the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE
published December 2022
table of contents
Each month, we release the rennie review, a detailed look at the real estate marketplace in Seattle and Bellevue. This report examines our take on the latest NWMLS data for the Seattle Region, overarching market conditions and detailed county- and city-level stats.
02 INTRO
03 WHAT YOU NEED TO KNOW
04 KING COUNTY
06 SEATTLE
Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com
Ryan Wyse SENIOR ANALYST rwyse@rennie.com
09 BELLEVUE
11 AREA MAP
Copyright © 2022 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 13, 2022. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
A market that’s waiting for something to happen
October’s inertia carried into November, with buyers remaining hesitant and sellers showing no signs of urgency. And while rising interest rates continue to constrain purchasing power and push home values down, there’s evidence that we’ll be entering a more stable, and active, market in the months ahead.
editions of the rennie review, this again highlights how rising interest rates have had a greater impact on the purchasing affordability of buyers than on the payment affordability of current owners. This latter dimension is more directly impacted by the labor market (if you have a job it’s generally easier to pay your mortgage; no job, and it’s usually more difficult), which has been characterized by a sub-3.2% unemployment rate in the Seattle metro area since February. With December’s market conditions unlikely to look much different from November’s (or October’s…or September’s…), we’re looking to the new year for a change of pace. A likely halt to further rate hikes in the near-term will serve to stabilize the demand side of Seattle’s housing market, setting the stage for what promises to be a more active spring.
In last month’s rennie review, we predicted that November’s MLS sales counts for King County would max out below 3,000; that is what ultimately transpired, with our market in fact tallying fewer than 2,000 sales (1,751, to be exact) during the month. This was down 46% (!) from November 2021’s 3,224 sales, 17% lower than October 2022 (versus a typical seasonal drop of only 7%), and 32% below the past-decade November average. Demand continues to be hampered by both rising borrowing costs and the uncertainty around when interest rates will stop climbing, though the Federal Reserve just this week indicated—after raising its trend-setting rate by another 50 basis points—that the end of this cycle of monetary tightening is likely near, if not completely yet halted.
On the backs of both buyer scarcity and evermore expensive money, the overall median price in King County fell by 6% between October and November, making it five months since prices peaked (back in May). Prices for both residential and condo properties fell month-to-month into November, pushing them to levels last seen in 2021: compared to one year ago, the median sold price for condos is down 1.2%, while that of residential properties is only 1.2% higher. Prices would certainly be lower than they are—that is, they would have fallen faster over the past half-year—if it were not for the continued vice on supply, which held the total number of available homes to under 4,500 across the County (22% lower than is typical at this time of the year). As we’ve mentioned in past
Copyright © 2022 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 13, 2022. 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-NOVEMBER202
AVERAGEPSF PRICE - VS 2021
HOMES FOR SALE
MONTHS OF INVENTORY 2.1 SELLERS' MARKET
▶ MARKETSUMMARY Thenum berofresidentialhom esforsalein KingCountyin N ovem ber,at2,775,was19% lowerthan lastm onth and 249% higherthan lastyear. W ith 1,323 in N ovem ber,residentialclosed saleswere16% lowerm onth-over-m onth,and 45% down year-over-year. Therewas2.1m onthsofinventoryfor residentialhom esin N ovem ber,reflecting selers'm arketconditions. Them edian sold pricein N ovem berwas $830,000,8% below O ctober,and 1.2% above vsN ovem ber2021. Theaveragesold price forresidentialhom es was$1,047,186,6.4% below lastm onth and 0.4% higherthan lastyear.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▼ 0.4% VS 2021
▲ 1% VS 2021
▲ 249% VS 2021
▼ 45% VS 2021
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
1,323 2,775
1,567 3,433
-16% -19%
$1,051,405 $820,000 0.3 2,405 795 -
-0.4% 1.2% 535% -45% 249%
$1,047,186 $830,000 2.1
$1,118,320 $901,500 2.2
-6% -8% -4%
-
- -
-
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
1.85 1.81
1.76
$935,000 $1,000,000
$900,000 $880,000
$830,000
$820,000 $785,000
3,822
3,830
3,425
3,433
3,491
2,568 2,502
2,405
2,381
2,209
2,775
1,935
2,281
1,871 2,049 1,837
1,1061,264
1,786
1,567
1,323
1,165
795
772
539
599
N ov.-21 O ct.-22 N ov.-22
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
6.6
600
5.0
400
3.3
2.6
2.4
2.0
200
1.8
1.3
0
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
343 266 1.3
700 355 2.0
506 211 2.4
499 283 1.8
295 114 2.6
127 39 3.3
126 19 6.6
179 36 5.0
M onthsofInv. Closed Sales H om esforSale
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofDecem ber13,202 .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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4
kingcounty CONDO-NOVEMBER202
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 81% VS 2021
MONTHS OF INVENTORY 2.7 SELLERS' MARKET
▶ MARKETSUMMARY Therewere941 new construction condo hom esforsalein KingCountyin N ovem ber, 15.5% lowerthan Octoberand 81% higher than N ovem ber2021. N ovem ber'snew construction condoclosed saleswere23% lowerm onth-over-m onth (at 348),and weredown 50% year-over-year. Therewere2.7m onthsofinventoryin N ovem ber,reflecting selers'm arket conditions. Thenew construction condom edian sold price in N ovem berwas$459,500,6% below O ctober,and 1.2% below vsN ovem ber2021. Theaveragesold pricewas$555,924,6.7% below lastm onth,theaveragePSF salesprice was$509,down 5% from lastm onth
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▼ 1.2% VS 2021
▼ 1.9% VS 2021
▼ 50% VS 2021
▼ 2% VS 2021
PREVIOUSMONTH
PREVIOUSYEAR
THISMONTH No.
No. % Change
691 519 -1.7% -1.9% -1.2% 260% -50% 81% No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
348 941
$535 $595,537 $487,475 2.5 450 1,114
-5% -6.7% -5.7% 9% -23% -15.5%
$509 $555,924 $459,500 2.7
$518 $566,674 $465,000 0.8
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$611
$584
$549,950 $535,000
$486,000 $485,000
$518
$509
$459,500
$465,000 $465,000
1,114
1,100
1,076 1,021
972
941
714 753 671
724
691
601
557
554
567
530
450
671
519
405
544
348
469
348 309 372
KING COUNTY SEAT LE
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
300
13.7
61
3+ bdrms
182
11.3
200
185
2 bdrms
480
100
4.1 4.1 4.4
2.5
102
2.4
1.5
<2 bdrms
279
0
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
192 130 1.5
295 116 2.5
202 49 4.1
99 24 4.1
48 11 4.4
29 12 2.4
34 3 11.3
41 3 13.7
M onthsofInv. Closed Sales H om esforSale
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofDecem ber13,202 .Aldatafrom NorthwestMultipleListingService & Rennie.W hiletheinform ationand datacontainedhereinhasbe 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,suchopinionsshouldand canbeobtained from arennieandas ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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5
seatle
RESIDENTIAL-NOVEMBER202
AVERAGEPSF PRICE - VS 2021
HOMES FOR SALE
MONTHS OF INVENTORY 2.0 SELLERS' MARKET
▶ MARKETSUMMARY Thenum berofresidentialhom esforsalein Seatlein N ovem ber,at929,was19% lower than lastm onth and 160% higherthan last year. W ith 455 in N ovem ber,residentialclosed saleswere12% lowerm onth-over-m onth,and 45% down year-over-year. Therewas2.0m onthsofinventoryfor residentialhom esin N ovem ber,reflecting selers'm arketconditions. Them edian sold pricein N ovem berwas $890,000,2% below O ctober,and 8% abovevs N ovem ber2021. Theaveragesold pricewas$1,022,372,4% below lastm onth and 1.0% higherthan last year.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 1.0% VS 2021
▲ 8% VS 2021
▲ 160% VS 2021
▼ 45% VS 2021
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
455 929
$1,067,573 $910,000 2.2 517 1,141
-12% -19%
827 357
1.0% 8% 373% -45% 160%
$1,022,372 $890,000 2.0
-4% -2% -7%
$1,012,332 $825,000 0.4
-
- -
-
-
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
1.87
1.77
1.67
$960,000 $995,500 $950,000
$890,955 $890,000
$825,000 $775,000
1,141
1,081
1,021 1,254
932
841
803
780
929
827
716
845
655
668
410 477
579
563
455
517
513
357
348
293
216 225
N ov.-21 O ct.-22 N ov.-22
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
300
9.3
200
5.8
100
2.3
2.2
2.2
2.1
1.8
1.4
0
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
92 51 1.8
275 131 2.1
209 95 2.2
170 118 1.4
91 39 2.3
26 12 2.2
29 5 5.8
37 4 9.3
M onthsofInv. Closed Sales H om esforSale
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofDecem ber13,202 .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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6
seatle NEW CONSTRUCTION CONDO -NOVEMBER202
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 26% VS 2021
MONTHS OF INVENTORY 11.8 BUYERS' MARKET
▶ MARKETSUMMARY Therewere118 new construction condo hom esforsalein Seatlein N ovem ber,7% lowerthan O ctoberand 26% higherthan N ovem ber2021. N ovem ber'snew construction condoclosed saleswere60% lowerm onth-over-m onth (at 10),and weredown 72% year-over-year. Therewere11.8m onthsofinventoryin N ovem ber,reflecting buyers'm arket conditions. Thenew construction condom edian sold price in N ovem berwas$645,750,18% below O ctober,and 0.3% abovevsN ovem ber2021. Theaveragesold pricewas$753,939,15% below lastm onth,theaveragePSF salesprice was$779,up 3% from lastm onth
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 0.3% VS 2021
▼ 6% VS 2021
▼ 72% VS 2021
▼ 5% VS 2021
PREVIOUSMONTH
PREVIOUSYEAR
THISMONTH No. $779 $753,939 $645,750 11.8 10 118
No. % Change
36 94 352% -72% 26% No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$756 $885,773 $789,000 5.1 25 127
3% -15% -18% 132% -60% -7%
$816 $798,285 $643,500 2.6
-5% -6% 0.3%
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$816
$792,650 $787,500
$779
$724,950
$705,000
$692,500
$645,750
$643,500
127
$518 $509
118
100
105
92 95 88
88 95
94
78 74 81
31
25
52
18
12
39
34 40
36 35 28
28
10
SEAT LE KING COUNTY
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
40
26.0
1
3+ bdrms
28
30
5
20
2 bdrms
55
7.3 7.6
10
4
2.0
<2 bdrms
35
0
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
22 3 7.3
38 5 7.6
26 1 26.0
2 1 2.0
M onthsofInv. Closed Sales H om esforSale
3 0
12 0
4 0
11 0
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofDecem ber13,202 .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 -NOVEMBER202
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 36% VS 2021
MONTHS OF INVENTORY 3.3 SELLERS' MARKET
▶ MARKETSUMMARY Therewere425previouslyowned condo hom esforsalein Seatlein N ovem ber,15% lowerthan O ctoberand 36% higherthan N ovem ber2021. N ovem ber'spreviouslyowned condoclosed saleswere14% lowerm onth-over-m onth (to 129),and weredown 49% year-over-year. Therewere3.3m onthsofinventoryin N ovem ber,reflecting selers'm arket conditions. Thepreviouslyowned condom edian sold pricein N ovem berwas$450,500,6% below O ctober,and 3% below vsN ovem ber2021. Theaveragesold pricewas$563,310,0.6% below lastm onth,theaveragePSF salesprice was$569,down 8% from lastm onth
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 3% VS 2021
▼ 3% VS 2021
▼ 49% VS 2021
▼ 2% VS 2021
PREVIOUSYEAR
THISMONTH No.
PREVIOUSMONTH
252 312 166% -49% 36% No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
129 425
150 502
-6% -2% -14% -15.3%
$569 $563,310 $450,500 3.3
$582 $547,085 $462,500 1.2
$618 $566,524 $480,000 3.3
-2% 3% -3%
-8% -0.6%
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$582
$569
$485,500 $525,500
$482,000 $470,000
$462,500 $451,000
$450,500
$518 $509
520
502
494
460
469
425
334
312
256 297
221
217
304
176
256
263
252
220
213
222 205
197
129
162 175
150
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
25.0
150
3+ bdrms
40
20.0
100
52
2 bdrms
201
50
5.9
4.5
3.6
3.2
64
2.4
1.7
<2 bdrms
0
184
<$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
78 47 1.7
151 47 3.2
88 15 5.9
32 9 3.6
18 4 4.5
12 5 2.4
20 1 20.0
25 1 25.0
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofDecem ber13,202 .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-NOVEMBER202
AVERAGEPSF PRICE - VS 2021
HOMES FOR SALE ▲ 873% VS 2021
MONTHS OF INVENTORY 2.2 SELLERS' MARKET
▶ MARKETSUMMARY Thenum berofresidentialhom esforsalein Belevuein N ovem ber,at146,was22% lower than lastm onth and 873% higherthan last year. W ith 67 in N ovem ber,residentialclosed sales were15% lowerm onth-over-m onth,and down 35% year-over-year. Therewas2.2m onthsofinventoryfor residentialhom esin N ovem ber,reflecting selers'm arketconditions. Them edian sold pricein N ovem berwas $1,510,000,2% aboveO ctober,and 8% below vsN ovem ber2021.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▼ 8% VS 2021
▼ 8% VS 2021
▼ 35% VS 2021
PREVIOUSYEAR
PREVIOUSMONTH
THISMONTH No. $1,868,072 $1,510,000 2.2 67 146 -
No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$2,035,669 $1,650,000 0.1 103 15 -
-35% 873%
$1,892,812 $1,480,000 2.4 79 188
-1.3% 2% -8% -15% -22%
-8% -8% 1396%
Theaveragesold pricewas$1,868,072,1.3% below lastm onth,and 8% lowerthan lastyear.
-
- -
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
2.36 2.40
2.25
$2,250,000
$1,850,000
$1,700,000 $1,650,000
$1,510,000
$1,712,500
$1,650,000
199
188
195
188
177
125
146
102
104
97
95
103
73
77 73
123
44 47
92
67
79
15
13
54
20 31
N ov.-21 O ct.-22 N ov.-22
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
60 70
5.0
50
4.0
40
30
2.3
2.1
2.0
20
1.2
0.9
0 10
<$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
2 1 2.0
7 6 1.2
22 24 0.9
32 15 2.1
14 6 2.3
24 6 4.0
45 9 5.0
0 0
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofDecem ber13,202 .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 -NOVEMBER202
AVERAGEPSF PRICE
HOMES FOR SALE
MONTHS OF INVENTORY 2.5 SELLERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Therewere68previouslyowned condohom esfor salein Seatlein N ovem ber,23% lowerthan Octoberand 386% higherthan N ovem ber2021. N ovem ber'spreviouslyowned condoclosed sales were10% lowerm onth-over-m onth (to27),and weredown 56% year-over-year.
▼ 5% VS 2021
▲ 2% VS 2021
▲ 386% VS 2021
▼ 56% VS 2021
▲ 2% VS 2021
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
Therewere2.5m onthsofinventoryin N ovem ber,reflecting selers'm arketconditions.
No. % Change
62 14 -56% 386% No. % Change
27 68
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
30 88
4% 13% 22% -14% -10% -23%
Thepreviouslyowned condom edian sold pricein N ovem berwas$672,000,22% aboveO ctober, and 1.8% abovevsN ovem ber2021. Theaveragesold pricewas$756,306,13% above lastm onth,theaveragePSF salespricewas$650, up 4% from lastm onth
$650 $756,306 $672,000 2.5
$623 $666,805 $550,000 2.9
$635 $797,924 $660,000 0.2
2% -5% 1.8% 1015%
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$650
$635
$800,000
$775,000
$737,500
$672,000
$518 $509
$660,000
$657,000
$647,500
98
88
77 106
50 91
61 58 58
62
68
44
39
36
33
53
52
14
27
16
4
30
12 16 23 27
SEAT LE KING COUNTY
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
3.5
25
6
3+ bdrms
12
20
2.5 2.4
2.5
2.3
15
2.0
15
2 bdrms
38
10
1.3
5
6
<2 bdrms
0
18
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
7 2 3.5
25 10 2.5
12 5 2.4
9 4 2.3
4 3 1.3
5 2 2.5
2 1 2.0
M onthsofInv. Closed Sales H om esforSale
4 0
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofDecem ber13,202 .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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10
renniereview
AREAS
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofDecem ber13,202 .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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11
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Copyright © 2022 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 13, 2022. 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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