the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE
published May 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 © 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 May 11, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
supply is constrained as sales rise again
The pandemic is making it challenging to separate fact from fiction in King County’s housing market. To us, it seems clear that supply remains constrained against the backdrop of another robust month for sales—for now.
that King County housing supply remains a relative scarce commodity. The evidence is less conflicting on the sales front, with buyers remaining active through the County. For example, the 3,699 MLS sales that were tallied in King County in April represented a fourth consecutive month of climbing sales counts, with the March-to-April increase of 18% exceeding the more typical seasonal increase of 8%. Additionally, last month’s sales were 77% higher than one year ago (at the beginning of the pandemic), and 36% above the long-run April average. The next few months will be fascinating to monitor. Will demand slow down as the vaccine is more widely deployed—though it’s noteworthy that 38% of Washington State’s population is fully vaccinated, compared to 35% nationally—and instead of going to open houses more of us are opening our houses to family and friends? Will the economy continue to recover and, if so, how will listings respond? Rest assured we will be following the data closely.
Just as smooth seas do not a skilled sailor make, the same can mostly be said for stable markets’ ability to create savvy analysts. This is not to say that one cannot generate robust, thoughtful, and meaningful insights during non-turbulent times—indeed, it is probably the safest and most reasonable time to produce forecasts, for example— but it is when markets are undergoing unprecedented or unexpected changes that separating the noise from the signal is often most challenging. Take our current housing market here in King County. Depending on who you ask, the market is either beginning to moderate itself or it’s as tight as ever. Curiously, each of these perspectives can be founded on the same set of data points—particularly on the supply side of the market. On the one hand, it’s reasonable to wonder if the trend in listings has already reached
an inflection point: resale inventory was certainly higher in April than in March, by almost 350 listings (13%). In this case, we can chalk one up for the “market moderators”. There are a few counterpoints to this. First, though the number of homes available for sale in King County expanded between March and April, the direction of change is fairly typical: over the past ten years, the average March-to-April change in listings was a 6% increase. Second, current inventory is 35% below last April’s level, and a whopping 56% below the past-decade April average number of listings (6,713). Finally, April’s inventory was the 8th-lowest in any month in the past 15 years (with each of January, February, and March of 2021 also having made this particular Top 8 list). On balance, then, it seems clear to us
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 May 11, 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 APRI L
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
47 % DOWN
26 % UP
-
17 % UP
68 % UP
0.5 SELLER’S
There were 1,450 residential homes for sale in King County in April, 35% above last month but 47% lower vs April 2020. Residential closed sales rose 18% month- over-month, to 2,700, and were 68% higher year-over-year. There was 0.5 months of inventory for residential homes in April, reflecting seller’s market conditions. The median sold price in April was $835,000, 1.3% above March and 17% higher vs last year. The average sold price for residential homes was $1.05M, 0.5% higher month-over-month and 26% above April of last year.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
1,450 2,700
1,075 2,280
35% 18% 14%
2,714 1,606
-47% 68% -68% 17% 26%
CLOSED SALES
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
0.5
0.5
1.69
$835,000 $823,998
1.3% $715,000
$1,045,861 $1,040,150 0.5% $831,308
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$835,000
$759,000
1.80
$715,000 $725,000 $747,000 $750,550 $739,475
1.74
1.66
3,008
2,805
2,714
2,700
2,662
2,346
2,779
1,607
2,416
2,400
1,606
1,450
1,220
1,100
Apr-20
Mar-21
Apr-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 May 11, 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 APRI L
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE 4 % DOWN
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
12 % UP
12 % UP
8 % UP
92 % UP
1.1 SELLER’S
The number of condo homes for sale in King County, at 868, was up 1.0% month-over-month but 4% below last year. April’s condo closed sales, at 810, were 12% above last month and 92% higher than last year. There was 1.1 months of inventory for condos in April, reflecting seller’s market conditions. The condo median sold price in April was $465,000, down 1.9% both month-over-month but up 8% year-over-year. The average sold price was $567,766 with an aver- age PSF sales price of $519 (relatively unchanged and up 2%, respectively, vs March).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 859 721 1.2
% Change
No. 905 421 2.15
% Change
HOMES FOR SALE
868 810 1.1
1.0% 12% -10%
-4% 92% -50%
CLOSED SALES
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$465,000 $474,000 $567,766 $568,011
-1.9% $430,000 0.0% $505,572
8%
12% 12%
AVERAGE PRICE PSF
$519
$507
2%
$465
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$450,000
$438,875 $465,000
$430,000 $410,000 $412,995
$410,000
1,573
1,473
1,111
925
905
879
868
806
810
674
630
590
505
421
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
150
3+ bdrms
BUYER'S MARKET
104
408
2 bdrms
396
252
. . . . 0 0 0 0
<2 bdrms
368
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 May 11, 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 APRI L
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
22 % DOWN
14 % UP
-
8 % UP
84 % UP
0.7 SELLER’S
The number of residential homes for sale in Seattle in April, at 656, were 22% higher month-over- month but 22% lower year-over-year. With 964 in April, residential closed sales were 11% higher month-over-month and 84% higher year-over-year. There was 0.7 months of inventory for residential homes in April, reflecting seller’s market conditions. The median sold price in April was $860,000, 5% above March and 8% higher vs April 2020. The average sold price was $1.03M, 6% above last month and 14% higher vs April 2020.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 539 868 0.6
% Change
No. 838 523 1.6
% Change
HOMES FOR SALE
656 964 0.7
22% 11% 10%
-22% 84% -58%
CLOSED SALES
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$860,000 $818,000 $1,029,046 $967,377
5% $800,000 6% $901,789
8%
14%
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$860,000
$800,000 $785,500 $815,000 $800,000 $776,750 $775,000
1.72
1.71
1.65
1,203
1,185
964
939
838
792
1,000
661
911
810
647
656
521
523
Apr-20
Mar-21
Apr-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 May 11, 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 APRI L
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE 4 % DOWN
CLOSED SALES
MONTHS OF INVENTORY 3.9 BALANCED
MARKET SUMMARY ›
6 % DOWN
11 % UP
36 % UP
92 % UP
There were 98 new construction condo homes for sale in Seattle in April, 7% below March and 4% lower vs April 2020. April’s new construction condo closed sales were unchanged month-over-month (at 25) and were up 92% year-over-year. There was 3.9 months of inventory in April, reflect- ing balanced market conditions. The new construction condo median sold price in April was $700,000, 10% above March and 36% higher vs April 2020. The average sold price was $781,882, 6% above last month; the average PSF sales price was $755, up 8% from last month.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 105
% Change
No. 102
% Change
HOMES FOR SALE
98 25
-7%
-4% 92% -50% 36% 11% -6%
CLOSED SALES
25
0.0%
13
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
3.9
4.2
-7%
7.8
$700,000 $635,496 $781,882 $734,657
10% $515,038 6% $703,860
$755
$698
8%
$806
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$943,965
$680,000
$670,000 $700,000
$621,204
$515,038
$527,500
$522,495
114
102
103
101
102
98
69
25
23
20
13
12
12
6
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
17
2
2 bdrms
34
12
. . . . 0 0 0 0 QD QD
<2 bdrms
47
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 May 11, 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 APRI L
AVERAGE PRICE
AVERAGE PSF PRICE 4 % UP
MEDIAN PRICE
HOMES FOR SALE 29 % UP
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
14 % UP
4 % UP
133 % UP
1.6 SELLER’S
There were 481 previously owned condo homes for sale in Seattle in April, 4% below March but 29% higher vs April 2020. April’s previously owned condo closed sales increased by 20% month-over-month (to 310) and were up 133% year-over-year. There was 1.6 months of inventory in April, reflect- ing seller’s market conditions. The previously owned condo median sold price in April was $477,350, 0.2% below March but 4% higher vs April 2020. The average sold price was $579,948, 3% above last month; the average PSF sales price was $608, up 3% from last month.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 499 258 1.9
% Change
No. 372 133 2.8
% Change
HOMES FOR SALE
481 310 1.6
-4% 20% -20%
29%
CLOSED SALES
133% -45%
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$477,350 $478,500 $579,948 $561,057
-0.2% $458,000 3% $508,434
4%
14%
AVERAGE PRICE PSF
$608
$593
3%
$583
4%
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$485,000 $469,000
$477,350
$458,000 $449,250
$429,000 $450,000
862
787
543
537
499
481
372
310
227
227
203
187
166
133
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
20
3+ bdrms
26
SELLER'S MARKET
138
BALANCED
2 bdrms
BUYER'S MARKET
199
152
. . . . 0 0 0 0
<2 bdrms
256
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 May 11, 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 APRI L
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
55 % DOWN
48 % UP
-
48 % UP
83 % UP
0.5 SELLER’S
There were 57 residential homes for sale in the Bellevue market area in April, 39% above last month but 55% lower vs April 2020. Residential closed sales increased by 25% month-over-month, to 121, and were 83% higher year-over-year. There was 0.5 months of inventory for residential homes in April, reflecting seller’s market conditions. The median sold price in April was $1.63M, 6% above March and 48% higher vs last year. The average sold price for residential homes was $1.93M, 10% higher month-over-month and 48% above April of last year.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No. 126
% Change
HOMES FOR SALE
57
41 97
39% 25% 11%
-55% 83% -75% 48% 48%
CLOSED SALES
121 0.5
66
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
0.4
1.9
$1,625,000 $1,530,000 $1,929,256 $1,749,857
6% $1,095,000 10% $1,304,758
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
MILLIONS
$1.63
2.41
2.25
$1.41
$1.28
$1.23
$1.23
$1.15
1.80
$1.10
180
165
161
126
121
123
124
68
108
113
66
57
39
35
Apr-20
Mar-21
Apr-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 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 May 11, 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 APRI L
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
13 % DOWN
0.0 %
57 % UP
50 % UP
130 % UP
1.3 SELLERS
The number of new construction condo homes for sale in Bellevue, at 14, was unchanged month-over- month and decreased 13% vs last year. April’s new construction condo closed sales, at 11, were 15% below last month and unchanged year-over-year. There was 1.3 months of inventory in April, reflect- ing seller’s market conditions. The new construction condo median sold price in April was $1.55M, up 27% vs March and a 130% increase from April 2020. The average sold price was $1.61M with an average PSF sales price of $1,225 (up 12% and 21%, respec- tively, vs March).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
14 11
14 13
0.0% -15% 18%
16 11
-13% 0.0% -13% 130%
CLOSED SALES
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
1.3
1.1
1.5
$1,550,000 $1,219,900 $1,609,454 $1,441,361
27% $675,000 12% $1,026,904
57% 50%
$1,225
$1,016
21%
$814
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$2,815,000
$1,747,300
$1,550,000
$1,180,539
$1,258,375
$1,237,375
$580,000
$675,000
68
26
22
16
14
9
8
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
2
BUYER'S MARKET
3+ bdrms
5
6
2 bdrms
9
3
. . . . 0 0 0 0 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 May 11, 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 APRI L
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE 6 % UP
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
20 % UP
11 % UP
8 % UP
165 % UP
0.7 SELLER’S
The number of previously owned condo homes for sale in Bellevue, at 66, was up 8% month-over- month and increased 6% vs last year. April’s previously owned condo closed sales, at 90, were 55% above last month and 165% higher than last year. There was 0.7 months of inventory in April, reflect- ing seller’s market conditions. The previously owned condo median sold price in April was $620,000, up 2% vs March and an 8% increase from April 2020. The average sold price was $734,992 with an aver- age PSF sales price of $581 (down 2% and up 3%, respectively, vs March).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
66 90
61 58
8%
62 34
6%
CLOSED SALES
55% -30%
165% -60%
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
0.7
1.1
1.8
$620,000 $607,000 $734,992 $749,981
2% $572,500 -2% $614,481
8%
20% 11%
AVERAGE PRICE PSF
$581
$563
3%
$523
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$572,500 $615,000
$633,500
$620,000
$595,000
$570,000
$480,000
142
133
90
81
70
69
62
75
66
61
51
46
41
34
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
21
3+ bdrms
BUYER'S MARKET
10
53
2 bdrms
39
17 16
. . . . 0 0 0 0
<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 May 11, 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 May 11, 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 © 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 May 11, 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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