the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE
published October 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 Oct 12, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
Market stagnation amidst interest rate anticipation
Uncertainty around the number and magnitude of future interest rate increases has contributed to the slowdown of the housing market in King County, with fewer sales and listings than is typical for September.
region’s total number of home listings rose by 7% between August and September, to 5,665. Notably, this level of supply is 22% below the long-run average. Part of the reason inventory did not rise appreciably is that only 3,554 new listings came to market last month—17% below September 2021’s count. This new listings low-flow, combined with already below-average levels of supply, points to fewer-than-is-typical sales being reported in October. And with the Federal Reserve’s next interest rate announcement on November 2nd—expect another rate hike, perhaps as high as 75 basis points— the continued uncertainty around inflation and how high interest rates might rise will compel buyers (and perhaps some sellers) to wait on the sidelines for the macroeconomic environment to settle down.
level in recent memory. And while prices have been declining of late—the median price in residential homes in King County is down 12% from its peak in the spring, while condominiums are down 9%—borrowing costs have risen such that purchasing power has been eroded for almost all would-be home buyers. Reflecting these dynamics, the 2,457 MLS sales in King County last month were 17% lower than the past 10-year average; they were also 10% below August 2022’s level, when the typical seasonal pattern is a 3% contraction. As we also noted previously, rising interest rates have not yielded an expansion in housing supply and, for this, we can “thank” a robust labour market. This continued to hold true in September, with Metro Seattle’s unemployment rate sitting at just 3.1% (below the national rate of 3.3%) while the
For many, September is a month of transition: summer holidays have come to end, school is back in session, and as a media executive recently recounted to me, his first wife observed that “the only time of the year people really work hard are the months of September, October, and November”. For our local housing market, September represents a transition from the slower summer market into a more active fall one, with (typically) rising listing counts paving the way for a bump in sales counts in October. As with so many things, though, this year has been different; indeed, market activity in King County was rather muted last month. As we noted previously, this year’s large and frequent rate hikes by the Federal Reserve have dampened housing demand, with buyer confidence not at its, shall we say, highest
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 Oct 12, 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-SEPTEMBER 202
AVERAGEPSF PRICE - VS 2021
HOMES FOR SALE
MONTHS OF INVENTORY 2.1 SELLERS' MARKET
▶ MARKETSUMMARY Thenum berofresidentialhom esforsalein KingCountyin Septem ber,at3,810,was8% higherthan lastm onth and 115% higherthan lastyear. W ith 1,835 in Septem ber,residentialclosed saleswere10% lowerm onth-over-m onth,and 32% down year-over-year. Therewas2.1m onthsofinventoryfor residentialhom esin Septem ber,reflecting selers'm arketconditions. Them edian sold pricein Septem berwas $880,000,2.2% below August,and 7% above vsSeptem ber2,021. Theaveragesold price forresidentialhom es was$1,114,204,0% below lastm onth and 3% abouteven w ith lastyear.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 3% VS 2021
▲ 7% VS 2021
▲ 115% VS 2021
▼ 32% VS 2021
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
1,835 3,810
2,049 3,524
0% -2% 21% -10% 8%
2,711 1,769
218% -32% 115%
$1,114,204 $880,000 2.1
$1,115,443 $900,000 1.7
$1,078,701 $825,000 0.7
3% 7%
-
- -
-
-
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
1.86 1.81
1.74
$935,000 $1,000,000
$900,000 $880,000
$825,000 $820,000 $785,000
3,865
3,810
3,422
3,524
2,711
2,666
2,568 2,503
2,405
2,381
2,209
1,935
2,275
1,871 2,049 1,835
1,1061,264
1,769
1,768
1,403
1,147
790 534 594
762
Sep.-21 Aug.-22 Sep.-22
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
1000
5.2
4.7
800
600
400
2.2
2.1
2.1
2.1
2.0
1.4
200
0
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
396 285 1.4
917 447 2.1
750 365 2.1
742 380 2.0
418 191 2.2
181 86 2.1
151 32 4.7
255 49 5.2
M onthsofInv. Closed Sales H om esforSale
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofOctober12,202 .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 -SEPTEMBER202
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 31% VS 2021
MONTHS OF INVENTORY 2.1 SELLERS' MARKET
▶ MARKETSUMMARY Therewere1,096 new construction condo hom esforsalein KingCountyin Septem ber, 7% higherthan Augustand 31% higherthan Septem ber2021. Septem ber'snew construction condo closed saleswere7% lowerm onth-over-m onth (at 526),and weredown 37% year-over-year. Therewere2.1m onthsofinventoryin Septem ber,reflecting selers'm arket conditions. Thenew construction condom edian sold price in Septem berwas$485,000,aboutthesam eas August,and 2% abovevsSeptem ber2021. Theaveragesold pricewas$595,640,0.7% abovelastm onth,theaveragePSF salesprice was$550,up 2.6% from lastm onth
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 2% VS 2021
▲ 5% VS 2021
▼ 37% VS 2021
▲ 4.2% VS 2021
PREVIOUSMONTH
PREVIOUSYEAR
THISMONTH No. $550 $595,640 $485,000 2.1 526 1,096
No. % Change
841 837 109% -37% 31% No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$536 $591,214 $485,000 1.8 567 1,028
2.6% 0.7% 0% 15% -7% 7%
$528 $569,835 $475,000 1.0
4% 5% 2%
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$666
$642
$549,950 $535,000
$550
$528
$486,000 $485,000
$475,000 $465,000 $465,000
1,086 1,028
1,096
970
841
714 752 671
724
724
691
601
837
557
553
567
731
667
526
405
539
517
464
347 306 365
KING COUNTY SEAT LE
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
8.0
106
3+ bdrms
300
207
5.4
255
200
2 bdrms
564
3.5
2.8 2.5
2.8
100
1.9
165
1.2
<2 bdrms
325
0
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
198 172 1.2
343 180 1.9
236 85 2.8
118 47 2.5
72 9 8.0
28 10 2.8
46 13 3.5
54 10 5.4
M onthsofInv. Closed Sales H om esforSale
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofOctober12,202 .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-SEPTEMBER 202
AVERAGEPSF PRICE - VS 2021
HOMES FOR SALE
MONTHS OF INVENTORY 2.2 SELLERS' MARKET
▶ MARKETSUMMARY Thenum berofresidentialhom esforsalein Seatlein Septem ber,at1,243,was21% higherthan lastm onth and 72% higherthan lastyear. W ith 562 in Septem ber,residentialclosed saleswere16% lowerm onth-over-m onth,and 36% down year-over-year. Therewas2.2m onthsofinventoryfor residentialhom esin Septem ber,reflecting selers'm arketconditions. Them edian sold pricein Septem berwas $890,478,2% below August,and 7% abovevs Septem ber2021. Theaveragesold pricewas$1,105,042,4% abovelastm onth and 10% higherthan last year.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 10% VS 2021
▲ 7% VS 2021
▲ 72% VS 2021
▼ 36% VS 2021
THISMONTH No. $1,105,042 $890,478 2.2 562 1,243 -
PREVIOUSMONTH
PREVIOUSYEAR
No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$1,066,962 $910,000 1.5 668 1,027
4% -2% 44% -16% 21%
876 722
168% -36% 72%
$1,002,185 $829,000 0.8
10% 7%
- -
-
-
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
1.75 1.82
1.64
$960,000 $995,500 $950,000
$890,478
$829,000 $825,000
$775,000
1,243
1,080
1,027
920
924
876
841
827
803
780
716
845
722
655
562
642
668
410 477
566
497
357
336
288
225
216
Sep.-21 Aug.-22 Sep.-22
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
3.7
300
3.6
2.9
200
2.3
2.2
2.2
2.1
2.0
100
0
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
94 43 2.2
316 159 2.0
293 139 2.1
275 121 2.3
132 60 2.2
52 18 2.9
25 7 3.6
56 15 3.7
M onthsofInv. Closed Sales H om esforSale
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofOctober12,202 .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 -SEPTEMBER202
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 11% VS 2021
MONTHS OF INVENTORY 3.4 SELLERS' MARKET
▶ MARKETSUMMARY Therewere110 new construction condo hom esforsalein Seatlein Septem ber,15% higherthan Augustand 11% higherthan Septem ber2021. Septem ber'snew construction condo closed saleswere78% higherm onth-over-m onth (at 32),and weredown 43% year-over-year. Therewere3.4m onthsofinventoryin Septem ber,reflecting selers'm arket conditions. Thenew construction condom edian sold price in Septem berwas$715,000,0% aboveAugust, and 1.1% abovevsSeptem ber2021. Theaveragesold pricewas$807,145,2% below lastm onth,theaveragePSF salesprice was$747,down 9% from lastm onth
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 1.1% VS 2021
▼ 7% VS 2021
▼ 43% VS 2021
▼ 24% VS 2021
PREVIOUSMONTH
PREVIOUSYEAR
THISMONTH No. $747 $807,145 $715,000 3.4 32 110
No. % Change
56 99 -24% -7% 1.1% 94% -43% 11% No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
18 96
78% 15%
$825 $822,623 $712,475 5.3
-9% -1.9% 0.4% -36%
$980 $865,451 $706,950 1.8
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$980
$792,650 $787,500
$747
$724,950
$715,000
$706,950
$692,500
$643,500
$528 $550
110
100
99 93
93
92 95 89
90 96
77 74 81
56
52
18
32
12
39
34 40
31
36 35 28
28
SEAT LE KING COUNTY
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
8.0
11
3+ bdrms
31
30
14
20
2 bdrms
52
3.5
3.0 3.0
2.8
10
2.0
7
<2 bdrms
27
0
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
16 8 2.0
35 10 3.5
22 8 2.8
16 2 8.0
3 1 3.0
6 2 3.0
M onthsofInv. Closed Sales H om esforSale
0 1
12 0
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofOctober12,202 .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 NED CONDO -SEPTEMBER202
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 8.2% VS 2021
MONTHS OF INVENTORY 2.4 SELLERS' MARKET
▶ MARKETSUMMARY Therewere500previouslyowned condo hom esforsalein Seatlein Septem ber,6% higherthan Augustand 8% higherthan Septem ber2021. Septem ber'spreviouslyowned condoclosed saleswere8% lowerm onth-over-m onth (to 205),and weredown 27% year-over-year. Therewere2.4m onthsofinventoryin Septem ber,reflecting selers'm arket conditions. Thepreviouslyowned condom edian sold pricein Septem berwas$470,000,5% below August,and 1% below vsSeptem ber2021. Theaveragesold pricewas$578,990,1% below lastm onth,theaveragePSF salesprice was$625,up 1% from lastm onth
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 5% VS 2021
▼ 1.1% VS 2021
▼ 27% VS 2021
▲ 4% VS 2021
PREVIOUSYEAR
THISMONTH No.
PREVIOUSMONTH
282 462 4% 5% -1.1% 49% -27% 8% No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
205 500
222 471
1.3% -0.7% -5% 15% -8% 6%
$625 $578,990 $470,000 2.4
$603 $550,024 $475,000 1.6
$617 $582,930 $497,000 2.1
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$625
$603
$485,500 $525,500
$482,000 $470,000
$475,000 $462,500 $451,000
$528 $550
528
471
462 436
473
500
336
313
256 297
221
217
304
282
176
257
205
263
234
252
221
213
222
198
162 175
SEAT LE KING COUNTY
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
12
13.5
3+ bdrms
44
150
83
100
2 bdrms
251
5.0
50
3.3
3.0
110
2.4
2.1
<2 bdrms
1.3
0
205
<$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
88 66 1.3
173 82 2.1
103 31 3.3
33 14 2.4
12 4 3.0
27 2 13.5
30 6 5.0
33 0
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofOctober12,202 .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-SEPTEMBER 202
AVERAGEPSF PRICE - VS 2021
HOMES FOR SALE ▲ 276% VS 2021
MONTHS OF INVENTORY 2.0 SELLERS' MARKET
▶ MARKETSUMMARY Thenum berofresidentialhom esforsalein Belevuein Septem ber,at192,was1% higher than lastm onth and 276% higherthan last year. W ith 97 in Septem ber,residentialclosed sales were33% higherm onth-over-m onth,and down 28% year-over-year. Therewas2.0m onthsofinventoryfor residentialhom esin Septem ber,reflecting selers'm arketconditions. Them edian sold pricein Septem berwas $1,650,000,3% aboveAugust,and 9% below vsSeptem ber2021.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▼ 9% VS 2021
▼ 5% VS 2021
▼ 28% VS 2021
PREVIOUSYEAR
PREVIOUSMONTH
THISMONTH No. $1,920,943 $1,650,000 2.0 97 192 -
No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$2,022,226 $1,805,000 0.4 134 51 -
420% -28% 276%
$1,784,505 $1,600,000 2.6 73 190
8% 3% -24% 33% 1%
-5% -9%
Theaveragesold pricewas$1,920,943,8% abovelastm onth,and 5% lowerthan lastyear.
-
- -
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
3.07
$2,250,000
2.37
$1,850,000
$1,805,000
2.24
$1,700,000 $1,650,000
$1,712,500
$1,650,000
200
190
178
192
134 117
127
102
103
104
95
73
97
77 73
123
44 47
93
15
13
54
51 39
20 31
Sep.-21 Aug.-22 Sep.-22
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
60 70
5.8
50
40
3.1
30
1.9
20
1.3
1.2
0 10
0.8
0.5
<$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
1 2 0.5
7 9 0.8
35 29 1.2
33 26 1.3
21 11 1.9
25 8 3.1
70 12 5.8
0 0
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofOctober12,202 .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 NED CONDO -SEPTEMBER202
AVERAGEPSF PRICE
HOMES FOR SALE
MONTHS OF INVENTORY 2.2 SELLERS' MARKET
▶ MARKETSUMMARY Therewere97previouslyowned condohom esfor salein Seatlein Septem ber,5% higherthan Augustand 111% higherthan Septem ber2021. Septem ber'spreviously ow ned condo closed sales were12% lowerm onth-over-m onth (to44),and weredown 47% year-over-year.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 29% VS 2021
▲ 26% VS 2021
▲ 111% VS 2021
▼ 47% VS 2021
▲ 21% VS 2021
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
Therewere2.2m onthsofinventoryin Septem ber,reflecting selers'm arketconditions.
No. % Change
83 46 298% -47% 111% No. % Change
44 97
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
50 92
10% 15% 9% 20% -12% 5%
Thepreviouslyowned condom edian sold pricein Septem berwas$737,500,9% aboveAugust,and 26% abovevsSeptem ber2021. Theaveragesold pricewas$917,655,15% above lastm onth,theaveragePSF salespricewas$695, up 10% from lastm onth
$695 $917,655 $737,500 2.2
$630 $796,797 $675,000 1.8
$574 $708,934 $587,500 0.6
21% 29% 26%
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$695
$800,000
$775,000
$574
$737,500
$528 $550
$660,000
$587,500
$657,000
$647,500
97
83
78 108
50 92
61 58 58
60 62
39
36
44
33
53
52
46
14
16
4
22
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
6.0
30
7
3+ bdrms
5.0
20
4.8
20
31
2 bdrms
51
2.2
2.1
10
1.5
1.3
6
0.4
<2 bdrms
0
26
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
4 3 1.3
29 14 2.1
24 5 4.8
20 9 2.2
5 1 5.0
6 4 1.5
3 7 0.4
6 1 6.0
M onthsofInv. Closed Sales H om esforSale
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofOctober12,202 .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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renniereview
AREAS
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofOctober12,202 .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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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 Oct 12, 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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