the seattle rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR KING COUNTY
published December 2024
table of contents
02 INTRO
03 WHAT YOU NEED TO KNOW
MARKET AREA PROFILES
Each month, we release the rennie review, a detailed look at the real estate marketplace in King County. This report examines our take on the latest NWMLS data, overarching market conditions, and detailed sub-market stats.
04 King County 07 Ballard/Green Lake 10 Bellevue East of 405 13 Bellevue West of 405 15 Belltown/Downtown Seattle 16 Burien/Normandy Park 19 Capitol Hill/Central Seattle 22 Des Moines 25 Eastside South 28 Kent 31 Kirkland 34 Lake Forest Park 35 Mercer Island 36 North Seattle 39 Queen Anne/Magnolia 42 Renton 45 Richmond Beach/Shoreline 46 SODO/Beacon Hill 48 Southeast Seattle 50 West Seattle 53 Snohomish County 56 Pierce County
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
59 AREA MAPS
61 GLOSSARY
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 December 9, 2024. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
banking on more uncertainty The Federal Reserve cut its key rate by another 25 basis points in December, but expects fewer cuts next year as a result of higher inflation and greater policy uncertainty. This would be a headwind to a more meaningful recovery in housing market activity.
Mexico and another $419 billion from Canada . Mexico is a major exporter of manufactured goods to the U.S., including automobiles, while Canada is a major exporter of energy, which is an input cost to just about every facet of the U.S. economy. Canada exported an average of 4.4 million barrels of oil per day to the U.S. in 2023, equivalent to about 22% of average daily consumption (20.2 million barrels per day). Whether or not Trump follows through with his proposed tariffs, higher inflation and higher interest rates would be a headwind to an already depressed housing market. There were 1,864 closed MLS sales in King County in November, which was 25% below the prior 10-year November average of 2,493. Though sales through the first 11 months of 2024 (23,263) have already surpassed last year’s total (22,552, which was a decade low), they were still 24% below the prior 10- year average for the same 11 month period (30,768). Further easing of monetary policy and more significant declines in Treasury yields will be needed to unlock housing market activity more meaningfully. For now, however, their trajectory is more uncertain.
On December 18th, the Federal Reserve used its final interest rate decision of the year to reduce the Fed funds rate by another 25 basis points, bringing it to the 4.25-4.50% range. With that, the Fed has cut its key policy rate at three consecutive meetings and by a total of 100 basis points since September, ending a two and a half year quest to bring down the highest inflation the country has seen in more than four decades. But for those hoping for this trend of steady declines to continue into the new year, the Fed doesn’t exactly see that playing out (anymore). The Fed’s dot plot, which summarizes the outlook for the Fed funds rate among the Bank’s 19-member Federal Open Market Committee (FOMC), now projects 50 basis points worth of cuts in 2025. Just three months prior at the September meeting, that same projection was 100 basis points. The reason for fewer cuts ultimately boils down to a resilient economy and an expectation that it will take longer to get inflation back to its 2.0% target than previously thought. Strong consumption and elevated
government spending continue to buoy the economy and the FOMC now projects GDP growth to finish this year at 2.5% (from a forecast of 2.0% back in September), followed by 2.1% in 2025 (from 2.0% previously). Meanwhile, inflation is expected to be 2.5% next year (from 2.1% previously). When pressed on whether tariffs were a factor in the Fed’s higher inflation forecast, Jerome Powell (the Federal Reserve chair) stated that policy uncertainty may have led to higher uncertainty around inflation for some committee members and that “it’s common-sense thinking that when the path is uncertain, you go a little slower.” Since our last Seattle rennie review, president- elect Donald Trump has stepped up his tariff talk, threatening a 25% levy on all imports from Canada and Mexico. In theory, if said tariffs were implemented, they would be inflationary and would raise the cost of a wide range of goods for everyday Americans.
In 2023, the United States imported $475 billion worth of goods and services from
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 December 9, 2024. 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 SINGLE-FAMILY HOME - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 1.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 7% VS 2023
▲ 9% VS 2023
▲ 18% VS 2023
▼ 0.1% VS 2023
There were 1,571 single-family home listings in King County in November, 28% below October and 0.1% lower than November 2023. November single-family home sales decreased by 25% month-over-month, to 1,296, and were 18% above November 2023. The months of inventory for single-family home in King County, at 1.2, reflected a sellers' market. The single-family home median price in November was $996,500, a 1.2% decrease from October and 9% above November 2023. The average sold price was $1,272,307, 0.8% below last month and up 7% to November 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
1,296 1,571
1,096 1,572
7% 9% -15% 18% -0.1%
1,732 2,180
-0.8% -1.2% -4% -25% -28%
$1,272,307 $996,500 1.2
$1,282,111 $1,008,200 1.3
$1,188,083 $916,975 1.4
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
2,543
2,521
43
42
2,180
40
2,365
1,961
2,153
1,756
1,732
1,604
1,914
1,596
1,572
1,727
1,571
1,307
1,239
1,0441,035
1,325
1,330
1,296
1,096
1,172
973
907
690
$1.06M $1.05M $1.10M $1.02M
$1.02M $1.05M $1.05M $1.04M $1.01M
$997K
$917K
$900K
$890K
Nov-23
Oct-24
Nov-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
800
8.7
700
600
500
5.2
400
300
2.4
2.3
200
1.5
1.2
1.1
1.1
1.0
0.8
100
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
652 746 1.1
159 180 1.1
148 155 1.0
172 140 0.8
74 92 1.2
30 72 2.4
33 75 2.3
16 24 1.5
5 26 5.2
7 61 8.7
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 December 9, 2024. 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 TOWNHOME - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 2.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 6% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 15% VS 2023
▲ 4% VS 2023
▲ 47% VS 2023
▲ 17% VS 2023
There were 867 townhome listings in King County in November, 17% below October and 47% higher than November 2023. November townhome sales decreased by 16% month-over-month, to 314, and were 17% above November 2023. The months of inventory for townhomes in King County, at 2.8, reflected a sellers' market. The townhome median price in November was $752,450, a 0.3% increase from October and 4% above November 2023. The average sold price was $864,979, 5% above last month; the average PSF sale price was $554, up 5% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 269 589
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
314 867
6% 15% 4% 26% 17% 47%
$530 $822,610 $750,000 2.8 373 1,045
5% 5% 0.3% -1.4% -16% -17%
$554 $864,979 $752,450 2.8
$520 $751,688 $721,478 2.2
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,073
53
955
50
1,045
994
858
47
867
725
559
529
589
505
479
373
367
466
335
463
439
421
314
357
338
269
325
235
222
$800K
$798K
$785K
$782K
$784K
$773K
$761K
$750K
$752K
$739K
$739K
$730K
$721K
Nov-23
Oct-24
Nov-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
5.3
28
250
4.8
4+ bdrms
141
3.8
200
144
2.9
2.8
3 bdrms
2.6
150
2.4
2.4
337
100
131
2 bdrms
352
50
0
11
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES 79 204 2.6 95 272 2.9 64 154 2.4 32 77 2.4 23 65 2.8 9 34 3.8 7 37 5.3 5 24 4.8
37
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 December 9, 2024. 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 ●
king county CONDO - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 3.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 1.2% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 6% VS 2023
▲ 3% VS 2023
▲ 23% VS 2023
▲ 14% VS 2023
There were 806 condo listings in King County in November, 22% below October and 23% higher than November 2023. November condo sales decreased by 23% month-over-month, to 237, and were 14% above November 2023. The months of inventory for condos in King County, at 3.4, reflected a sellers' market. The condo median price in November was $475,000, a 0.5% decrease from October and 3% above November 2023. The average sold price was $604,464, 1.8% below last month; the average PSF sale price was $620, up 4% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 207 654
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
237 806
1.2% 6% 3% 8% 14% 23%
$599 $615,832 $477,500 3.4 306 1,032
4% -1.8% -0.5% 0.8% -23% -22%
$620 $604,464 $475,000 3.4
$613 $567,970 $460,000 3.2
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,099
54
1,032
1,001
955
52
874
994
46
806
654
559
692
591
494
347
479
325
308
306
294
255
326
311
237
207
237
191
190
$512K
$514K
$505K
$496K
$493K
$492K
$486K
$490K
$478K
$475K
$470K
$465K
$460K
Nov-23
Oct-24
Nov-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
8.7
500
4+ bdrms
1
6.5
400
5.8
9
3 bdrms
300
62
3.4
2.9
2.9
200
2.3
2.1
136
2 bdrms
420
100
0
92
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES
323
159 545 3.4
39 112 2.9
17 50 2.9
8 17 2.1
4 23 5.8
3 26 8.7
3 7 2.3
4 26 6.5
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 December 9, 2024. 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 ●
ballard/greenlake SINGLE-FAMILY HOME - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 1.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 1.5% VS 2023
▲ 0.8% VS 2023
▲ 17% VS 2023
▼ 6% VS 2023
There were 96 single-family home listings in Ballard/Greenlake in November, 33% below October and 17% higher than November 2023. November single-family home sales decreased by 36% month-over-month, to 90, and were 6% below November 2023. The months of inventory for single-family home in Ballard/Greenlake, at 1.1, reflected a sellers' market. The single-family home median price in November was $997,475, a 0.5% decrease from October and 0.8% above November 2023. The average sold price was $1,119,037, 4% below last month and up 1.5% to November 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
90 96
96 82
1.5% 0.8% 25% -6% 17%
140 144
-4% -0.5% 4% -36% -33%
$1,119,037 $997,475 1.1
$1,163,493 $1,002,500 1.0
$1,102,020 $989,750 0.9
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
145
137
34
33
125
140 140
133
125
103
29
99
96
113
96
104
102
92
82
90
69
84
61
55
73
66
55
41
$1.16M
$1.08M
$1.07M $1.00M
$1.02M
$990K
$995K
$986K $1.04M
$997K
$975K
$945K
$905K
Nov-23
Oct-24
Nov-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
50
4.0
3.5
40
30
1.4
20
1.2
0.8
0.7
10
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
46 39 0.8
15 18 1.2
16 11 0.7
9 13 1.4
2 8 4.0
2 7 3.5
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 December 9, 2024. 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 ●
ballard/greenlake TOWNHOME - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 3.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 1.3% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 0.2% VS 2023
▲ 3% VS 2023
▲ 35% VS 2023
▼ 31% VS 2023
There were 154 townhome listings in Ballard/Greenlake in November, 7% below October and 35% higher than November 2023. November townhome sales decreased by 28% month-over-month, to 48, and were 31% below November 2023. The months of inventory for townhomes in Ballard/Greenlake, at 3.2, reflected a sellers' market. The townhome median price in November was $812,500, a 3% decrease from October and 3% above November 2023. The average sold price was $825,519, 5% below last month; the average PSF sale price was $604, up 3% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$604 $825,519 $812,500 3.2 48 154
$596 $823,986 $788,500 1.6 70 114
1.3% 0.2% 3% 97% -31% 35%
$589 $867,430 $840,000 2.5 67 165
3% -5% -3% 30% -28% -7%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
180
48
48
168
47
153
165
154
159
114
119
89
82
74
96
67
87
63
84
84
70
79
73
71
63
48
57
52
46
$840K
$827K
$825K
$805K
$812K
$813K
$799K
$800K
$789K
$780K
$777K
$770K
$763K
Nov-23
Oct-24
Nov-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
70
4.0
4
3.8
4+ bdrms
3.5
20
60
2.8
50
25
3 bdrms
40
51
1.5
30
18
20
2 bdrms
78
10
0
1
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES 4 16 4.0 19 72 3.8 15 42 2.8 8 12 1.5 2 7 3.5 0 4 n/a 0 1 n/a
5
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 December 9, 2024. 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 ●
ballard/greenlake CONDO - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 3.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 8% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 8% VS 2023
▲ 88% VS 2023
▼ 1.4% VS 2023
▼ 20% VS 2023
There were 60 condo listings in Ballard/Greenlake in November, 22% below October and 88% higher than November 2023. November condo sales decreased by 38% month-over-month, to 16, and were 20% below November 2023. The months of inventory for condos in Ballard/Greenlake, at 3.8, reflected a sellers' market. The condo median price in November was $449,750, a 6% decrease from October and 1.4% below November 2023. The average sold price was $499,031, 3% above last month; the average PSF sale price was $573, up 2% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
16 60
20 32
-1.4% 134% -20% 88%
26 77
2% 3% -6% 27% -38% -22%
$573 $499,031 $449,750 3.8
$625 $460,168 $456,250 1.6
$560 $483,683 $479,000 3.0
-8% 8%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
49
71
80
77
60
42
51
61
60
38
40
33
32
42 25
27
26
24
24
21
21
27
20
16
20
17
17
7
14
$479K
$465K
$470K
$456K
$458K
$450K
$450K
$450K
$450K
$440K
$440K
$430K
$420K
Nov-23
Oct-24
Nov-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
4.0
50
4+ bdrms
40
2.5
1 1
30
3 bdrms
20
10
2 bdrms
27
10
0
5
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES
32
13 52 4.0
2 5 2.5
0 1 n/a
1 0 n/a
0 2 n/a
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 December 9, 2024. 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 east of 405 SINGLE-FAMILY HOME - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 0.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▼ 18% VS 2023
▼ 4% VS 2023
▼ 5% VS 2023
▼ 5% VS 2023
There were 35 single-family home listings in Bellevue East of 405 in November, 27% below October and 5% lower than November 2023. November single-family home sales decreased by 34% month-over-month, to 41, and were 5% below November 2023. The months of inventory for single-family home in Bellevue East of 405, at 0.9, reflected a sellers' market. The single-family home median price in November was $1,510,000, a 6% decrease from October and 4% below November 2023. The average sold price was $1,727,183, 12% below last month and down 18% to November 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
41 35
43 37
-5% -5%
62 48
-12% -6% 10% -34% -27%
$1,727,183 $1,510,000 0.9
$1,957,788 $1,601,500 0.8
$2,100,270 $1,575,000 0.9
-18% -4% -0.8%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
35
35
70
34
77
74
62
61
56
63
60
58
57
43
43 37
48
37
46
41
45
35
39
36
35
21
24
22
16
$1.78M
$1.75M
$1.60M $1.60M $1.55M
$1.60M $1.51M
$1.58M $1.50M
$1.56M $1.68M $1.62M $1.66M
Nov-23
Oct-24
Nov-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
14
5.0
12
4.0
3.5
10
8
2.0
6
1.0
4
0.3
0.2
2
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
1 4 4.0
3 0 n/a
14 4 0.3
13 3 0.2
6 6 1.0
1 5 5.0
2 7 3.5
1 2 2.0
0 1 n/a
0 3 n/a
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 December 9, 2024. 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 east of 405 TOWNHOME - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 1.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 0.5% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 13% VS 2023
▲ 44% VS 2023
▲ 50% VS 2023
▲ 63% VS 2023
There were 24 townhome listings in Bellevue East of 405 in November, 25% below October and 50% higher than November 2023. November townhome sales increased by 18% month-over-month, to 13, and were 63% above November 2023. The months of inventory for townhomes in Bellevue East of 405, at 1.8, reflected a sellers' market. The townhome median price in November was $840,000, a 9% decrease from October and 44% above November 2023. The average sold price was $891,148, 2% above last month; the average PSF sale price was $554, down 4% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
13 24
$557 $787,124 $585,000 2.0 8 16
63% 50%
11 32
-4% 2% -9% -37% 18% -25%
$554 $891,148 $840,000 1.8
-0.5% 13% 44% -8%
$575 $870,727 $920,000 2.9
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
44
32
32
31
26
40
20
24
35
19
19
16
20
14
13
12
11
13
14
9
12
11
11
8
9
8
7
6
4
$982K
$920K
$902K
$870K
$870K
$840K
$820K
$815K
$753K
$750K
$703K
$630K
$585K
Nov-23
Oct-24
Nov-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
9.0
2
8
4+ bdrms
6
6
3 bdrms
13
4
5
2.0
2 bdrms
1.5
2
1.3
11
0.5
0
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES
1 9 9.0
2 1 0.5
7 9 1.3
2 3 1.5
1 2 2.0
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 December 9, 2024. 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 ●
bellevue east of 405 CONDO - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 4.3 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 13% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 26% VS 2023
▲ 27% VS 2023
▲ 105% VS 2023
0.0% VS 2023
There were 39 condo listings in Bellevue East of 405 in November, 9% below October and 105% higher than November 2023. November condo sales remained the same month-over-month, at 9, and were the same in November 2023. The months of inventory for condos in Bellevue East of 405, at 4.3, reflected a balanced market. The condo median price in November was $565,000, a 5% increase from October and 27% above November 2023. The average sold price was $587,778, 14% above last month; the average PSF sale price was $577, up 1.5% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$577 $587,778 $565,000 4.3 9 39
$511 $467,479 $446,450 2.1 9 19
13% 26% 27% 105% 0% 105%
$568 $517,244 $540,000 4.8 9 43
1.5% 14% 5% -9% 0% -9%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
65
43
43
39
33
24
28 18
26
45
18
17
19
15
15
19
19
17
17
36
15
9
8
13
7
9
9
3
8
$580K
$565K
$560K
$560K
$550K
$550K
$535K
$540K
$530K
$491K
$488K
$475K
$446K
Nov-23
Oct-24
Nov-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
14
10.0
4+ bdrms
12
7.0
10
1
8
3 bdrms
2
4.5
6
6
4
2 bdrms
1.0
1.0
1.0
26
2
0
2
<2 bdrms
<$300K $300K-399K $400K-499K $500K-599K $600K-699K $700K-799K $800K-899K $900K-999K $1M+ MOI INVENTORY SALES 1 10 10.0 2 2 1.0 1 1 1.0 1 1 1.0 0 1 n/a 0 1 n/a 2 9 4.5 2 14 7.0
11
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 December 9, 2024. 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 ●
bellevue west of 405 SINGLE-FAMILY HOME - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 2.5 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 20% VS 2023
▲ 25% VS 2023
▲ 82% VS 2023
▼ 0.2% VS 2023
There were 50 single-family home listings in Bellevue West of 405 in November, 25% below October and 25% higher than November 2023. November single-family home sales decreased by 5% month-over-month, to 20, and were 82% above November 2023. The months of inventory for single-family home in Bellevue West of 405, at 2.5, reflected a sellers' market. The single-family home median price in November was $3,390,000, a 1.7% decrease from October and 20% above November 2023. The average sold price was $3,948,344, 8% above last month and down 0.2% to November 2023.
PREVIOUS YEAR
No.
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
20 50
11 40
82% 25%
21 67
8% -1.7% -22% -5% -25%
$3,948,344 $3,390,000 2.5
$3,670,056 $3,450,000 3.2
$3,955,545 $2,825,000 3.6
-0.2% 20% -31%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
81
55
71
67
75
58
54
58
42
50
49
40
44
36
31
37
27
26
31
26
25
20
24
23
21
18
11
16
12
$4.05M
$3.95M $3.85M $3.90M
$3.77M
$3.78M $3.99M
$3.61M $3.45M $3.39M
$3.55M
$3.26M
$2.83M
Nov-23
Oct-24
Nov-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
30
9.7
25
20
15
10
1.3
5
0.8
0.3
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
0 1 n/a
0 1 n/a
4 1 0.3
3 0 n/a
4 5 1.3
6 5 0.8
0 8 n/a
3 29 9.7
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 December 9, 2024. 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 ●
bellevue west of 405 CONDO - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 2.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 17% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 11% VS 2023
▼ 17% VS 2023
▼ 22% VS 2023
▼ 22% VS 2023
There were 39 condo listings in Bellevue West of 405 in November, 36% below October and 22% lower than November 2023. November condo sales increased by 20% month-over-month, to 18, and were 22% below November 2023. The months of inventory for condos in Bellevue West of 405, at 2.2, reflected a sellers' market. The condo median price in November was $862,000, a 43% decrease from October and 17% below November 2023. The average sold price was $1,123,694, 26% below last month; the average PSF sale price was $937, down 22% to last month.
PREVIOUS YEAR
No.
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
18 39
23 50
-17% 11% -17% -0.3% -22% -22%
15 61
-22% -26% -43% -47% 20% -36%
$937 $1,123,694 $862,000 2.2
$1,123 $1,011,292 $1,038,925 2.2
$1,197 $1,510,040 $1,500,000 4.1
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
51
55
62
61
53
58
50
46
47
45
44
44
42
38
32
39
29
25
20
23
25
24
23
18
19
17
16
15
$2.11M
$1.50M
$1.35M $1.31M
$1.04M $1.04M $1.07M $1.10M $1.10M $1.12M
$1.00M
$875K
$862K
0
Nov-23
Oct-24
Nov-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
8.0
8
4+ bdrms
6
3 bdrms
6
4
2.5
2.0
1.7
10
1.5
2 bdrms
1.0
2
0.7
16
0
8
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES
17
7 5 0.7
1 8 8.0
3 5 1.7
2 2 1.0
1 2 2.0
0 9 n/a
2 3 1.5
2 5 2.5
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 December 9, 2024. 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. 14 ●
belltown/downtown seattle CONDO - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 3.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 12% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 4% VS 2023
▲ 111% VS 2023
▼ 1.8% VS 2023
▼ 4% VS 2023
There were 149 condo listings in Belltown/Downtown Seattle in November, 21% below October and 4% lower than November 2023. November condo sales increased by 31% month-over-month, to 38, and were 111% above November 2023. The months of inventory for condos in Belltown/Downtown Seattle, at 3.9, reflected a sellers' market. The condo median price in November was $611,738, a 32% increase from October and 4% above November 2023. The average sold price was $639,378, 1.2% above last month; the average PSF sale price was $712, down 1.7% to last month.
PREVIOUS YEAR
No.
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$712 $639,378 $611,738 3.9 38 149
$813 $651,219 $587,750 8.6 18 155
-12% -1.8% 4% -54% 111% -4%
$725 $631,912 $463,000 6.5 29 188
-1.7% 1.2% 32% -40% 31% -21%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
224
236
63
219
218
61
188
204
155
183
149
159
149
44
133
123
51
49
35
29
27
38
22
17
37
35
18
31
30
$905K
$787K
$719K
$703K
$650K
$650K
$640K
$635K
$610K
$612K
$599K
$588K
$463K
Nov-23
Oct-24
Nov-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
60
12.0
4+ bdrms
50
10.0
40
3 bdrms
9
30
3.6
3.4
20
15
2.5
2.4
2 bdrms
60
10
0
23
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES 1 10 10.0 1 12 12.0 0 3 n/a 0 13 n/a 16 58 3.6 13 31 2.4 5 17 3.4 2 5 2.5
80
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 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 December 9, 2024. 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. 15 ●
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62Made with FlippingBook - professional solution for displaying marketing and sales documents online