the seattle rennie review DATA ! DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR KING COUNTY
published June 2024
table of contents
02 INTRO
03 WHAT YOU NEED TO KNOW
NEIGHBORHOOD PROFILES 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
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.
Bowen Pausey U.S. MARKET INTELLIGENCE MANAGER & SENIOR ANALYST bpausey@rennie.com
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
53 AREA MAP
54 GLOSSARY
Information and statistics derived from Northwest Multiple Listing Service. Copyright © June 10, 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 June 10, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
in King County, it ’ s seasonality versus elevated rates A flurry of activity in May brought to life what had been a sluggish spring market, propelling prices to record-highs. That said, sales and inventory fell short of their typical levels, reflecting the challenges posed by elevated interest rates.
average (a theme that has dominated the last couple of years).
This brisk transition from a low-rate to a high-rate environment has produced a climate in which both would-be sellers and buyers feel stuck: the former by the “lock-in effect” and the latter by the lack of options (what we can dub the “lock-out effect”). This is without mention of prices creating an additional dilemma for some: single-family home and townhome median prices reached record highs in May (12% and 9%, respectively, above last year) and condos secured their second- highest price point on record (9% above versus last year). These factors have combined to produce a market that’s complex on the surface (including the “lock-in effect”, struggling inventory, below- average sales, swift absorption, and historically high prices) yet simple in its operation (rates are high!). We’re now in a waiting game, observing how much longer those first-time buyers, upsizers, and downsizers can hold out. What we do know is there is pent-up activity that has brewed in King County and while there may have been a flash of it in May (thanks in part to seasonality), there’s a considerable amount that remains unaccounted for.
They say that May acts as the bridge between spring and summer, introducing longer evenings, higher temperatures, and nature’s bloom to our day-to-day. Here in King County, May has also introduced a flurry of market activity that has stimulated what was a sluggish start to spring. This isn’t a result of a change in rates—a 30-year fixed mortgage hovered a sliver above 7.0% for most of May, higher than the levels seen throughout the beginning of the year—but rather a product of two elements: seasonality and necessity. May is the most popular time of year for new listings and the second-most for home sales going back to 2006, meaning seasonality always plays a prominent role at the conclusion of spring. Necessity encompasses the life changes that don’t align with the ebbs and flows of the market and, with sales counts having remained below their past-decade average for the last two years, something had to give eventually (if only slightly). For the first time since August 2022, sales eclipsed the 2,500 mark, reaching 2,644 in May. This was
an increase of 14% month-over-month and 13% versus last year, but again, sales counts remained below their past-decade average (by 19%). Part of the reason sales counts continue to falter in King County (from a historical perspective) is due to buyers having limited purchasing options. The new listings that populated the market in May were absorbed quickly—the average days on market was 18, the lowest value since July 2022—and this contributed to overall inventory remaining constrained. As discussed in previous iterations of the Seattle rennie review, would-be sellers across the country are dealing with a “lock-in effect”—selling now would translate to a substantial increase in their future monthly payments, having previously secured record-low rates during the pandemic. (For context, Freddie Mac estimates that six out of every 10 homeowners in the US have secured rates at 4% or less.) Although inventory levels rose 38% versus April and 30% compared to this time last year, they remained 8% below the 10-year
Information and statistics derived from Northwest Multiple Listing Service. Copyright © June 10, 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 June 10, 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 - MAY 2 0 2 4
▶ MARKET SUMMARY There were 1,964 single-family home listings in King County in May, 48% above April and 18% higher than May 2023. May single-family home sales increased by 16% month-over-month, to 1,818, and were 16% above May 2023. The months of inventory for single-family home in King County, at 1.1, reflected a sellers' market. The single-family home median price in May was $1,100,000, a 5% increase from April and 12% above May 2023.
MONTHS OF INVENTORY 1.1
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 14%
▲ 12%
▲ 18%
▲ 16%
SELLERS' MARKET
VS 2023
VS 2023
VS 2023
VS 2023
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
1,818 1,964
1,569 1,661
14% 12% 2% 16% 18%
1,573 1,328
1.3% 5% 28% 16% 48%
TOTAL INVENTORY
TOTAL SALES
$1,344,702 $1,050,000 0.8
$1,362,319 $1,100,000 1.1
$1,197,983 $985,000 1.1
MONTHS OF INVENTORY
The average sold price was $1,362,319, 1.3% above last month and up 14% to May 2023.
MEDIAN SOLD PRICE
AVERAGE SOLD PRICE
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
34
34
2,113
1,964
1,951
33
1,852
1,824
1,531 1,960
1,818
1,573
1,661
1,700
1,407
1,569
1,307
1,270
1,484
1,104
1,328
1,304
907
1,174
876
1,096
973
880
690
$1.06M $1.05M $1.10M
$1.02M
$985K
$980K
$969K
$935K
$926K
$917K
$900K
$900K
$890K
May-23
Apr-24
May-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
6.7
800
4.8
600
400
1.9
1.7
1.6
1.0
1.0
200
1.0
0.9
0.9
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+
820 817 1.0
228 218 1.0
209 198 0.9
273 254 0.9
132 137 1.0
66 105 1.6
51 95 1.9
22 37 1.7
6 29 4.8
11 74 6.7
MOI INVENTORY SALES
Information and statistics derived from Northwest Multiple Listing Service. Copyright © June 10, 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 June 10, 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 - MAY 2 0 2 4
▶ MARKET SUMMARY
MONTHS OF INVENTORY 1.5
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 6%
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 11%
▲ 9%
▲ 38%
▲ 12%
There were 723 townhome listings in King County in May, 30% above April and 38% higher than May 2023.
SELLERS' MARKET
VS 2023
VS 2023
VS 2023
VS 2023
VS 2023
May townhome sales increased by 11% month-over-month, to 475, and were 12% above May 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for townhomes in King County, at 1.5, reflected a sellers' market.
475 723
426 525
6% 11% 9% 24% 12% 38%
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
429 556
17% 11% 30%
The townhome median price in May was $793,500, a 3% increase from April and 9% above May 2023.
$562 $842,613 $793,500 1.5
$529 $760,824 $729,000 1.2
$563 $855,436 $770,000 1.3
-0.3% -1.5% 3%
The average sold price was $842,613, 1.5% below last month; the average PSF sale price was $562, down 0.3% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
40
723
39
660
37
603
592
575
528
583
525
479
556
457
475
406
426
338
429
335
421
328
402
396
375
345
269
235
222
$794K
$785K
$770K
$761K
$740K
$739K
$729K
$725K
$725K
$721K
$730K
$720K
$700K
May-23
Apr-24
May-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.
250
3.1
47
4+ bdrms
200
102
2.3
2.2
150
1.7
220
1.6
3 bdrms
1.4
287
0.9
100
193
2 bdrms
50
299
0
15
<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 93 154 1.7 151 237 1.6 120 167 1.4 75 68 0.9 13 40 3.1 17 37 2.2 6 14 2.3 0 6 n/a
35
Information and statistics derived from Northwest Multiple Listing Service. Copyright © June 10, 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 June 10, 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 - MAY 2 0 2 4
▶ MARKET SUMMARY
MONTHS OF INVENTORY 2.6
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 6%
MEDIAN PRICE
TOTAL INVENTORY
SALES
▼ 0.1%
▲ 9%
▲ 60%
▲ 1.8%
There were 872 condo listings in King County in May, 26% above April and 60% higher than May 2023.
SELLERS' MARKET
VS 2023
VS 2023
VS 2023
VS 2023
VS 2023
May condo sales increased by 8% month-over-month, to 332, and were 1.8% above May 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in King County, at 2.6, reflected a sellers' market.
332 872
326 544
6% -0.1% 9% 57% 1.8% 60%
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
308 691
0% -2% 4% 17% 8% 26%
The condo median price in May was $510,000, a 4% increase from April and 9% above May 2023.
$605 $613,511 $510,000 2.6
$571 $613,938 $468,675 1.7
$605 $625,881 $491,250 2.2
The average sold price was $613,511, 2.0% below last month; the average PSF sale price was $605, down 0.0% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
40
40
872
707
36
676
600
580
584
691
607
544
589
506
357
437
319
414
294
332
326
255
248
308
287
263
207
191
190
$512K
$510K
$492K
$496K
$491K
$474K
$469K
$470K
$460K
$460K
$460K
$453K
$450K
May-23
Apr-24
May-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.
600
8.3
500
4+ bdrms
3
400
5.0
4.9
18
3 bdrms
300
71
2.7
2.7
2.6
2.5
200
2.1
203
2 bdrms
398
100
0
111
<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 219 551 2.5 52 137 2.6 31 64 2.1 10 27 2.7 7 19 2.7 8 39 4.9 2 10 5.0 3 25 8.3
400
Information and statistics derived from Northwest Multiple Listing Service. Copyright © June 10, 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 June 10, 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 - MAY 2 0 2 4
▶ MARKET SUMMARY
MONTHS OF INVENTORY 1.0
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▼ 1.8%
▼ 5%
▲ 75%
▲ 10%
There were 131 single-family home listings in Ballard/Greenlake in May, 56% above April and 75% higher than May 2023. May single-family home sales increased by 40% month-over-month, to 137, and were 10% above May 2023.
SELLERS' MARKET
VS 2023
VS 2023
VS 2023
VS 2023
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
The months of inventory for single-family home in Ballard/Greenlake, at 1.0, reflected a sellers' market.
137 131
$1,140,049 $1,050,000 0.6 125 75
59% 10% 75%
98 84
12% 40% 56%
TOTAL INVENTORY
The single-family home median price in May was $995,000, a 1.0% increase from April and 5% below May 2023.
TOTAL SALES
$1,066,497 $985,000 0.9
$1,119,494 $995,000 1.0
MONTHS OF INVENTORY
5% 1%
The average sold price was $1,119,494, 5% above last month and down 1.8% to May 2023.
-1.8% -5%
MEDIAN SOLD PRICE
AVERAGE SOLD PRICE
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
32
137
124
131
125
110
28
28
103
103
99
98
96
94
93
74
86
69
84
82
75
72
55
69
50
63
60
44
41
$1.16M
$1.11M
$1.05M $1.05M $1.08M
$1.02M
$986K
$990K
$985K
$995K
$945K
$905K
$881K
May-23
Apr-24
May-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
70
3.5
60
50
2.0
40
1.3
1.3
30
0.9
0.8
0.8
20
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+
70 57 0.8
27 25 0.9
21 17 0.8
13 17 1.3
2 7 3.5
3 4 1.3
1 2 2.0
0 1 n/a
0 1 n/a
MOI INVENTORY SALES
Information and statistics derived from Northwest Multiple Listing Service. Copyright © June 10, 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 June 10, 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 - MAY 2 0 2 4
▶ MARKET SUMMARY
MONTHS OF INVENTORY 1.6
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 7%
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 0.7%
▲ 1.9%
▲ 19%
▼ 18%
There were 120 townhome listings in Ballard/Greenlake in May, 26% above April and 19% higher than May 2023.
SELLERS' MARKET
VS 2023
VS 2023
VS 2023
VS 2023
VS 2023
May townhome sales increased by 4% month-over-month, to 75, and were 18% below May 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for townhomes in Ballard/Greenlake, at 1.6, reflected a sellers' market.
$615 $827,700 $815,000 1.6 75 120
$577 $822,116 $800,000 1.1 91 101
7% 0.7% 1.9% 44% -18% 19%
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
72 95
0.5% 0.2% 7% 21% 4% 26%
The townhome median price in May was $815,000, a 7% increase from April and 1.9% above May 2023.
$612 $826,357 $763,500 1.3
The average sold price was $827,700, 0.2% above last month; the average PSF sale price was $615, up 0.5% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
38
130
37
138
120
136
36
120
101
107
104
82
82
95
76
75
91
70
75
78
76
74
72
71
67
62
57
57
52
$825K
$827K
$815K
$815K
$800K
$795K
$800K
$799K
$792K
$789K
$780K
$763K
$764K
May-23
Apr-24
May-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.
50
3.0
2
2.7
4+ bdrms
40
12
30
36
1.6
1.5
3 bdrms
1.3
54
20
36
2 bdrms
10
50
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 6 16 2.7 29 39 1.3 32 47 1.5 7 11 1.6 0 4 n/a 1 3 3.0
4
Information and statistics derived from Northwest Multiple Listing Service. Copyright © June 10, 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 June 10, 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 - MAY 2 0 2 4
▶ MARKET SUMMARY
MONTHS OF INVENTORY 2.1
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 10%
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 1.4%
▲ 5%
▲ 50%
▲ 14%
There were 51 condo listings in Ballard/Greenlake in May, 21% above April and 50% higher than May 2023.
SELLERS' MARKET
VS 2023
VS 2023
VS 2023
VS 2023
VS 2023
May condo sales decreased by 4% month-over-month, to 24, and were 14% above May 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in Ballard/Greenlake, at 2.1, reflected a sellers' market.
24 51
21 34
10% 1.4% 5% 31% 14% 50%
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
25 42
-1.7% 0.4% 4% 26% -4% 21%
The condo median price in May was $470,000, a 4% increase from April and 5% above May 2023.
$616 $510,935 $470,000 2.1
$558 $503,710 $449,000 1.6
$626 $509,100 $450,000 1.7
The average sold price was $510,935, 0.4% above last month; the average PSF sale price was $616, down 1.7% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
48
51
47
40
40
39
42
40
37
34
28
27
26
26
34
32
25
31
24
21
24
20
21
24
17
20
17
14
7
$495K
$495K
$480K
$470K
$465K
$458K
$456K
$450K
$450K
$449K
$440K
$440K
$404K
May-23
Apr-24
May-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.
3.0
40
4+ bdrms
2.4
30
3 bdrms
2
20
12
2 bdrms
10
20
0
12
<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 18 44 2.4 2 6 3.0 4 0 n/a 0 1 n/a
29
Information and statistics derived from Northwest Multiple Listing Service. Copyright © June 10, 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 June 10, 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 - MAY 2 0 2 4
▶ MARKET SUMMARY There were 56 single-family home listings in Bellevue East of 405 in May, 56% above April and 12% higher than May 2023.
MONTHS OF INVENTORY 0.8
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 21%
▲ 15%
▲ 12%
▲ 3%
SELLERS' MARKET
VS 2023
VS 2023
VS 2023
VS 2023
May single-family home sales increased by 23% month-over-month, to 70, and were 3% above May 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
The months of inventory for single-family home in Bellevue East of 405, at 0.8, reflected a sellers' market. The single-family home median price in May was $1,662,500, a 3% increase from April and 15% above May 2023.
70 56
68 50
21% 15% 9% 3% 12%
57 36
27% 23% 56%
TOTAL INVENTORY
TOTAL SALES
$1,863,767 $1,617,500 0.6
$2,005,300 $1,662,500 0.8
$1,661,033 $1,440,000 0.7
MONTHS OF INVENTORY
The average sold price was $2,005,300, 8% above last month and up 21% to May 2023.
8% 3%
MEDIAN SOLD PRICE
AVERAGE SOLD PRICE
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
35
68
70
34
34
68
63
60
60
57
56
52
50
58
43
43
50
49
37
45
35
39
37
36
36
20
22
22
16
$1.78M
$1.68M $1.62M $1.66M
$1.60M
$1.58M
$1.58M $1.50M
$1.56M
$1.46M $1.41M
$1.45M
$1.44M
May-23
Apr-24
May-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
25
1.3
1.3
20
1.0
1.0
0.9
0.6
0.6
15
0.5
0.5
10
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+
4 2 0.5
6 6 1.0
15 9 0.6
23 14 0.6
7 6 0.9
4 2 0.5
7 9 1.3
3 4 1.3
0 3 n/a
1 1 1.0
MOI INVENTORY SALES
Information and statistics derived from Northwest Multiple Listing Service. Copyright © June 10, 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 June 10, 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 - MAY 2 0 2 4
▶ MARKET SUMMARY
MONTHS OF INVENTORY 0.7
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 5%
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 2%
▲ 4%
▼ 13%
▲ 27%
There were 13 townhome listings in Bellevue East of 405 in May, 18% above April and 13% lower than May 2023.
SELLERS' MARKET
VS 2023
VS 2023
VS 2023
VS 2023
VS 2023
May townhome sales remained the same month-over-month, at 19, and were 27% above May 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for townhomes in Bellevue East of 405, at 0.7, reflected a sellers' market.
19 13
15 15
-5% 2% 4% -32% 27% -13%
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
19 11
1.1% 4% -1.7% 18% 0% 18%
The townhome median price in May was $855,000, a 1.7% decrease from April and 4% above May 2023.
$566 $899,474 $855,000 0.7
$598 $880,263 $825,000 1.0
$560 $865,579 $870,000 0.6
The average sold price was $899,474, 4% above last month; the average PSF sale price was $566, up 1.1% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
36
19
35
17
19
33
15
15
14
14
14
15
15
12
13
11
11
11
12
12
11
8
10
10
10
9
8
7
6
$920K
$870K
$855K
$825K
$815K
$820K
$803K
$775K
$755K
$753K
$750K
$647K
$585K
May-23
Apr-24
May-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.
6
1.5
3
4+ bdrms
1.2
1
5
0.8
4
5
0.5
3 bdrms
3
3
2
10
2 bdrms
8
1
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 2 3 1.5 4 3 0.8 5 6 1.2 6 0 n/a 2 1 0.5
1
Information and statistics derived from Northwest Multiple Listing Service. Copyright © June 10, 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 June 10, 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 - MAY 2 0 2 4
▶ MARKET SUMMARY
MONTHS OF INVENTORY 1.5
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 5%
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 14%
▲ 9%
▲ 85%
▲ 23%
There were 24 condo listings in Bellevue East of 405 in May, 41% above April and 85% higher than May 2023.
SELLERS' MARKET
VS 2023
VS 2023
VS 2023
VS 2023
VS 2023
May condo sales decreased by 11% month-over-month, to 16, and were 23% above May 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in Bellevue East of 405, at 1.5, reflected a sellers' market.
16 24
13 13
5% 14% 9% 50% 23% 85%
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
18 17
-9% -28% -5% 59% -11% 41%
The condo median price in May was $553,750, a 5% decrease from April and 9% above May 2023.
$549 $598,219 $553,750 1.5
$523 $522,769 $510,000 1.0
$607 $827,389 $580,000 0.9
The average sold price was $598,219, 28% below last month; the average PSF sale price was $549, down 9% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
41
41
24
21
19
18
17
17
35
15
15
16
17
17
13
12
13
11
14
13
13
9
12
11
11
8
8
7
3
$580K
$560K
$554K
$540K
$510K
$495K
$491K
$488K
$479K
$475K
$465K
$446K
$410K
May-23
Apr-24
May-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.
6
5.0
4+ bdrms
5
4.0
4
3
3 bdrms
3
3
1.5
1.3
1.0
1.0
1.0
2
12
2 bdrms
13
1
0
1
<2 bdrms
<$300K $300K-399K $400K-499K $500K-599K $600K-699K $700K-799K $800K-899K $900K-999K $1M+ MOI INVENTORY SALES 1 1 1.0 1 4 4.0 4 5 1.3 4 6 1.5 2 2 1.0 1 5 5.0 2 0 n/a 1 1 1.0
8
Information and statistics derived from Northwest Multiple Listing Service. Copyright © June 10, 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 June 10, 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 - MAY 2 0 2 4
▶ MARKET SUMMARY There were 58 single-family home listings in Bellevue West of 405 in May, 18% above April and 1.7% lower than May 2023. May single-family home sales increased by 17% month-over-month, to 28, and were 40% above May 2023. The months of inventory for single-family home in Bellevue West of 405, at 2.1, reflected a sellers' market. The single-family home median price in May was $3,573,750, a 10% increase from April and 29% above May 2023.
MONTHS OF INVENTORY 2.1
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 48%
▲ 29%
▼ 1.7%
▲ 40%
SELLERS' MARKET
VS 2023
VS 2023
VS 2023
VS 2023
PREVIOUS YEAR
No.
No.
% Change
No.
% Change
28 58
20 59
48% 29% -30% 40% -1.7%
24 49
13% 10% 1.5% 17% 18%
TOTAL INVENTORY
TOTAL SALES
$3,821,083 $3,255,000 2.0
$4,333,250 $3,573,750 2.1
$2,932,310 $2,762,500 3.0
MONTHS OF INVENTORY
The average sold price was $4,333,250, 13% above last month and up 48% to May 2023.
MEDIAN SOLD PRICE
AVERAGE SOLD PRICE
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
48
64
69
69
58
58
59
54
61
38
49
35
41
31
29
37
28
31
26
28
28
20
24
19
18
16
12
11
8
$4.14M
$4.05M
$3.90M
$3.77M
$3.78M $3.99M
$3.57M
$3.49M
$3.21M
$3.26M
$3.20M
$2.83M
$2.76M
May-23
Apr-24
May-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
35
11.0
30
25
8.0
20
15
10
1.5
1.3
5
0.5
0.5
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+
0 1 n/a
3 1 0.3
2 3 1.5
3 4 1.3
10 5 0.5
6 3 0.5
1 8 8.0
3 33 11.0
MOI INVENTORY SALES
Information and statistics derived from Northwest Multiple Listing Service. Copyright © June 10, 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 June 10, 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 - MAY 2 0 2 4
▶ MARKET SUMMARY
MONTHS OF INVENTORY 2.3
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 22%
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 1.7%
▼ 5%
▲ 2%
▲ 111%
There were 44 condo listings in Bellevue West of 405 in May, 4% below April and 2% higher than May 2023.
SELLERS' MARKET
VS 2023
VS 2023
VS 2023
VS 2023
VS 2023
May condo sales increased by 12% month-over-month, to 19, and were 111% above May 2023.
PREVIOUS YEAR
No.
No.
% Change
No.
% Change
The months of inventory for condos in Bellevue West of 405, at 2.3, reflected a sellers' market.
19 44
$755 $969,861 $925,000 4.8 9 43
22% 1.7% -5% -52% 111% 2%
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
17 46
0.4% -14% -22% -14% 12% -4%
The condo median price in May was $875,000, a 22% decrease from April and 5% below May 2023.
$922 $986,050 $875,000 2.3
$918 $1,144,471 $1,124,000 2.7
The average sold price was $986,050, 14% below last month; the average PSF sale price was $922, up 0.4% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
57
55
53
46
46
45
44
43
45
44
44
44
42
39
29
39
25
23
23
22
34
24
16
19
17
13
9
10
10
$1.13M
$1.07M $1.10M $1.10M $1.12M
$1.04M $1.04M
$958K
$925K
$875K
$875K
$783K
$730K
May-23
Apr-24
May-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.
10
10.0
4+ bdrms
8
1
6
3 bdrms
2
4.5
4.0
4
8
2 bdrms
1.5
1.1
1.0
20
2
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 1 10 10.0 4 6 1.5 9 10 1.1 2 2 1.0 1 4 4.0 2 9 4.5 0 2 n/a 0 1 n/a
22
Information and statistics derived from Northwest Multiple Listing Service. Copyright © June 10, 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 June 10, 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 - MAY 2 0 2 4
▶ MARKET SUMMARY There were 219 condo listings in Belltown/Downtown Seattle in May, 20% above April and 43% higher than May 2023.
MONTHS OF INVENTORY 4.7
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 3%
MEDIAN PRICE
TOTAL INVENTORY
SALES
▼ 4%
▼ 0.6%
▲ 43%
▲ 21%
BALANCED MARKET
VS 2023
VS 2023
VS 2023
VS 2023
VS 2023
May condo sales increased by 57% month-over-month, to 47, and were 21% above May 2023.
PREVIOUS YEAR
The months of inventory for condos in Belltown/Downtown Seattle, at 4.7, reflected a balanced market.
No.
No.
% Change
No.
% Change
$805 $896,550 $660,000 4.7 47 219
$827 $930,179 $664,000 3.9 39 153
19% 21% 43%
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$872 $995,745 $787,450 6.1 30 183
-8% -10% -16% -24% 57% 20%
The condo median price in May was $660,000, a 16% decrease from April and 0.6% below May 2023.
-3% -4% -0.6%
The average sold price was $896,550, 10% below last month; the average PSF sale price was $805, down 8% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
54
219
50
180
175
171
165
47
183
145
141
153
162
159
116
108
53
51
39
47
29
27
39
18
38
35
33
30
22
$905K
$787K
$719K
$703K
$664K
$660K
$643K
$625K
$599K
$588K
$583K
$573K
$550K
May-23
Apr-24
May-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.
10.0
80
4+ bdrms
1
7.0
6.5
60
1
5.3
3 bdrms
14
4.5
4.3
4.3
40
22
2 bdrms
1.3
20
79
0
24
<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 21 90 4.3 10 45 4.5 3 30 10.0 3 13 4.3 4 5 1.3 3 16 5.3 1 7 7.0 2 13 6.5
125
Information and statistics derived from Northwest Multiple Listing Service. Copyright © June 10, 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 June 10, 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 55Made with FlippingBook - professional solution for displaying marketing and sales documents online