the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE
published April 2021
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
Bowen Behan Pausey BUSINESS DATA ANALYST bbehan@rennie.com
09 BELLEVUE
12 AREA MAP
Copyright © 2020 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 April 13, 2021. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
near record-low inventory & record-high prices in March
Housing demand in King County is strong, but the real story is that low inventory is contributing to prices that are, in some cases, at all-time highs. Current conditions are likely to persist for months.
in October 2020. This has been driven by the detached segment of the County’s market— with houses commanding a premium from buyers who are attaching significant value to surplus indoor and outdoor space—where the average sold price topped $1 million for the first time ever in March (reaching $1.04 million). Notably, this was the second straight month that the average detached sold price set a new all-time record, with March’s value jumping more than $100,000 from February’s $935,671. With 25% of King County’s population having been vaccinated from Covid-19 (versus 23% nationally), and with the economy continuing to recover (King County’s unemployment rate is down to 6.6% from a pandemic-high of 16.2%), the status quo supply-demand dynamic in the regional housing market is likely to persist over the coming months.
The pandemic has proven to be a boon for housing markets across North America over the past nine months, with elevated sales counts in the face of constrained supply yielding predictable increases in prices. This has certainly been true in King County, with each of the final six months of 2020 surpassing 3,000 MLS sales, the first time that has occurred in this market since the middle of 2017. After a modest two months to begin 2021, sales surged past the 3,000- mark again in March, with the County tallying 3,181 residential transactions. This was 24% higher than in March 2020, and 26% higher than the past-decade March average. In looking at home types, sales were led by the residential (detached) segment, registering 2,311 transactions—up 25% on a year-over-year basis (condo sales were higher compared to last year by 17%).
Arguably, though, the bigger story in King County relates not to the demand side of the market, but rather the supply side, with the total number of homes for sale in March 2021 (2,485) down 42% versus last year, and 61% below the past-decade March average. In fact, inventory is so low across King County that at the current pace of sales there is now less than one month (0.78) of housing inventory available for purchase. This is only the third month in the past 15 years that there has been less than one month of inventory, with the current ratio sitting 14% below the previous low of 0.90 (from December 2017). At the intersection of these forces of supply and demand are prices that are setting records. For example, the overall average sold price in March 2021 of $921,879 was 9% higher than the previous high of $847,174 set a few months earlier,
Copyright © 2020 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 April 13, 2021. 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
king county
RES IDENT IAL - MARCH 2021
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
60 % DOWN
20 % UP
-
14 % UP
25 % UP
0.4 SELLER’S
There were 1,025 residential homes for sale in King County in March, 7% below last month and 60% lower vs March 2020. Residential closed sales rose 44% month- over-month, to 2,311, and were 25% higher year-over-year. There was 0.4 months of inventory for residen- tial homes in March, reflecting seller’s market conditions. The median sold price in March was $825,000, 9% above February and 14% higher vs last year. The average sold price for residential homes was $1.04M, 11% higher month-over-month and 20% above March of last year.
VS 2020
VS 2020
VS 2020
VS 2020
VS 2020
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
1,025 2,311
1,099 1,602
-7% 44% -35%
2,542 1,852
-60% 25% -68% 14% 20%
CLOSED SALES
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
0.4
0.7
1.37
$825,000 $758,250 $1,040,558 $935,671
9% $725,000 11% $870,522
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$825,000
$729,475 $750,000 $735,000 $733,475
$725,000
1.74
1.73
$679,950
1.65
2,899
2,886
2,756
2,542
2,426
2,311
2,781
2,629
1,466
1,852
1,655
1,756
1,156
1,025
Mar-20
Feb-21
Mar-21
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
. . . 0 0 0 0 0 MONTHS OF INV. CLOSED SALES HOMES FOR SALE SELLER'S MARKET BALANCED BUYER'S MARKET
Copyright © 2021 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 April 13, 2021. All data from Northwest Multiple Listing Serivce & 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. 4
king county CONDO - MARCH 2021
AVERAGE PRICE
AVERAGE PSF PRICE 7 % UP
MEDIAN PRICE
HOMES FOR SALE 2 % UP
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
14 % UP
8 % UP
17 % UP
1.1 SELLER’S
The number of condo homes for sale in King County, at 829, was down 6% month-over-month but 2% above last year. March’s condo closed sales, at 721, were 22% above last month and 17% higher than last year. There was 1.1 months of inventory for condos in March, reflecting seller’s market conditions. The condo median sold price in March was $475,000, up 8% both month-over-month and year-over-year. The average sold price was $570,964 with an average PSF sales price of $507 (up 8% and 7%, respectively, vs February).
VS 2020
VS 2020
VS 2020
VS 2020
VS 2020
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 880 590 1.5
% Change
No. 813 614 1.32
% Change
HOMES FOR SALE
829 721 1.1
-6% 22% -23%
2%
CLOSED SALES
17% -13%
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$475,000 $438,875 $570,964 $527,374
8% $439,225 8% $500,928
8%
14%
$507
$476
7%
$476
7%
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$475,000
$439,225 $420,000 $429,375 $446,000 $445,000
$410,000
1,589
1,284
1,315
1,021
843
829
813
736
721
673
670
614
459
357
KING COUNTY
SEATTLE
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS ›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
SELLER'S MARKET
BALANCED
142
3+ bdrms
BUYER'S MARKET
89
369
2 bdrms
358
210
. . . . 0 0 0 0
<2 bdrms
382
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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 April 13, 2021. All data from Northwest Multiple Listing Serivce & 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. 5
seattle
RES IDENT IAL - MARCH 2021
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
31 % DOWN
5 % UP
-
4 % UP
35 % UP
0.6 SELLER’S
The number of residential homes for sale in Seattle in March, at 529, were 1.3% higher month-over- month but 31% lower year-over-year. With 881 in March, residential closed sales were 33% higher month-over-month and 35% higher year-over-year. There was 0.6 months of inventory for residen- tial homes in March, reflecting seller’s market conditions. The median sold price in March was $818,501, 6% above February and 4% higher vs March 2020. The average sold price was $967,499, 7% above last month and 5% higher vs March 2020.
VS 2020
VS 2020
VS 2020
VS 2020
VS 2020
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 522 661 0.8
% Change
No. 766 655 1.2
% Change
HOMES FOR SALE
529 881 0.6
1.3% 33% -24%
-31% 35% -49%
CLOSED SALES
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$818,501 $775,000 $967,499 $903,557
6% $785,000 7% $920,496
4% 5%
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$785,000 $749,000 $778,000 $799,000 $799,000 $780,000 $818,501
1.65
1.63
1.63
1,242
1,065
915
913
881
766
978
921
592
823
655
559
548
529
Mar-20
Feb-21
Mar-21
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE ›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
SELLER'S MARKET
BALANCED
BUYER'S MARKET
. . . 0 0 0 0 0
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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 April 13, 2021. All data from Northwest Multiple Listing Serivce & 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. 6
seattle
NEW CONSTRUCT ION CONDO - MARCH 2021
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
15 % DOWN
26 % DOWN
12 % UP
36 % UP
1.0 % UP
3.9 SELLERS
There were 98 new construction condo homes for sale in Seattle in March, 2% above February and 1.0% higher vs March 2020. March’s new construction condo closed sales increased by 25% month-over-month (to 25) but were down 26% year-over-year. There was 3.9 months of inventory in March, reflecting balanced market conditions. The new construction condo median sold price in March was $649,990, 3% below February but 36% higher vs March 2020. The average sold price was $741,374, 6% above last month; the average PSF sales price was $705, down 1.9% from last month.
VS 2020
VS 2020
VS 2020
VS 2020
VS 2020
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
98 25
96 20
2%
97 34
1.0% -26% 37% 36% 12% -15%
CLOSED SALES
25% -18%
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
3.9
4.8
2.9
$649,990 $670,000 $741,374 $696,307
-3% $477,995 6% $663,600 -1.9% $829
$705
$719
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$943,965
$775,000
$770,872
$649,990
$599,990
$549,970
$477,995
117
107
102
97
98
86
86
34
25
20
18
16
12
12
SEATTLE
KING COUNTY
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS
›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
SELLER'S MARKET
BALANCED
10
BUYER'S MARKET
3+ bdrms
13
7
2 bdrms
32
8
. . . . 0 0 0 0 QD QD QD QD
<2 bdrms
53
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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 April 13, 2021. All data from Northwest Multiple Listing Serivce & 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. 7
seattle
PREVIOUSLY OWNED CONDO - MARCH 2021
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE 46 % UP
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
0.7 % DOWN
7 % UP
0.3 % UP
28 % UP
1.9 SELLER’S
There were 489 previously owned condo homes for sale in Seattle in March, 2% below February but 46% higher vs March 2020. March’s previously owned condo closed sales increased by 27% month-over-month (to 257) and were up 28% year-over-year. There was 1.9 months of inventory in March, reflecting seller’s market conditions. The previously owned condo median sold price in March was $480,000, 7% above February but 0.7% lower vs March 2020. The average sold price was $570,439, 5% above last month; the average PSF sales price was $593, up 2% from last month.
VS 2020
VS 2020
VS 2020
VS 2020
VS 2020
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 501 203 2.5
% Change
No. 336 201 1.7
% Change
HOMES FOR SALE
489 257 1.9
-2% 27% -23%
46% 28% 14%
CLOSED SALES
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$480,000 $450,000 $570,439 $544,279
7% $483,500 5% $535,536
-0.7%
7%
AVERAGE PRICE PSF
$593
$580
2%
$591
0.3%
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$483,500 $460,000 $474,000 $466,500 $475,000 $463,250 $480,000
874
725
665
497
489
441
336
260
239
257
201
191
146
128
SEATTLE
KING COUNTY
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS
›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
SELLER'S MARKET
BALANCED
11
BUYER'S MARKET
3+ bdrms
34
123
2 bdrms
193
123
. . . . 0 0 0 0
<2 bdrms
262
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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 April 13, 2021. All data from Northwest Multiple Listing Serivce & 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. 8
bellevue
RES IDENT IAL - MARCH 2021
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
69 % DOWN
15 % UP
-
12 % UP
31 % UP
0.4 SELLER’S
There were 40 residential homes for sale in the Bellevue market area in March, 11% above last month but 69% lower vs March 2020. Residential closed sales increased by 44% month-over-month, to 98, and were 31% higher year-over-year. There was 0.4 months of inventory for residen- tial homes in March, reflecting seller’s market conditions. The median sold price in March was $1.54M, 10% above February and 12% higher vs last year. The average sold price for residential homes was $1.75M, 6% higher month-over-month and 15% above March of last year.
VS 2020
VS 2020
VS 2020
VS 2020
VS 2020
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No. 127
% Change
HOMES FOR SALE
40 98
36 68
11% 44% -23%
-69% 31% -76% 12% 15%
CLOSED SALES
75
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
0.4
0.5
1.7
$1,540,000 $1,405,000 $1,752,409 $1,652,419
10% $1,370,000 6% $1,521,189
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
2.84
(MILLIONS)
$1.54
$1.48
2.34
$1.37
2.21
$1.30
$1.26
$1.20
$1.04
179
154
143
127
123
98
132
119
62
77
75
66
40
36
Mar-20
Feb-21
Mar-21
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
SELLER'S MARKET
BALANCED
BUYER'S MARKET
. . . 0 0 0 0 0 QD
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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 April 13, 2021. All data from Northwest Multiple Listing Serivce & 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. 9
bellevue
NEW CONSTRUCT ION CONDO - MARCH 2021
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE 17 % UP
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
0.0 %
93 % UP
23 % UP
142 % UP
1.1 SELLERS
The number of new construction condo homes for sale in Bellevue, at 14, was down 36% month-over- month but increased 17% vs last year. March’s new construction condo closed sales, at 13, were 225% above last month and unchanged year-over-year. There was 1.1 months of inventory in March, reflecting balanced market conditions. The new construction condo median sold price in March was $1.22M, down 1.4% vs February but a 142% increase from March 2020. The average sold price was $1.44M with an average PSF sales price of $1,016 (up 17% and down 9%, respectively, vs February).
VS 2020
VS 2020
VS 2020
VS 2020
VS 2020
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
14 13
22
-36% 225% -80%
12 13
17% 0.0% 17% 142%
CLOSED SALES
4
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
1.1
5.5
0.9
$1,219,900 $1,237,375 -1.4% $504,000
$1,441,361 $1,229,988
17% $746,768
93% 23%
$1,016
$1,114
-9%
$826
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$2,815,000
$1,502,300
$1,189,900
$1,219,900
$660,000
$551,500
$504,000
45
33
28
14
12
14
8
27
BELLEVUE KING COUNTY
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS ›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
SELLER'S MARKET
BALANCED
5
BUYER'S MARKET
3+ bdrms
4
4
2 bdrms
10
4
. . . . 0 0 0 0 QD QD QD QD
<2 bdrms
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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 April 13, 2021. All data from Northwest Multiple Listing Serivce & 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. 10
bellevue
PREVIOUSLY OWNED CONDO - MARCH 2021
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE 18 % UP
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
37 % UP
13 % UP
32 % UP
37 % UP
1.0 SELLER’S
The number of previously owned condo homes for sale in Bellevue, at 60, was down 13% month-over- month but increased 18% vs last year. March’s previously owned condo closed sales, at 59, were 3% below last month but 37% higher than last year. There was 1.0 months of inventory in March, reflecting seller’s market conditions. The previously owned condo median sold price in March was $615,000, up 8% vs February and a 32% increase from March 2020. The average sold price was $755,999 with an average PSF sales price of $562 (up 15% and 3%, respectively, vs February).
VS 2020
VS 2020
VS 2020
VS 2020
VS 2020
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
60 59
69 61
-13%
51 43
18% 37% -14% 32% 37% 13%
CLOSED SALES
-3%
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
1.0
1.1
-10%
1.2
$615,000 $570,000 $755,999 $657,964
8% $465,000 15% $552,756
AVERAGE PRICE PSF
$562
$545
3%
$498
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$697,500
$619,000 $622,500
$615,000
$515,000
$490,500
$465,000
157
103
100
70
62
60
51
60
59
51
52
45
43
22
BELLEVUE KING COUNTY
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS ›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
SELLER'S MARKET
BALANCED
13
3+ bdrms
BUYER'S MARKET
7
36
2 bdrms
32
10
. . . . 0 0 0 0
<2 bdrms
21
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2021 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 April 13, 2021. All data from Northwest Multiple Listing Serivce & 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. 11
AREAS rennie review
KING COUNTY CITY OF SEATTLE CITY OF BELLEVUE
12 Copyright © 2021 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 April 13, 2021. All data from Northwest Multiple Listing Serivce & 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.
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Copyright © 2020 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 April 13, 2021. 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. 13
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