previouslyowned condo hom esforsalein Seatlein August,4% higher than Julyand 0.7% higherthan August2022. August'spreviouslyowned condo closed sales were0.6% lowerm onth-over-m onth (to169), and weredown 24% year-over-year.
▲ 12% VS 2022
▼ 1.0% VS 2022
▼ 24% VS 2022
▲ 5% VS 2022
PREVIOUSYEAR
THISMONTH No.
PREVIOUSMONTH
222 454 -24% 0.7% No. % Change
Therewere2.7m onthsofinventoryin A ugust,reflecting selers'm arketconditions.
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
169 457
170 438
5% 6% 1.7% 5% -0.6% 4%
Thepreviouslyowned condom edian sold pricein Augustwas$492,000,1.7% above July,and 1.0% below vsAugust2022. Theaveragesold pricewas$652,160,6% abovelastm onth,theaveragePSF salesprice was$648,up 5% from lastm onth.
$648 $652,160 $492,000 2.7
$617 $582,930 $497,000 2.0
5% 12% -1.0% 32%
$616 $613,455 $484,000 2.6
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$648
$617
$499,750
$492,000
$497,000 $480,000
$476,000
$462,000 $475,000
$571
$536
486
482
454
438
416
457
407
382
339
324
269 245 267
222 205
169
170
178 191
150
149 142
129
111
113
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
7
8.5
150
3+ bdrms
41
100
5.3
73
4.7
2 bdrms
203
3.4
50
2.7
2.7 2.6
2.0
89
<2 bdrms
0
213
<$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
104 52 2.0
152 57 2.7
75 29 2.6
41 12 3.4
21 4 5.3
17 2 8.5
19 7 2.7
28 6 4.7
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofAugust2 ,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-AUGUST2023
AVERAGEPSF PRICE - VS 2022
HOMES FOR SALE ▼ 21% VS 2022
MONTHS OF INVENTORY 1.6 SELLERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Thenum berofresidentialhom esforsalein Belevuein August,at148,was3% higher than lastm onth and 21% lowerthan lastyear. W ith 93 in A ugust,residentialclosed sales were29% higherm onth-over-m onth,and up 27% year-over-year. Therewas1.6m onthsofinventoryfor residentialhom esin A ugust,reflecting selers' m arketconditions. Them edian sold pricein Augustwas $1,639,000,11% below July,and 2% abovevs August2022. Theaveragesold pricewas$2,000,348,10% below lastm onth,and 12% higherthan last year.
▲ 2% VS 2022
▲ 12% VS 2022
▲ 27% VS 2022
PREVIOUSYEAR
PREVIOUSMONTH
THISMONTH No. $2,000,348 $1,639,000 1.6 93 148 -
No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$1,784,505 $1,600,000 2.6 73 188 -
12% 2% -38% 27% 21%
$2,222,569 $1,837,500 2.0 72 143
-10% -11% -20% 29% 3%
-
- -
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
2.64
2.43
2.37
$1,990,000
$1,750,000 $1,639,000
$1,600,000
$1,500,000
$1,480,000 $1,422,500
188
191
184
146
143
128
148
96 89 84
99
100 108
93
94
97 79
83
72
73
67 54 30 61 65 58
Aug-22 Jul-23 Aug-23
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
60 70
4.7
50
40
3.0
2.8
30
20
1.2
1.0
0 10
0.6
<$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
3 1 3.0
20 32 0.6
26 25 1.0
16 13 1.2
22 8 2.8
61 13 4.7
0 0
0 1
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofSeptem ber20,2023.Aldatafrom NorthwestMultipleListing Service& Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takesteps astherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshould notbeusedasanopinionofvalue,suchopinionsshouldand canbeobtained from arennieand as ociatesadvisor.Al inform ationissubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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belevue
PREVIOUSLY-OW NEDCONDO -AUGUST2023
AVERAGEPSF PRICE
HOMES FOR SALE
MONTHS OF INVENTORY 1.3 SELLERS' MARKET
▶ MARKETSUMMARY Therewere67previouslyowned condohom esfor salein Seatlein August,20% higherthan July and 26% lowerthan August2022. August'spreviouslyowned condoclosed sales were85% higherm onth-over-m onth (to50),and w erethesam eyear-over-year.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 35% VS 2022
0% VS 2022
▼ 26% VS 2022
0% VS 2022
▲ 12% VS 2022
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
Therewere1.3m onthsofinventoryin August, reflecting selers'm arketconditions.
No. % Change
50 91 12% 35% 0% -26% 0% -26% No. % Change
50 67
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
27 56
14% 34% -2% -35% 85% 20%
Thepreviouslyowned condom edian sold pricein Augustwas$674,950,2% below July,and the sam easAugust2022. Theaveragesold pricewas$1,077,578,34% abovelastm onth,theaveragePSF salespricewas $705,up 14% from lastm onth.
$705 $1,077,578 $674,950 1.3
$620 $806,274 $690,000 2.1
$630 $796,797 $675,000 1.8
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$705
$630
$571
$750,000
$536
$675,000
$670,000 $674,950
$550,000 $565,000
$485,000
98
91
88
68
56
67 50
54
53
55
49 44 44
56 27
50 44
46 43
38 38
30
27 23 18 29
SEAT LE KING COUNTY
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
15
4.7
8
4.3
3+ bdrms
15
10
32
2.5
2 bdrms
35
5
1.5
1.1
0.8
10
0.6
0.6
<2 bdrms
0
17
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
5 8 0.6
12 11 1.1
8 14 0.6
14 3 4.7
6 4 1.5
13 3 4.3
5 2 2.5
4 5 0.8
M onthsofInv. Closed Sales H om esforSale
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofSeptem ber20,2023.Aldatafrom NorthwestMultipleListing Service& Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takesteps astherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Al inform ationissubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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10
renniereview
AREAS
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofSeptem ber20,2023.Aldatafrom NorthwestMultipleListing Service& Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takesteps astherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Al inform ationissubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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11
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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 September 20, 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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