seattle rennie reivew - July 2020

the rennie review

DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE

published July 2020

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 - RESIDENTIAL

05 KING COUNTY - CONDO

Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com

Bowen Behan Pausey DATA ANALYST bbehan@rennie.com

06 SEATTLE - RESIDENTIAL

07 SEATTLE - CONDO

08 BELLEVUE - RESIDENTIAL

09 BELLEVUE - CONDO

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 ofJuly 1, 2020. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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

June sales reflect growing buyer confidence

Housing demand across King County rose in June after stagnating in May, with the past month registering the most sales of any month since October 2019. The near-term outlook is positive for sellers with supply constrained and the economy cautiously re-opening.

with the sale of properties under $1 million rising by only 27% betweenMay and June, compared to 69% growth in the $1 million- plus segment. Meanwhile, month-over-month sales growth in Bellevue was more balanced between the under-$1 million and the $1 million-plus segments (with the former rising 73% and the patter 57%). With inventory still constrained--across King County, the 4,396 homes for sale in June were 38% lower than in June 2019 and 50% below the long-run June average--andWashington State’s economy slowly re-opening, it is likely that conditions will remain favorable to sellers in the months ahead. That said, the ongoing health crisis has created persistent uncertainty around the longer-run outlook; with this in mind, the ongoing monitoring of relevant macroeconomic data and local housing market trends will be paramount.

Notably, County-wide sales counts for each of residential homes and for condos were both higher in June versus May, with the former rising by 31% and the latter by 36%. Within the County, Bellevue condo sales posted impressive month-over-month growth--albeit based on a relatively small sample of 47 sales-- at 81%, with residential home sales in Bellevue rising by 55%. In comparison, Seattle condo sales rose by 21% in June versus May, while residential home sales increased by 36%. The notion that buyer confidence has returned, or remains, across the King County market is supported by pattern of sales increases across the price spectrum. For example, while almost four out of every five sales in King County in June was below $1 million, six-figure sales rose by only 31% betweenMay and June, compared to a 64% increase in homes sales valued at $1 million or more. A similar pattern was seen in Seattle,

June was a strong month for Seattle’s real estate market, with King County tallying 2,797MLS sales; this was the highest monthly count in 2020 so far, and the most sales since October 2019’s 2,927. June’s total sales count was also 35% higher than the 2,080 sales registered inMay, compared to the typical May-to-June increase of 7% seen over the past decade. Speaking broadly, buyers in this market appear to be remaining confident about both the near-term and longer-term prospects of King County real estate, despite the significant ongoing economic challenges stemming from the global health crisis and its resurgence in parts of the United States. Within King County, both the city of Seattle and the city of Bellevue exhibited significant month-over-month surges in sales in June, with the 927 sales in Seattle up 33% over May, and the 152 sales in Bellevue up 62%.

king county

RES IDENT IAL - JUNE 2020

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY

MARKET SUMMARY ›

48 % DOWN

16 % DOWN

4 % UP

1.1 SELLER’S

There were 2,490 residential homes for sale in King County in June, 9% below last month and 48% lower vs June 2019. Residential closed sales rose by 36% month- over-month, to 2,246, but were 16% lower year-over-year. There were 1.1 months of inventory for residential homes in June, reflecting seller’s market conditions. The median sold price in June was $729,000, 7% above the previous month and a 4% increase vs last year. The average sold price for residential homes was $822,560, 12% higher month-over-month and 4% above June of last year.

VS 2019

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

HOMES FOR SALE

2,490 2,246

2,726 1,651

-9% 36% -33%

4,774 2,671

-48% -16% -38%

CLOSED SALES

MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE

1.1

1.7

1.79

$729,000 $678,575 $882,560 $791,041

7% $699,950 12% $847,821

4% 4%

AVERAGE PRICE PSF

RATIO OF MEDIAN PRICES ›

HISTORICAL TREND ›

CLOSED SALES

HOMES FOR SALE

MEDIAN PRICE

$699,950 $670,000 $670,000 $675,000 $680,000 $715,000 $729,000

1.75

4,774

1.67

1.62

4,349

3,689

2,716

2,490

1,942

1,927

2,671

2,519

2,278

2,246

1,841

1,605

1,430

Jun-19

May-20

Jun-20

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 © 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 July 1, 2020. 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

CONDO - JUNE 2020 king county

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY

MARKET SUMMARY ›

20 % DOWN

26 % DOWN

1.2 % DOWN

0.7 % UP

0.7 % DOWN

2.3 SELLER’S

The number of condo homes for sale in King County, at 1,084, was up 6% month-over-month but fell 20% vs last year. June’s condo closed sales, at 466, were 31% above last month but 26% lower than last year. There was 2.3 months of inventory for condos in June, reflecting seller’s market conditions. The condo median sold price in June was $417,000, down 0.7% month-over-month and year-over-year. The average sold price was $500,897 with an average PSF sales price of $456 (down 1.5% and relatively unchanged, respectively, vs May).

VS 2019

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

HOMES FOR SALE

1,084

1,025

1,356

-20% -26%

CLOSED SALES

466 2.3

356 2.9

31% -19%

626 2.17

MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$417,000 $420,000 $500,897 $508,607

-0.7% $420,000 -1.5% $506,959 -0.4% $453

-0.7% -1.2% 0.7%

$456

$458

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND ›

CLOSED SALES

HOMES FOR SALE

MEDIAN PRICE

$432,000 $430,000 $417,000

$420,000 $399,000

$383,475 $405,000

1,356

1,315

1,219

1,084

904

624

605

626

625

538

530

507

466

419

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

BUYER'S MARKET

3+ bdrms

203

238

2 bdrms

497

130

. . . . 0 0 0 0

<2 bdrms

384

MONTHS OF INV. CLOSED SALES HOMES FOR SALE

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 July 1, 2020. 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 - JUNE 2020

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY

MARKET SUMMARY ›

40 % DOWN

6 % DOWN

9 % UP

5 % UP

1.2 SELLER’S

The number of residential homes for sale in Seattle in June, at 905, was 1.0% lower month-over-month and 40% lower year-over-year. With 745 in June, residential closed sales were 36% higher month-over-month but 6% below last year. There were 1.2 months of inventory for residential homes in June, reflecting seller’s market conditions. The median sold price in June was $785,000, 5% above May and June 2019. The average sold price was $935,891, 8% above the previous month and 9% higher vs June 2019.

VS 2019

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No. 914 547 1.7

% Change

No.

% Change

HOMES FOR SALE

905 745 1.2

-1.0% 1,513

-40%

CLOSED SALES

36% -27%

791 1.9

-6%

MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE

-36%

$785,000 $749,000 $935,891 $865,588

5% $750,000 8% $858,508

5% 9%

AVERAGE PRICE PSF

RATIO OF MEDIAN PRICES ›

HISTORICAL TREND ›

CLOSED SALES

HOMES FOR SALE

MEDIAN PRICE

$799,975 $785,000

$750,000 $731,250 $750,000

$720,000

$700,000

1.72

1,513

1.58

1.53

1,306

1,237

905

843

635

599

791

775

715

745

581

522

473

Jun-19

May-20

Jun-20

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 © 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 July 1, 2020. 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

CONDO - JUNE 2020

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE 7 % DOWN

CLOSED SALES

MONTHS OF INVENTORY

MARKET SUMMARY ›

2 % DOWN

0.2 % DOWN

7 % DOWN

30 % DOWN

3.8 SELLER’S

There were 642 condo homes for sale in Seattle in June, 19% above May but 7% lower vs June 2019. June’s condo closed sales increased by 21% month- over-month but were down 30% year-over-year. There were 3.8 months of inventory for condos in June, reflecting seller’s market conditions. The condo median sold price in June was $456,500, 4% below May and 7% lower vs June 2019. The average sold price was $571,516, 5% above last month; the average PSF sales price was $599, up 4% from last month.

VS 2019

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No. 538 139 3.9

% Change

No. 694 241 2.9

% Change

HOMES FOR SALE

642 168 3.8

19% 21%

-7%

CLOSED SALES

-30% 33%

MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE

-1.3%

$456,500 $475,000 $571,516 $544,068

-4% $490,000 5% $583,371

-7% -2%

AVERAGE PRICE PSF

$599

$577

$600

-0.2%

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND ›

CLOSED SALES

HOMES FOR SALE

MEDIAN PRICE

$480,000 $470,000 $467,500 $456,500

$490,000

$425,000 $448,000

694

654

642

641

470

349

340

241

234

213

194

181

168

146

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

BUYER'S MARKET

3+ bdrms

2 bdrms

260

. . . . 0 0 0 0

<2 bdrms

316

MONTHS OF INV. CLOSED SALES HOMES FOR SALE

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 July 1, 2020. 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

bellevue

RES IDENT IAL - JUNE 2020

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY

MARKET SUMMARY ›

9 % DOWN

5 % DOWN

41 % DOWN

12 % DOWN

1.6 SELLER’S

There were 166 residential homes for sale in the Bellevue market area in June, 5% above last month but 41% lower vs June 2019. Residential closed sales increased by 55% month-over-month, to 102, but were 12% lower year-over-year. There were 1.6 months of inventory for residential homes in June, reflecting seller’s market conditions. The median sold price in June was $1.12M, 8% above the previous month but a 5% drop vs last year. The average sold price for residential homes was $1.32M, 9% higher month-over-month but 9% lower vs June of last year.

VS 2019

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No. 158

% Change

No. 281 116 2.4

% Change

HOMES FOR SALE

166 102 1.6

-41% -12% -33%

CLOSED SALES

55% -32%

MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE

2.4

$1,118,400 $1,037,500 $1,322,214 $1,211,130

8% $1,181,000 9% $1,451,745

-5% -9%

AVERAGE PRICE PSF

RATIO OF MEDIAN PRICES ›

HISTORICAL TREND ›

CLOSED SALES

HOMES FOR SALE

MEDIAN PRICE

(MILLIONS)

$1.32

$1.18

$1.10

$1.12

$1.08

$0.99

1.86

281

1.70

1.67

210

195

166

128

133

116

102

Jun-19

May-20

Jun-20

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 © 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 July 1, 2020. 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

CONDO - JUNE 2020

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY

MARKET SUMMARY ›

2 % DOWN

26 % DOWN

24 % DOWN

2 % UP

3 % UP

2.0 SELLER’S

The number of condo homes for sale in Bellevue, at 92, was up 8% month-over-month but fell 26% vs last year. June’s condo closed sales, at 47, were 81% above last month but 24% lower than last year. There were 2.0 months of inventory for condos in June, reflecting seller’s market conditions. The condo median sold price in June was $657,000, up 6% vs May and a 3% increase from June 2019. The average sold price was $710,996 with an aver- age PSF sales price of $517 (14% and 17% lower, respectively, vs May).

VS 2019

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No. 124

% Change

HOMES FOR SALE

92 47

85 26

-26% -24%

CLOSED SALES

81% -40%

MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE

2.0

3.3

2.0

-2%

$657,000 $620,500 $710,996 $828,177

6% $635,000 -14% $695,579

3% 2%

AVERAGE PRICE PSF

$517

$626

-17%

$528

-2%

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND ›

CLOSED SALES

HOMES FOR SALE

MEDIAN PRICE

$657,000

$635,000

$582,000 $577,500 $609,000

$505,000 $567,500

124

108

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

15 16

BALANCED

3+ bdrms

BUYER'S MARKET

2 bdrms

. . . . 0 0 0 0 QD QD

<2 bdrms

MONTHS OF INV. CLOSED SALES HOMES FOR SALE

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 July 1, 2020. 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

The rennie intelligence team comprises our in-house demographer, senior economist, and market analysts. Together, we empower our developer clients, rennie advisors, institutional advisory clients, and the entire rennie team with comprehensive data and a trusted market perspective. With data as the backbone to our thoughtful real estate practice, we help our clients form and execute sound, well-considered plans to help them achieve their goals. the data behind rennie

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