the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE
published March 2021
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 DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com
Bowen Behan Pausey BUSINESS DATA ANALYST bbehan@rennie.com
09 BELLEVUE
12 AREA MAP
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 March 4, 2021. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
home buyers remain active, but for how long?
The demand for detached homes and condos in King County persisted at an elevated level in February; against the backdrop of limited listings, prices—especially for houses—have been driven up. It may be some months before conditions change.
18% in Bellevue versus last year. Median condo prices, in contrast, have risen much more modestly, at 1%, in both cities. As we look to the months ahead, there are questions about the ability for the housing market in King County to maintain its course insofar as elevated demand and limited supply are concerned. Our view is that housing inventory will, overall, remain somewhat subdued as the national and metro area economies continue to recover from the pandemic (Seattle’s regional unemployment is now 6.6%, down from a peak of 16.6% in April 2020), while the demand side of the market will benefit from said jobs recovery, continued low (if not slightly rising) mortgage rates, and the recently-passed $1.9T stimulus bill.
King County’s housing market has seen a flurry of buying activity since the middle of 2020, with each of the final 6 months of last year surpassing 3,000 MLS transactions (and a seventh, June, recording 2,987). This was the first time King County had seen this consistent level of buying since the middle of an exuberant 2016. The trend continued into 2021 (at least somewhat), with each of January’s and February’s closed sale counts exceeding the previous 10-year same-month average by 23%. The 2,293 MLS sales in February were also the most in any February in 14 years (with buyers having snatched up 2,398 homes in February 2007). Both detached home sales and condo sales were elevated in February, with the former up 18% versus last year and 11% versus the long-run February average; for the latter, sales were up 37% and 14%, respectively.
At the County level, there remains a clear “many buyers chasing relatively few homes” narrative: in contrast to last month’s total sales being up by 12% on a year-over-year basis, the total number of homes available for purchase was down 29%. At the city level, however, the narratives carry more nuance. For example, while Seattle’s detached home sales were up 38% year-over-year in the face of inventory that had contracted by 18%, its condo sales were only 3% higher as inventory expanded by 65%. In Bellevue, condo demand and supply have been surging— compared to last year sales were up 49% and inventory was up 165%—while detached sales and listings have been sagging, down 3% and 63%, respectively. Price appreciation continues to characterize the detached segments of the market in both Seattle and Bellevue, with median house prices having risen by 8% in Seattle and by
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 March 4, 2021. 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 FEBRUARY
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
49 % DOWN
12 % UP
-
10 % UP
11 % UP
0.6 SELLER’S
There were 1,010 residential homes for sale in King County in February, 12% below last month and 49% lower vs February 2020. Residential closed sales rose 9% month-over-month, to 1,602, and were 11% higher year-over-year. There was 0.6 months of inventory for residen- tial homes in February, reflecting seller’s market conditions. The median sold price in February was $750,000, 2% above January and 10% higher vs last year. The average sold price for residential homes was $931,179, 2% higher month-over-month and 12% above February of last year.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
1,010 1,602
1,144 1,465
-12%
1,972 1,437
-49% 11% -54% 10% 12%
CLOSED SALES
9%
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
0.6
0.8
-19%
1.37
$750,000 $732,000 $931,179 $911,531
2% $680,000 2% $833,052
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$725,000 $746,500 $750,550 $739,475 $750,000
$680,000 $714,975
1.79
1.71
1.57
3,008
2,816
2,713
2,665
2,342
1,972
2,778
1,602
2,439
2,400
1,606
1,437
1,237
1,010
Feb-20
Jan-21
Feb-21
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 © 2021 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, 2021. 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
king county
CONDO FEBRUARY
AVERAGE PRICE
AVERAGE PSF PRICE 2 % UP
MEDIAN PRICE
HOMES FOR SALE 38 % UP
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
3 % UP
1.6 % UP
14 % UP
1.5 SELLER’S
The number of condo homes for sale in King County, at 842, was down 0.8% month-over-month but 38% above last year. February’s condo closed sales, at 577, were 26% above last month and 14% higher than last year. There was 1.5 months of inventory for condos in February, reflecting seller’s market conditions. The condo median sold price in February was $439,000, up 7% month-over-month and 1.6% higher year-over-year. The average sold price was $528,898 with an average PSF sales price of $477 (up 4% and 1.9%, respectively, vs January).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 849 458 1.9
% Change
No. 610 508 1.20
% Change
HOMES FOR SALE
842 577 1.5
-0.8% 26% -21%
38% 14% 22% 1.6%
CLOSED SALES
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$439,000 $410,000 $528,898 $510,448
7% $432,000 4% $511,810
3% 2%
$477
$468
1.9%
$466
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$450,000
$432,000 $430,000
$410,000 $439,000
$410,000 $412,995
1,583
1,467
1,110
944
901
842
610
806
674
629
577
508
505
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
120
3+ bdrms
BUYER'S MARKET
96
292
2 bdrms
382
165
. . . . 0 0 0 0
<2 bdrms
364
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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, 2021. 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 FEBRUARY
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
18 % DOWN
12 % UP
-
8 % UP
38 % UP
0.8 SELLER’S
The number of residential homes for sale in Seattle in February, at 494, was 16% lower month-over- month and 18% lower year-over-year. With 656 in February, residential closed sales were 17% higher month-over-month and 38% higher year-over-year. There was 0.8 months of inventory for residen- tial homes in February, reflecting seller’s market conditions. The median sold price in February was $777,475, 0.3% below January but 8% higher vs February 2020. The average sold price was $906,051, 1.1% above last month and 12% higher vs February 2020.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 588 559 1.1
% Change
No. 606 476 1.3
% Change
HOMES FOR SALE
494 656 0.8
-16% 17% -28%
-18% 38% -41%
CLOSED SALES
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$777,475 $780,000 $906,051 $895,946
-0.3% $720,000 1.1% $806,877
8%
12%
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$799,975 $785,500 $815,000 $800,000 $776,750 $777,475
$720,000
1.64
1.58
1.53
1,207
1,199
940
838
790
1,000
656
911
606
810
662
494
522
476
Feb-20
Jan-21
Feb-21
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 © 2021 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, 2021. 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
NEW CONSTRUCT ION CONDO FEBRUARY
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE 8 % UP
CLOSED SALES
MONTHS OF INVENTORY 5.1 BALANCED
MARKET SUMMARY ›
5 % DOWN
33 % DOWN
1.5 % UP
33 % UP
There were 92 new construction condo homes for sale in Seattle in February, 7% above January and 8% higher vs February 2020. February’s new construction condo closed sales decreased by 10% month-over-month (to 18) and were down 33% year-over-year. There was 5.1 months of inventory in February, reflecting balanced market conditions. The new construction condo median sold price in February was $639,995, 17% below January but 33% higher vs February 2020. The average sold price was $670,993, 40% below last month; the average PSF sales price was $719, down 26% from last month.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
92 18
86 20
7%
85 27
8%
CLOSED SALES
-10% 19%
-33% 62% 33% 1.5%
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
5.1
4.3
3.1
$639,995 $770,872
-17% $479,950
$670,993 $1,120,197 -40% $661,176
AVERAGE PRICE PSF
$719
$968
-26%
$755
-5%
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$943,965
$680,000
$639,995
$621,204
$522,495
$479,950 $515,038
$527,500
112
101
100
100
92
85
69
27
23
18
13
12
12
6
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
8
BUYER'S MARKET
3+ bdrms
14
1
2 bdrms
27
9
. . . . 0 0 0 0 QD QD QD QD
<2 bdrms
51
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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, 2021. 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
seattle
PREVIOUSLY OWNED CONDO FEBRUARY
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE 84 % UP
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
0.0 %
2 % DOWN
0.7 % UP
8 % UP
2.4 SELLER’S
There were 485 previously owned condo homes for sale in Seattle in February, 4% below January but 84% higher vs February 2020. February’s previously owned condo closed sales increased by 39% month-over-month (to 202) and were up 8% year-over-year. There was 2.4 months of inventory in February, reflecting seller’s market conditions. The previously owned condo median sold price in February was $450,000, 3% below January and 2% lower vs February 2020. The average sold price was $545,732, 1.1% above last month; the average PSF sales price was $581, up 2% from last month.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 504 145 3.5
% Change
No. 264 187 1.4
% Change
HOMES FOR SALE
485 202 2.4
-4% 39% -31%
84%
CLOSED SALES
8%
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
70% -2% 0.0% 0.7%
$450,000 $465,000 $545,732 $540,027
-3% $460,000 1.1% $545,468
AVERAGE PRICE PSF
$581
$569
2%
$577
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$460,000 $458,000 $449,250 $485,000 $469,000 $429,500 $450,000
870
789
544
548
485
373
264
227
227
202
186
187
166
133
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
10
BUYER'S MARKET
3+ bdrms
28
90
2 bdrms
206
102
. . . . 0 0 0 0
<2 bdrms
251
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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, 2021. 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
RES IDENT IAL FEBRUARY
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
63 % DOWN
3 % DOWN
3 % UP
-
18 % UP
0.5 SELLER’S
There were 33 residential homes for sale in the Bellevue market area in February, 15% below last month and 63% lower vs February 2020. Residential closed sales increased by 15% month-over-month, to 71, but were 3% lower year-over-year. There was 0.5 months of inventory for residen- tial homes in February, reflecting seller’s market conditions. The median sold price in February was $1.39M, 6% below January but 18% higher vs last year. The average sold price for residential homes was $1.62M, 6% lower month-over-month but 3% above February of last year.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
33 71
39 62
-15% 15% -26%
89 73
-63%
CLOSED SALES
-3%
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
0.5
0.6
1.2
-62% 18%
$1,387,000 $1,475,350 $1,621,245 $1,726,809
-6% $1,175,000 -6% $1,567,139
3%
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
2.86
MILLIONS
$1.39
2.39
$1.28
$1.23
$1.23
$1.18
$1.15
$1.10
2.03
180
161
165
126
123
89
71
124
114
108
73
66
38
33
Feb-20
Jan-21
Feb-21
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 QD
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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, 2021. 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
bellevue
NEW CONSTRUCT ION CONDO FEBRUARY
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY 5.8 BALANCED
MARKET SUMMARY ›
50 % DOWN
68 % UP
64 % UP
94 % UP
188 % UP
The number of new construction condo homes for sale in Bellevue, at 23, was down 18% month-over- month but increased 188% vs last year. February’s new construction condo closed sales, at 4, were 33% above last month but 50% lower than last year. There was 5.8 months of inventory in February, reflecting balanced market conditions. The new construction condo median sold price in February was $1.23M, down 56% vs January but a 94% increase from February 2020. The average sold price was $1.23M with an average PSF sales price of $1,114 (down 47% and 17%, respectively, vs January).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
23
28
-18% 33% -38%
8 8
188% -50% 475%
CLOSED SALES
4
3
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
5.8
9.3
1.0
$1,237,375 $2,815,000 -56% $637,500 $1,229,988 $2,341,633 -47% $732,244
94% 68% 64%
$1,114
$1,342
-17%
$680
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$2,815,000
$1,747,300
$1,180,539
$1,237,375
$1,258,375
$580,000
$637,500 $675,000
68
26
23
21
16
9
8
7
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
BUYER'S MARKET
3+ bdrms
7
2
2 bdrms
14
2 2
. . . . 0 0 0 0 QD QD QD QD QD QD
<2 bdrms
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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, 2021. 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. 10
bellevue
PREVIOUSLY OWNED CONDO FEBRUARY
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
3 % DOWN
13 % UP
13 % UP
158 % UP
71 % UP
1.1 SELLER’S
The number of previously owned condo homes for sale in Bellevue, at 67, was up 10% month-over- month and increased 158% vs last year. February’s previously owned condo closed sales, at 60, were 15% above last month and 71% higher than last year. There was 1.1 months of inventory in February, reflecting seller’s market conditions. The previously owned condo median sold price in February was $539,500, up 10% vs January but a 3% decrease from February 2020. The average sold price was $647,290 with an average PSF sales price of $545 (up 23% and 19%, respectively, vs January).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
67 60
61 52
10% 15% -5%
26 35
158%
CLOSED SALES
71% 50% -3% 13% 13%
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
1.1
1.2
0.7
$539,500 $490,500 $647,290 $526,508
10% $558,500 23% $570,359
AVERAGE PRICE PSF
$545
$457
19%
$484
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$615,000
$633,500
$572,500
$595,000
$558,500
$539,500
$480,000
142
132
80
71
67
61
35
75
60
51
41
46
34
26
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
16
3+ bdrms
10
SELLER'S MARKET
BALANCED
BUYER'S MARKET
31
2 bdrms
40
13
. . . . 0 0 0 0 QD QD
<2 bdrms
17
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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, 2021. 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. 11
AREAS rennie review
KING COUNTY CITY OF SEATTLE CITY OF BELLEVUE
12 Copyright © 2021 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, 2021. 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.
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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 of March 4, 2021. 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. 13
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