the seattle rennie advance | January 2024

the seattle rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN KING COUNTY

published January 2024

table of contents

The rennie advance is a summary of the latest sales, listings, and price trends in King County. It is produced at the beginning of each month and it reflects the latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.

02 INTRO

03 SALES

04 NEW LISTINGS

05 INVENTORY

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

Bowen Pausey U.S. MARKET INTELLIGENCE MANAGER & SENIOR ANALYST bpausey@rennie.com

06 MEDIAN PRICES

07 RENNIE INTELLIGENCE

Copyright © of January 2, 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 2, 2024. All data from Northwest Multiple Listing Service & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 2

highlights • Therewere1,288M LS closed salesin KingCountyin D ecem ber,which wasdown 19% from N ovem ber’s1,582 salesand of-kilterfrom thetypicalm onth-to-m onth contraction of2%.This w asthefew estsalesin any m onth sinceJanuary,w hen therew ere1,061 sales. • Salesofeach ofresidentialhom esand condosweredown 19% in D ecem bercom pared to N ovem ber,with countsof991 and 297,respectively.Thosecountsalsofel below thepast10-year averageforeach hom etype,with residentialsales49% lowerand condos44% shyoftheir respectivelong-run average • Overal,therewere22,473salesin KingCountyin 2023,25% below 2022and thelowestcountin atleastthepastdecade.

KINGCOUNTY THERENNIEADVANCE sales

DECEMBER 2023

3,500

- 14% vsD ec2022

3,000

2,500

2,000

1,948 10 yrDecAvg

1,500

1,000

RESIDENTIAL sales

991

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500

- 49% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

1,250

- 10% vsD ec2022

1,000

750

535 10 yrDecAvg

500

CONDOMINIUM sales

250

297

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 44% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500

- 13% vsD ec2022

2,483 10 yrDecAvg

TOTAL sales

1,288

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500

- 48% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

Copyright© January2,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftheren iegroupofcom panies.CurentasofJanuary2,2024.Aldatafrom NorthwestMultiple ListingService& Ren ie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ation shouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom aren ieand as ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • KingCountyhad 827new M LS listingsin D ecem ber,which was46% below N ovem ber’scount. Thiswasidenticalto theN ovem ber-to-D ecem berdeclinerealized in 2022,butam oredram atic slidethan thetypical35% decreaseseen overthepastdecade.N ew listingsin D ecem berw erealso 36% below thepast10-yearaverageforthem onth (1,301). • Com pared to thistim elastyear,totalnew listingswere5% lower.Thiswasnotconsistentacros hom etypesasresidentialnew listingsrose31% year-over-yearwhilecondosfel 15% . • Therewere28,173new M LS listingsin KingCountyin 2023.Thisconstituted thelowestnew listingscountin atleastthepastdecade,and was26% below thenext-closestcount(38,151 in 2022).

KINGCOUNTY THERENNIEADVANCE new listings

DECEMBER 2023

- 15% vsD ec2022

4,000

3,000

1,011 10 yrDecAvg

2,000

RESIDENTIAL new listings

1,000

595

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 41% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

1,200

+ 31% vsD ec2022

1,000

800

600

290 10 yrDecAvg

400

CONDOMINIUM new listings

200

232

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 20% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

- 5% vsD ec2022

5,000

4,000

3,000

1,301 10 yrDecAvg

2,000

TOTAL new listings

1,000

827

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 36% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

●

highlights • W ith thelowestcountsinceM arch 2022,KingCounty’s1,947 activelistingslastm onth were down 31% com pared toN ovem ber–m orethan thetypicalseasonalcontraction of26%.Active listingsattheend oflastm onth were30% below thepast-decadeD ecem beraverage(of2,801), and were27% lowerthan oneyearago. • Activelistingsforboth residentialand condo hom etypesdeclined on am onth-over-m onth basis, faling 32% and 28% ,respectively.Residentiallistingsalso declined on ayear-over-yearbasis,by 37%,whileactivelistingsforcondosincreased by1.7%.

KINGCOUNTY THERENNIEADVANCE inventory

DECEMBER 2023

- 37% vsD ec2022

5,000

4,000

3,000

2,110 10 yrDecAvg

2,000

RESIDENTIAL inventory

1,000

1,277

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 39% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

1,400 1,600

+ 2% vsD ec2022

1,200

800 1,000

692 10 yrDecAvg

600

670

CONDOMINIUM inventory

200 400

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 3% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

7,000

- 27% vsD ec2022

6,000

5,000

4,000

2,801 10 yrDecAvg

3,000

2,000

TOTAL inventory

1,947

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 1,000

- 30% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

●

highlights • Them edian sold pricein KingCountydeclined by0.6% between N ovem berand D ecem ber. Changesin m edian sold pricesbetw een N ovem berand D ecem berareconsistently inconsistent from yearto yearbut,on average,increaseby0.4% .Them edian sold priceforresidentialhom e typesdeclined by3% whilethatforcondosincreased by6%. • O n ayear-over-yearbasis,m edian sold priceswerehigherby10% ,with residentialhom etypesup 4% and condosup 20%–thelargestyear-over-yearincreasein thecondo m edian sold pricesince February2022. •

KINGCOUNTY THERENNIEADVANCE median prices

DECEMBER 2023

$1,000,000

KingCounty

$800,000

$853,950

$600,000

+ 4% vsD ec2022

$400,000

RESIDENTIAL median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

● December

$600,000

KingCounty

$560,000

$500,000

$400,000

$300,000

+ 20% vsD ec2022

$200,000

CONDOMINIUM median salesprice

$100,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

● December

$1,000,000

KingCounty

$800,000

$794,950

$600,000

+ 10% vsD ec2022

$400,000

TOTAL median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

● December

●

the data behind rennie

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.

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