the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE
published July 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 July 18, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
seasonal increases aside, King County ’ s sales counts remain depressed In June, King County’s housing market saw its second consecutive month of increase in sales and listings, however, sales counts failed to reach the 3,000 threshold for the twelfth consecutive month. Despite slowing inflation, speculation remains regarding another interest rate hike, potentially increasing economic uncertainty and impacting market activity.
sellers, it shouldn’t come as much of a surprise that prices increased last month, even in the face of historically low sales. The overall median sold price in King County increased 1.2% in June to $820,000, though was still 2% below June of last year and 7% less than peak values achieved in April 2022. Looking ahead, in spite of a slowing rate of inflation to 3.0% year-over-year nationally in June (from 4.0% in May), many economists are predicting the Federal Reserve to increase its policy rate another 25 basis points on July 26th. If they do follow through with another hike, this will have implications for our local housing market, potentially resulting in reduced sales counts beyond the typical summer slowdown.
Accompanying the advancement of the calendar into June was a relatively predictable trend in our local housing market: increasing sales counts and growing listings, both of which typically expand from May to June. And while each of these metrics increased from the previous month at a rate in line with their historical averages, there is more than just typical seasonality at play. Total sales in King County rose by 6% month-over-month to 2,482, which was slightly below but broadly in line with the typical 9% May-to-June increase. They were, however, 31% below June’s past- decade average (of 3,613), the lowest June total since 2010. It was also the 12th consecutive month of fewer than 3,000 sales, something not seen in King County since early 2013. Total inventory in June presents a similar narrative — it was 9% higher month-over-month, totalling
3,882, right on pace with the typical June expansion of 6%. That’s 34% less than the past-decade average (of 5,859), and it was the second-lowest June inventory ever (the data goes back to 2006). That buyers and sellers are participating more in June than in May follows the typical seasonal, however, that the sales and listings totals are low from a historical perspective makes sense amidst the current high interest rate environment. Anticipation regarding another potential rate hike is creating economic uncertainty in the housing market and is likely keeping potential buyers and sellers on the sidelines. With just 1.6 months of inventory (MOI), the overall market favored sellers in June (a sellers’ market is classified as such when the MOI is less than 4). Compared to May, there was a slight increase in the MOI from 1.5. Given the backdrop of market conditions that deeply favor
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 July 18, 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-JUNE2023
AVERAGEPSF PRICE - VS 2022
HOMES FOR SALE
MONTHS OF INVENTORY 1.3 SELLERS' MARKET
▶ MARKETSUMMARY Thenum berofresidentialhom esforsalein KingCountyin June,at2,287,was11% higher than lastm onth and 33% lowerthan lastyear. W ith 1,823 in June,residentialclosed sales were5% higherm onth-over-m onth,and 27% dow n year-over-year. Therewas1.3m onthsofinventoryfor residentialhom esin June,reflecting selers' m arketconditions. Them edian sold pricein Junewas$935,000, 2% aboveM ay,and 1.1% abovevsJune2022. Theaveragesold price forresidentialhom es was$1,171,191,3% abovelastm onth and 0% abouteven w ith lastyear.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
- VS 2022
▲ 1.1% VS 2022
▼ 33% VS 2022
▼ 27% VS 2022
PREVIOUSMONTH
THISMONTH No.
PREVIOUSYEAR
2,502 3,438 0% 1.1% -9% -27% 33% - No. % Change -
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
1,823 2,287
1,740 2,062
3% 2% 6% 5% 10.9%
$1,171,191 $935,000 1.3
$1,132,278 $914,950 1.2
$1,170,728 $925,000 1.4
-
- -
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
1.83 1.78 1.77
$925,000 $900,000 $901,500
$935,000
$820,000 $805,000
$875,000
3,825
3,769
3,438 3,486
3,352
2,735
2,062 2,287
2,008
1,917
1,846
1,732 1,556
2,502
1,871 2,050 1,838
1,496 1,740 1,823 1,458
1,571
1,338 1,110
1,133
793
Jun-22 M ay-23 Jun-23
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
500
4.9
400
300
2.7
200
1.6
1.2
1.2
1.1
100
1.0
0.8
0
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
205 243 0.8
471 422 1.1
399 334 1.2
437 423 1.0
270 217 1.2
149 94 1.6
103 38 2.7
253 52 4.9
M onthsofInv. Closed Sales H om esforSale
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofJuly18,2023.Aldatafrom NorthwestMultipleListingService& Rennie.W hiletheinform ationanddatacontained 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 ationcontainedwithinthisreportshould notbeused asanopinionofvalue,suchopinionsshouldandcanbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.
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4
kingcounty CONDO -JUNE2023
AVERAGEPSF PRICE
HOMES FOR SALE ▼ 11% VS 2022
MONTHS OF INVENTORY 1.6 SELLERS' MARKET
▶ MARKETSUMMARY Therewere874 new construction condo hom esforsalein KingCountyin June,8% higherthan M ayand 11% lowerthan June 2022. June'snew construction condo closed sales were11% higherm onth-over-m onth (at554), and weredown 17% year-over-year. Therewere1.6m onthsofinventoryin June, reflecting selers'm arketconditions. Thenew construction condom edian sold price in Junewas$529,382,3% aboveM ay,and 5% abovevsJune2022. Theaveragesold pricewas$621,173,1.1% abovelastm onth,theaveragePSF salesprice was$564,up 5% from lastm onth
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 5% VS 2022
▲ 2% VS 2022
▼ 17% VS 2022
- VS 2022
PREVIOUSMONTH
PREVIOUSYEAR
THISMONTH No.
No. % Change
671 981 -17% -11% No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
554 874
499 808
5% 1.1% 3% -3% 11% 8%
$564 $621,173 $529,382 1.6
$535 $614,406 $513,500 1.6
$566 $607,591 $505,000 1.5
0% 2% 5% 8%
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$500,000 $529,382
$505,000
$646 $655
$485,000 $487,475 $469,500
$475,000
$566
$564
1,083 1,022 1,078 1,076
981
915
874
746
715
671
661
808 499
622 592
554
567
531
450
554
431
421
347 322
360
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
7.9
120
200
3+ bdrms
172
150
5.1
269
2 bdrms
100
410
2.6
2.0 2.0
50
1.5
165
1.2 1.2
<2 bdrms
292
0
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
187 157 1.2
211 173 1.2
181 121 1.5
93 46 2.0
46 23 2.0
42 16 2.6
51 10 5.1
63 8 7.9
M onthsofInv. Closed Sales H om esforSale
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofJuly18,2023.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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5
seatle
RESIDENTIAL-JUNE2023
AVERAGEPSF PRICE - VS 2022
HOMES FOR SALE
MONTHS OF INVENTORY 1.4 SELLERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Thenum berofresidentialhom esforsalein Seatlein June,at874,was15% higherthan lastm onth and 6% lowerthan lastyear. W ith 624 in June,residentialclosed salesw ere 4% lowerm onth-over-m onth,and 26% down year-over-year. Therewas1.4m onthsofinventoryfor residentialhom esin June,reflecting selers' m arketconditions.
▼ 4% VS 2022
▼ 5% VS 2022
▼ 6% VS 2022
▼ 26% VS 2022
PREVIOUSMONTH
THISMONTH No.
PREVIOUSYEAR
845 932 -4% -5% 27% -26% 6% - No. % Change -
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
624 874
648 761
5% 3% 19% -4% 15%
Them edian sold pricein Junewas$912,500, 3% aboveM ay,and 5% below vsJune2022.
$1,108,733 $912,500 1.4
$1,057,112 $890,000 1.2
$1,158,981 $965,000 1.1
Theaveragesold pricewas$1,108,733,5% abovelastm onth and 4% higherthan lastyear.
-
- -
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
1.87
$965,000 $910,000
$912,500
1.62 1.66
$910,000 $875,000
$875,000
$819,975
1,236
1,110
1,077
1,015
932
915
874
717 761
681
660 600
845
568
655
648 624
668
563
517
514 541
456
418
391
286
Jun-22 M ay-23 Jun-23
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
250
5.3
200
150
3.4
100
1.6
1.5
1.3
1.2
0 50
1.2
1.1
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
77 61 1.3
224 152 1.5
194 156 1.2
159 150 1.1
86 55 1.6
30 26 1.2
41 12 3.4
63 12 5.3
M onthsofInv. Closed Sales H om esforSale
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofJuly18,2023.Aldatafrom NorthwestMultipleListingService& Rennie.W hiletheinform ationanddatacontained 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 ationcontainedwithinthisreportshould notbeused asanopinionofvalue,suchopinionsshouldandcanbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.
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6
seatle NEW CONSTRUCTION CONDO -JUNE2023
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 31% VS 2022
MONTHS OF INVENTORY 2.5 SELLERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Therewere145 new construction condo hom esforsalein Seatlein June,17% higher than M ayand 31% higherthan June2022. June'snew construction condo closed sales were48% higherm onth-over-m onth (at59), and wereup 111% year-over-year. Therewere2.5m onthsofinventoryin June, reflecting selers'm arketconditions. Thenew construction condom edian sold price in Junewas$699,000,10% below M ay,and 18% below vsJune2022. Theaveragesold pricewas$864,135,1.9% abovelastm onth,theaveragePSF salesprice was$790,up 18% lastm onth
▼ 18% VS 2022
▼ 8% VS 2022
▲ 111% VS 2022
▼ 9% VS 2022
PREVIOUSMONTH
PREVIOUSYEAR
THISMONTH No. $790 $864,135 $699,000 2.5 59 145
No. % Change
-18% -38% 111% 31% No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$671 $848,408 $778,500 3.1 40 124
18% 1.9% -10% -21% 48% 17%
$869 $937,236 $857,500 4.0 28 111
-9% -8%
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$869
$790
$857,500
$712,475 $789,000
$566 $564
$699,950 $699,000
$660,000 $682,625
145
124
123
111
112
107
107
104
102
95
99 104
93
59
36
32
31 40
28
31 25
27
12 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
50
11.5
13
3+ bdrms
40
36
30
35
6.0
2 bdrms
74
20
4.0
10
2.2 1.8
11
2.0 1.6
<2 bdrms
35
0
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
28 14 2.0
46 28 1.6
23 2 11.5
13 6 2.2
9 5 1.8
12 2 6.0
8 2 4.0
M onthsofInv. Closed Sales H om esforSale
6 0
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofJuly18,2023.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 -JUNE2023
AVERAGEPSF PRICE
HOMES FOR SALE ▼ 11% VS 2022
MONTHS OF INVENTORY 2.2 SELLERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Therewere414previouslyowned condo hom esforsalein Seatlein June,7% higher than M ayand 11% lowerthan June2022. June'spreviouslyowned condoclosed sales were7% higherm onth-over-m onth (to190), and weredown 28% year-over-year.
▲ 5% VS 2022
▼ 4% VS 2022
▼ 28% VS 2022
▼ 1.3% VS 2022
PREVIOUSYEAR
THISMONTH No.
PREVIOUSMONTH
263 467 -28% -11% No. % Change
Therewere2.2m onthsofinventoryin June, reflecting selers'm arketconditions.
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
190 414
178 388
0% 7% 7%
Thepreviouslyowned condom edian sold pricein Junewas$477,500,6% below M ay, and 4% below vsJune2022. Theaveragesold pricewas$579,877,10% below lastm onth,theaveragePSF salesprice was$614,up 0.2% from lastm onth
$614 $579,877 $477,500 2.2
$622 $550,157 $495,000 1.8
-1.3% 5% -4% 23%
$613 $644,086 $510,000 2.2
0.2% -10% -6%
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$622
$495,000
$497,000
$614
$499,750
$477,500
$480,000 $462,000 $477,450
$566 $564
518
486
482
454
467
414
407
388
344
328
269 245 267
263
213
222 205
178 190
150
149 142
129
111
114
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
13
11.5
3+ bdrms
35
100
7.5
82
2 bdrms
184
50
4.7
4.3
3.8
2.1
95
1.5 1.8
<2 bdrms
0
195
<$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
96 63 1.5
121 68 1.8
79 37 2.1
34 9 3.8
17 4 4.3
14 3 4.7
23 2 11.5
30 4 7.5
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofJuly18,2023.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-JUNE2023
AVERAGEPSF PRICE - VS 2022
HOMES FOR SALE ▼ 28% VS 2022
MONTHS OF INVENTORY 1.5 SELLERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Thenum berofresidentialhom esforsalein Belevuein June,at128,was15% higherthan lastm onth and 28% lowerthan lastyear. W ith 83 in June,residentialclosed salesw ere 12% lowerm onth-over-m onth,and down 19% year-over-year. Therewas1.5m onthsofinventoryfor residentialhom esin June,reflecting selers' m arketconditions. Them edian sold pricein Junewas$1,750,000, 6% aboveM ay,and 6% below vsJune2022. Theaveragesold pricewas$1,959,999,9% abovelastm onth,and 15% lowerthan last year.
▼ 6% VS 2022
▼ 15% VS 2022
▼ 19% VS 2022
PREVIOUSYEAR
PREVIOUSMONTH
THISMONTH No. $1,959,999 $1,750,000 1.5 83 128 -
No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
102 177
-15% -6% -11% -19% 28%
$1,803,573 $1,654,500 1.2 94 111
9% 6% 31% -12% 15%
$2,316,454 $1,870,230 1.7
-
-
- -
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
2.54 2.51 2.49
$1,990,000
$1,870,230
$1,750,000
$1,600,000
$1,500,000
$1,480,000 $1,422,500
199
188
191
184
177
146
128
96 89 85
100
102 111
102
94
97 79
83
77 73
67 54 30 61 65 58
Jun-22 M ay-23 Jun-23
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
60 70
9.5
50
40
30
20
1.7
1.0
0 10
0.9
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
18 20 0.9
20 31 0.6
19 19 1.0
12 7 1.7
57 6 9.5
0 0
0 0
2 0
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofJuly18,2023.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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belevue
PREVIOUSLY-OW NEDCONDO -JUNE2023
AVERAGEPSF PRICE
HOMES FOR SALE
MONTHS OF INVENTORY 1.3 SELLERS' MARKET
▶ MARKETSUMMARY Therewere55previouslyowned condohom esfor salein Seatlein June,4% lowerthan M ayand 29% lowerthan June2022. June'spreviouslyowned condoclosed saleswere 7% lowerm onth-over-m onth (to43),and were down 19% year-over-year.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▼ 15% VS 2022
▼ 9% VS 2022
▼ 29% VS 2022
▼ 19% VS 2022
▼ 5% VS 2022
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
Therewere1.3m onthsofinventoryin June, reflecting selers'm arketconditions.
No. % Change
53 77 -12% -19% -29% No. % Change
43 55
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
46 57
-7% -4%
Thepreviouslyowned condom edian sold pricein Junewas$670,000,1.6% aboveM ay,and 9% below vsJune2022. Theaveragesold pricewas$748,629,7% above lastm onth,theaveragePSF salespricewas$639, up 9% from lastm onth
$639 $748,629 $670,000 1.3
$587 $699,820 $659,500 1.2
9% 7% 1.6% 3%
$676 $885,501 $735,000 1.5
-5% -15% -9%
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$676
$639
$750,000
$566 $564
$670,000
$735,000
$675,000
$550,000 $565,000
106
98
$485,000
91
88
77
68
55 46 43 57
54
53
49 44 44
53
50 44
39
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
7.0
8
3+ bdrms
6.0
13
10
25
2 bdrms
3.0
29
5
1.3
1.0
1.0
10
0.6
0.3
<2 bdrms
0
13
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
6 6 1.0
8 13 0.6
10 10 1.0
8 6 1.3
1 3 0.3
9 3 3.0
6 1 6.0
7 1 7.0
M onthsofInv. Closed Sales H om esforSale
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofJuly18,2023.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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renniereview
AREAS
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofJuly18,2023.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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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 July 18, 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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