the seattle rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR KING COUNTY
published October 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 Count 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 October 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
buyers wait for better rates The Federal Reserve’s “jumbo” rate cut did little to alter the trajectory of King County’s housing market in September. Continued sluggish sales and an increase in listings pushed months of inventory in the region to its highest level since September 2018.
single-family homes (MOI of 1.9), with significantly more slack in the townhome (3.3) and condo (4.6) segments. This disparity is a function of a notable imbalance in the supply and demand for housing in the region—while nearly 70% of sales in King Country through 2024 have been for single-family homes, only a little more than half of the region’s active listings have been single-family homes at any given time. Put another way, single-family home inventory was 24% below its prior 10-year average at the end of September, whereas condo and townhome inventories were 41% and 67% above, respectively. The Federal Reserve has two more interest rate decisions this year on November 7th and December 18th and, though further interest rate cuts are expected, it will take some time before this translates into more meaningful savings for buyers and more meaningful sales activity for King County.
The U.S. Federal Reserve opted for a larger-than-typical 50-basis-point interest rate cut on September 18th to officially commence the unwinding of what has been more than two years of exceptionally restrictive monetary policy. With inflation largely under control and strong evidence of a deteriorating labor market, Jerome Powell (the Chair of the Federal Reserve) had been signaling for weeks that the Bank would be cutting in September (you can read more on economic data that drove the decision here). How long it takes for this rate cut (and the flurry of additional cuts expected through the remainder of 2024 and into 2025) to translate into more meaningful savings for buyers remains to be seen. In the three weeks following the Fed’s decision, 15- and 30-year fixed mortgage rates have actually moved higher to 5.41% and 6.32% as of October 10th, respectively. Sure, this represents a roughly one percentage point drop from the annual highs seen
back in May, but mortgage rates remain considerably higher than pre-pandemic averages from 2010 to 2019. With little movement on borrowing costs, activity across King County in September remained well below typical levels, with 1,916 closed MLS sales coming in 35% below the prior 10-year September average (of 2,928 sales). On a year-to-date basis, the region’s 18,968 sales were down 25% relative to the prior 10-year average (of 25,347 sales). What’s more, continued soft sales came in tandem with strong new listings activity and inventory that grew to 4,727 active listings at the end of September (which is just 1.3% below the prior 10-year September average of 4,791 listings). That pushed months of inventory (MOI) in King County to 2.5, its highest level since September 2018 (MOI of 2.8).
Looking at individual home types, the region’s overall MOI was held down by
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 October 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 1.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 11% VS 2023
▲ 12% VS 2023
▲ 16% VS 2023
▲ 2.0% VS 2023
There were 2,526 single-family home listings in King County in September, 7% above August and 16% higher than September 2023. September single-family home sales decreased by 17% month-over-month, to 1,330, and were 2.0% above September 2023. The months of inventory for single-family home in King County, at 1.9, re(ected a sellers' market. The single-family home median price in September was $1,037,235, a 1.0% decrease from August and 12% above September 2023. The average sold price was $1,303,057, 1.1% above last month and up 11% to September 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
1,330 2,526
1,304 2,171
11% 12% 14% 2% 16%
1,596 2,371
1.1% -1% 28% -17% 7%
$1,303,057 $1,037,235 1.9
$1,288,909 $1,047,500 1.5
$1,169,038 $926,000 1.7
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
2,547
42
2,526
41
2,371
2,171
1,962
1,939
2,154
36
1,756
1,604
1,914
1,596
1,572
1,727
1,307
1,270
1,239
1,330
1,304
1,044
1,035
1,325
1,172
1,096
973
907
690
$1.06M $1.05M $1.10M $1.02M
$1.02M $1.05M $1.05M $1.04M
$926K
$917K
$900K
$900K
$890K
Sep-23
Aug-24
Sep-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
1200
7.7
1000
800
4.3
4.2
600
3.4
2.7
2.2
400
1.8
1.7
1.6
1.5
200
0
<$1M 642 1,142 1.8
$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
183 280 1.5
149 257 1.7
169 264 1.6
75 163 2.2
52 140 2.7
27 114 4.2
14 47 3.4
8 34 4.3
11 85 7.7
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 October 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 3.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 347% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 14% VS 2023
▲ 12% VS 2023
▲ 58% VS 2023
▼ 4% VS 2023
There were 1,073 townhome listings in King County in September, 8% above August and 58% higher than September 2023. September townhome sales decreased by 4% month-over-month, to 325, and were 4% below September 2023. The months of inventory for townhomes in King County, at 3.3, re(ected a sellers' market. The townhome median price in September was $784,000, a 6% increase from August and 12% above September 2023. The average sold price was $854,231, 9% above last month; the average PSF sale price was $2,314, up 339% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 338 680
% Change
No. 338 991
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$2,314 $854,231 $784,000 3.3 325 1,073
347% 14% 12% 64% -4% 58%
339% 9% 6% 13% -4% 8%
$517 $750,293 $700,000 2.0
$527 $782,265 $738,975 2.9
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
53
1,073
951
857
991
47
724
42
680
589
559
529
638
505
479
367
466
335
328
463
439
421
338
325
357
338
269
235
222
$800K
$798K
$785K
$782K
$784K
$773K
$761K
$740K
$739K
$739K
$730K
$721K
$700K
Sep-23
Aug-24
Sep-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.
350
24.0
35
23.0
4+ bdrms
300
160
250
158
200
3 bdrms
457
150
100
126
2 bdrms
405
50
3.5
3.5
3.0
2.8
2.6
2.1
0
6
<$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 71 248 3.5 99 349 3.5 77 203 2.6 31 93 3.0 25 69 2.8 19 40 2.1 2 48 24.0 1 23 23.0
<2 bdrms
51
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 October 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 4.6 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 6% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 16% VS 2023
▲ 14% VS 2023
▲ 50% VS 2023
▼ 10% VS 2023
There were 1,096 condo listings in King County in September, 10% above August and 50% higher than September 2023. September condo sales decreased by 23% month-over-month, to 237, and were 10% below September 2023. The months of inventory for condos in King County, at 4.6, re(ected a balanced market. The condo median price in September was $514,390, a 11% increase from August and 14% above September 2023. The average sold price was $654,542, 1.7% below last month; the average PSF sale price was $611, down 0.2% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 263 731
% Change
No. 308 992
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$611 $654,542 $514,390 4.6 237 1,096
6% 16% 14% 66% -10% 50%
-0.2% -1.7% 11% 44% -23% 10%
$576 $566,254 $450,000 2.8
$612 $665,933 $465,000 3.2
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
55
1,096
54
1,001
955
874
992
46
720
731
654
559
692
591
494
347
479
325
308
294
255
248
263
326
311
237
207
191
190
$512K
$514K
$505K
$496K
$493K
$492K
$486K
$490K
$470K
$465K
$460K
$460K
$450K
Sep-23
Aug-24
Sep-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.
800
14.0
700
4+ bdrms
3
600
500
19
3 bdrms
400
6.8
95
6.4
300
4.8
4.3
4.2
138
3.2
3.2
200
2 bdrms
516
100
0
80
<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 153 736 4.8 37 157 4.2 21 68 3.2 9 29 3.2 6 26 4.3 5 34 6.8 1 14 14.0 5 32 6.4
482
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 October 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 1.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 6% VS 2023
▲ 26% VS 2023
▲ 62% VS 2023
▼ 3% VS 2023
There were 140 single-family home listings in Ballard/Greenlake in September, 24% above August and 26% higher than September 2023. September single-family home sales increased by 11% month-over-month, to 102, and were 62% above September 2023. The months of inventory for single-family home in Ballard/Greenlake, at 1.4, re(ected a sellers' market. The single-family home median price in September was $1,074,500, a 3% increase from August and 3% below September 2023. The average sold price was $1,194,410, 4% above last month and up 6% to September 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
102 140
$1,129,416 $1,110,000 1.8 63 111
6% -3% -22% 62% 26%
$1,144,827 $1,044,250 1.2 92 113
12% 11% 24%
$1,194,410 $1,074,500 1.4
4% 3%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
145
137
35
140
125
33
133
32
125
103
111
101
99
96
113
102
104
92
69
86
84
82
61
55
73
66
63
55
41
$1.16M
$1.11M
$1.08M
$1.04M $1.07M
$1.02M
$986K
$990K
$995K
$986K
$975K
$945K
$905K
Sep-23
Aug-24
Sep-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
5.0
50
40
3.0
30
1.8
1.4
20
1.2
1.1
1.0
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
45 52 1.2
23 25 1.1
15 21 1.4
12 21 1.8
3 9 3.0
2 10 5.0
1 1 1.0
1 0 n/a
0 1 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 October 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 3.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 2151% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 29% VS 2023
▼ 8% VS 2023
▼ 5% VS 2023
▼ 19% VS 2023
There were 180 townhome listings in Ballard/Greenlake in September, 13% above August and 29% higher than September 2023. September townhome sales decreased by 27% month-over-month, to 46, and were 19% below September 2023. The months of inventory for townhomes in Ballard/Greenlake, at 3.9, re(ected a sellers' market. The townhome median price in September was $777,450, a 3% decrease from August and 5% below September 2023. The average sold price was $793,652, 0.7% below last month; the average PSF sale price was $13,068, up 2137% 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
$13,068 $793,652 $777,450 3.9 46 180
$581 $864,656 $815,000 2.5 57 140
2,151% -8% -5% 59% -19% 29%
$584 $799,184 $800,000 2.5 63 159
2,137% -0.7% -3% 55% -27% 13%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
49
180
168
49
48
153
141
159
140
114
119
89
82
74
96 73
70
87
63
84
84
79
71
57
63
62
57
46
52
$827K
$825K
$815K
$805K
$812K
$800K
$799K
$800K
$789K
$780K
$777K
$763K
$770K
Sep-23
Aug-24
Sep-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.
80
9.0
70
2
4+ bdrms
21
60
50
19
3 bdrms
4.8
40
4.5
75
3.5
30
3.1
25
20
2 bdrms
76
10
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 5 24 4.8 21 74 3.5 16 50 3.1 2 18 9.0 2 9 4.5 0 5 n/a
8
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 October 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 4.7 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 12% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 67% VS 2023
▼ 21% VS 2023
▼ 15% VS 2023
0.0% VS 2023
There were 80 condo listings in Ballard/Greenlake in September, 13% above August and 67% higher than September 2023. September condo sales remained the same month-over-month, at 17, and were the same in September 2023. The months of inventory for condos in Ballard/Greenlake, at 4.7, re(ected a balanced market. The condo median price in September was $420,000, a 2% decrease from August and 15% below September 2023. The average sold price was $444,676, 4% above last month; the average PSF sale price was $542, 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
17 80
17 48
-12% -21% -15% 67% 0% 67%
17 71
-4% 4% -2% 13% 0% 13%
$542 $444,676 $420,000 4.7
$616 $560,529 $495,000 2.8
$567 $428,529 $430,000 4.2
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
60
80
71
60
52
51
61
48
47
40
32
42 25
27
34
24
24
33
21
20
27
17
17
21
20
20
17
7
14
$495K
$470K
$465K
$456K
$458K
$450K
$450K
$450K
$440K
$440K
$430K
$420K
$404K
Sep-23
Aug-24
Sep-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
4.5
4.0
4+ bdrms
60
50
40
3 bdrms
3
30
9
20
2 bdrms
32
10
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 0 1 n/a 0 1 n/a 0 2 n/a 15 68 4.5 2 8 4.0
45
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 October 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 1.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 16% VS 2023
▲ 11% VS 2023
▲ 3% VS 2023
▼ 21% VS 2023
There were 62 single-family home listings in Bellevue East of 405 in September, 3% above August and 3% higher than September 2023. September single-family home sales increased by 2% month-over-month, to 46, and were 21% below September 2023. The months of inventory for single-family home in Bellevue East of 405, at 1.3, re'ected a sellers' market. The single-family home median price in September was $1,750,000, a 13% increase from August and 11% above September 2023. The average sold price was $2,073,792, 20% above last month and up 16% to September 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
46 62
58 60
16% 11% 30% -21% 3%
45 60
2% 3%
$2,073,792 $1,750,000 1.3
$1,731,552 $1,550,000 1.3
20% 13% 1.1%
$1,782,168 $1,575,000 1.0
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
39
70
77
74
60
35
35
62
56
63
58
60
50
58
57
43
43
46
37
45
45
35
39
37
36
21
24
22
16
$1.78M
$1.75M
$1.60M $1.60M $1.55M
$1.58M
$1.58M $1.50M
$1.56M $1.68M $1.62M $1.66M
$1.45M
Sep-23
Aug-24
Sep-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
4.0
20
15
2.0
1.5
10
1.3
1.0
0.7
5
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 3 n/a
2 0 n/a
9 9 1.0
21 14 0.7
6 8 1.3
3 6 2.0
3 12 4.0
0 5 n/a
0 2 n/a
2 3 1.5
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 October 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 2.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 5% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 8% VS 2023
▲ 82% VS 2023
▼ 22% VS 2023
▼ 13% VS 2023
There were 31 townhome listings in Bellevue East of 405 in September, 3% below August and 82% higher than September 2023. September townhome sales increased by 225% month-over-month, to 13, and were 13% below September 2023. The months of inventory for townhomes in Bellevue East of 405, at 2.4, re'ected a sellers' market. The townhome median price in September was $630,000, a 28% decrease from August and 22% below September 2023. The average sold price was $859,692, 13% above last month; the average PSF sale price was $535, down 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
13 31
15 17
-22% 110% -13% 82%
$562 $761,250 $870,000 8.0 4 32
-28% -70% 225% -3%
$535 $859,692 $630,000 2.4
$511 $797,371 $803,000 1.1
-5% 13%
5% 8%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
49
31
32
26
20
19
19
37
16
20
35
17
13 14
14
13
12
15
11
14
9
12
11
9
8
8
7
6
4
$982K
$920K
$902K
$870K
$870K
$820K
$815K
$803K
$753K
$750K
$703K
$630K
$585K
Sep-23
Aug-24
Sep-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
2.0
2.0
2
4+ bdrms
1.5
6
1.0
5
3 bdrms
16
4
5
2 bdrms
2
15
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 0 8 n/a 2 3 1.5 4 4 1.0 0 2 n/a 4 8 2.0 3 6 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 October 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 2.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 5% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 8% VS 2023
▲ 17% VS 2023
▲ 105% VS 2023
▲ 7% VS 2023
There were 43 condo listings in Bellevue East of 405 in September, 30% above August and 105% higher than September 2023. September condo sales increased by 15% month-over-month, to 15, and were 7% above September 2023. The months of inventory for condos in Bellevue East of 405, at 2.9, re'ected a sellers' market. The condo median price in September was $560,000, a 5% increase from August and 17% above September 2023. The average sold price was $626,450, 10% above last month; the average PSF sale price was $560, up 0.5% 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
15 43
14 21
17% 91% 7% 105%
13 33
0.5% 10% 5% 13% 15% 30%
$560 $626,450 $560,000 2.9
$535 $580,271 $478,750 1.5
$557 $568,000 $535,000 2.5
5% 8%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
54
43
46
33
24
28 18
26
19
19
37
21
18
17
19
19
13
15
17
17
14
15
15
9
8
13
3
8
7
$580K
$560K
$560K
$550K
$550K
$540K
$535K
$530K
$491K
$488K
$479K
$475K
$446K
Sep-23
Aug-24
Sep-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.
16
15.0
14
4+ bdrms
12
10
4 4
3 bdrms
8
6
7
3.5
3.0
4
2 bdrms
2.2
2.0
26
1.0
2
0
4
<2 bdrms
<$300K $300K-399K $400K-499K $500K-599K $600K-699K $700K-799K $800K-899K $900K-999K $1M+ MOI INVENTORY SALES 1 15 15.0 5 11 2.2 0 3 n/a 2 2 1.0 2 0 n/a 1 3 3.0 1 2 2.0 1 0 n/a 2 7 3.5
13
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 October 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 3.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 27% VS 2023
▲ 200% VS 2023
▼ 11% VS 2023
▼ 13% VS 2023
There were 81 single-family home listings in Bellevue West of 405 in September, 8% above August and 27% higher than September 2023. September single-family home sales decreased by 11% month-over-month, to 24, and were 200% above September 2023. The months of inventory for single-family home in Bellevue West of 405, at 3.4, re(ected a sellers' market. The single-family home median price in September was $3,610,000, a 7% decrease from August and 13% below September 2023. The average sold price was $4,025,729, 2% below last month and down 11% to September 2023.
PREVIOUS YEAR
No.
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
24 81
$4,543,250 $4,135,000 8.0 8 64
-11% -13% -58% 200% 27%
27 75
-2% -7% 22% -11% 8%
$4,025,729 $3,610,000 3.4
$4,108,044 $3,900,000 2.8
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
48
81
71
75
61
64
58
41
54
58
49
34
44
31
31
40
37
27
26
31
24
26
25
23
18
16
12
11
8
$4.14M
$3.95M
$3.85M $3.90M $3.61M
$3.77M $4.05M $3.78M $3.99M
$3.55M
$3.21M
$3.26M
$2.83M
Sep-23
Aug-24
Sep-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
40
20.0
30
20
5.0
10
1.8
1.7
1.5
1.0
1.0
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 1 1.0
4 6 1.5
3 3 1.0
6 10 1.7
2 10 5.0
6 11 1.8
2 40 20.0
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 October 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 3.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 60% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 55% VS 2023
▲ 37% VS 2023
▲ 13% VS 2023
▲ 54% VS 2023
There were 62 condo listings in Bellevue West of 405 in September, 7% above August and 13% higher than September 2023. September condo sales increased by 25% month-over-month, to 20, and were 54% above September 2023. The months of inventory for condos in Bellevue West of 405, at 3.1, re(ected a sellers' market. The condo median price in September was $1,002,675, a 53% decrease from August and 37% above September 2023. The average sold price was $1,734,130, 26% below last month; the average PSF sale price was $1,298, down 13% 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
20 62
13 55
60% 55% 37% -27% 54% 13%
16 58
-13% -26% -53% -14% 25% 7%
$1,298 $1,734,130 $1,002,675 3.1
$813 $1,120,808 $730,000 4.2
$1,487 $2,331,462 $2,112,450 3.6
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
38
62
55
55
36
53
55
58
50
46
47
45
44
44
42
32
29
25
23
23
25
24
20
19
13
17
16
10
15
$2.11M
$1.35M $1.31M
$1.04M $1.04M $1.07M $1.10M $1.10M $1.12M
$1.00M
$958K
$875K
$730K
Sep-23
Aug-24
Sep-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.
12
6.0
4+ bdrms
10
4.0
8
2
3.3
3 bdrms
7
6
2.2
2.0
1.7
1.4
4
10
2 bdrms
25
2
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 2 12 6.0 3 10 3.3 5 11 2.2 3 5 1.7 1 4 4.0 0 11 n/a 1 2 2.0 5 7 1.4
30
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 October 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 12.8 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 11% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 25% VS 2023
▲ 11% VS 2023
▲ 18% VS 2023
▼ 48% VS 2023
There were 218 condo listings in Belltown/Downtown Seattle in September, 7% above August and 18% higher than September 2023. September condo sales decreased by 51% month-over-month, to 17, and were 48% below September 2023. The months of inventory for condos in Belltown/Downtown Seattle, at 12.8, re)ected a buyers' market. The condo median price in September was $610,000, a 4% decrease from August and 11% above September 2023. The average sold price was $813,250, 8% below last month; the average PSF sale price was $823, up 8% 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
$823 $813,250 $610,000 12.8 17 218
$738 $649,820 $550,000 5.6 33 185
129% -48% 18%
$764 $888,324 $635,000 5.8 35 204
8% -8% -4% 120% -51% 7%
11% 25% 11%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
224
236
68
219
218
63
192
204
185
183
149
159
155
133
123
42
51
49
35
29
27
22
33
18
37
35
17
31
30
$905K
$787K
$719K
$703K
$650K
$650K
$643K
$640K
$635K
$610K
$599K
$588K
$550K
Sep-23
Aug-24
Sep-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.
100
23.0
4+ bdrms
80
2
60
3 bdrms
12.5
11.8
15
40
7
2 bdrms
4.3
3.5
20
83
0
10
<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 8 94 11.8 2 46 23.0 2 25 12.5 2 7 3.5 0 11 n/a 3 13 4.3 0 5 n/a 0 17 n/a
118
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 October 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