the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE
published August 2023
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 SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
09 BELLEVUE
11 AREA MAP
Copyright © 2023 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 August22, 2023. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
uncertainty sidelines seasonality and hoses down the housing market In July, King County’s sales count failed to reach the 3,000 mark for the 13th straight month. Despite a swelling listings count, both sales and inventory remain below their respective past- decade averages, with elevated inflation and rising interest rates affecting market activity.
late, though a continuation of decreased sales and/or increased listings will be required to achieve real balance. In July, the Federal Reserve increased its policy rate again (the 11th rate hike since March 2021), into the range of 5.25%- 5.50%. This has implications for many aspects of economic activity, including the housing market here in King County. Though a rate pause from the Fed seems likely at their next meeting, Jerome Powell has made it clear that the inflation fight is not yet fait accompli, meaning we should expect the inflation/interest rate dynamic to continue to influence housing market dynamics as we transition into the final four months of 2023.
As is often the case for the month of July, housing sales in King County slowed last month while inventory—as a result of decreased demand (and more listings)— continued to expand. Directionally, these changes are mostly in line with the typical seasonal trend; the magnitude of the market adjustments, however, reflect a greater level of economic uncertainty—specifically, the outsized influence that inflation (indirectly) and interest rates (more directly) are imposing on the market. Total sales in King County fell by 12% in July (to 2,186), after two consecutive monthly increases. What’s more, sales declined much more than the typical seasonal sag of 3% between June and July. Last month’s sluggish sales were 34% below the past-decade average of 3,493 and were the lowest of any July since 2012.
Inventory, on the other hand, continued to expand, growing by 4% (to 4,110)— the fifth consecutive monthly increase— though this was by less than the typical seasonal expansion (of 6%). That said, July’s total homes for sale was 37% below the past 10-year July average and was the second-lowest July inventory count on record (going back to 2006). Given the backdrop of decreasing sales counts and growing listings, the overall months of inventory metric (MOI) increased to 1.9 in July. And while that’s up from the 1.6 months of inventory recorded in June, it represents a market that deeply favors sellers (a sellers’ market is characterized by a MOI ratio that’s less than 4). The residential and condo markets each favored sellers in July, with MOI’s of 1.5 and 2.0, respectively. The MOI ratios for both market segments have been increasing of
Copyright © 2023 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 August22, 2023. 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-JULY2023
AVERAGEPSF PRICE - VS 2022
HOMES FOR SALE
MONTHS OF INVENTORY 1.5 SELLERS' MARKET
▶ MARKETSUMMARY Thenum berofresidentialhom esforsalein KingCountyin July,at2,420,was4% higher than lastm onth and 37% lowerthan lastyear. W ith 1,605 in July,residentialclosed sales were12% lowerm onth-over-m onth,and 14% dow n year-over-year. Therewas1.5m onthsofinventoryfor residentialhom esin July,reflecting selers' m arketconditions. Them edian sold pricein Julywas$900,000, 4% below June,and aboutthesam easJuly 2022. Theaveragesold price forresidentialhom es was$1,153,578,1.5% below lastm onth and 0.9% higherthan lastyear.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
- VS 2022
0% VS 2022
▼ 37% VS 2022
▼ 14% VS 2022
PREVIOUSMONTH
THISMONTH No.
PREVIOUSYEAR
No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
1,605 2,420
1,829 2,324
-1.5% -4% 19% -12% 4.1%
1,871 3,829
-0.9% 0% -26% -14% 37%
$1,153,578 $900,000 1.5
$1,170,587 $935,000 1.3
$1,163,510 $900,000 2.0
-
- -
-
-
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
1.85
1.78 1.76
$900,000 $880,000
$914,950 $900,000
$830,000 $799,900 $846,500
3,829
3,769
3,487
3,353
2,735
2,051 2,324 2,420
2,009
1,907
1,835
1,729 1,554
1,871 2,050 1,838
1,605
1,496 1,741 1,829 1,458
1,571
1,338 1,110
1,133
793
Jul-22 Jun-23 Jul-23
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
5.8
500
400
300
3.0
200
1.8
1.5
1.4
1.3
1.2
0 100
1.2
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
241 204 1.2
517 417 1.2
433 307 1.4
451 349 1.3
255 168 1.5
138 77 1.8
102 34 3.0
283 49 5.8
M onthsofInv. Closed Sales H om esforSale
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofAugust2 ,2023.Aldatafrom NorthwestMultipleListingService& Rennie.W hiletheinform ationanddatacontained 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 ationcontainedwithinthisreportshould notbeused asanopinionofvalue,suchopinionsshouldandcanbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.
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4
kingcounty CONDO -JULY2023
AVERAGEPSF PRICE
HOMES FOR SALE ▼ 13% VS 2022
MONTHS OF INVENTORY 2.0 SELLERS' MARKET
▶ MARKETSUMMARY Therewere940 new construction condo hom esforsalein KingCountyin July,6% higherthan Juneand 13% lowerthan July 2022. July'snew construction condo closed sales were15% lowerm onth-over-m onth (at476), and weredown 14% year-over-year. Therewere2.0m onthsofinventoryin July, reflecting selers'm arketconditions. Thenew construction condom edian sold price in Julywas$511,000,3% below June,and 5% abovevsJuly2022. Theaveragesold pricewas$636,626,3% abovelastm onth,theaveragePSF salesprice was$551,down 2% from lastm onth.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 5% VS 2022
▲ 10% VS 2022
▼ 14% VS 2022
- VS 2022
PREVIOUSMONTH
PREVIOUSYEAR
THISMONTH No.
No. % Change
1.0% -14% -13% No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
476 940
557 888
-2% 3% -3% 24% -15% 6%
$540 $581,137 $486,000 2.0 554 1,083
$551 $636,626 $511,000 2.0
$563 $619,576 $525,500 1.6
2% 10% 5%
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$636 $638
$499,950 $513,500 $511,000
$486,000 $485,000
$459,000 $450,000
$551
$540
1,083 1,022 1,078 1,075
915
888
940
800
741
713
662
622 592
554
567 531
557
501
450
431
421
476
347 322
360
223
KING COUNTY SEAT LE
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
5.4
250
100
3+ bdrms
4.7
192
200
4.3
3.2
150
252
2 bdrms
2.5
444
100
2.0
1.4 1.5
50
124
<2 bdrms
304
0
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
183 130 1.4
249 164 1.5
194 95 2.0
106 33 3.2
55 22 2.5
47 11 4.3
52 11 4.7
54 10 5.4
M onthsofInv. Closed Sales H om esforSale
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofAugust2 ,2023.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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5
seatle
RESIDENTIAL-JULY2023
AVERAGEPSF PRICE - VS 2022
HOMES FOR SALE
MONTHS OF INVENTORY 1.7 SELLERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Thenum berofresidentialhom esforsalein Seatlein July,at867,was1.3% lowerthan lastm onth and 20% lowerthan lastyear. W ith 518 in July,residentialclosed salesw ere 17% lowerm onth-over-m onth,and 21% down year-over-year. Therewas1.7m onthsofinventoryfor residentialhom esin July,reflecting selers' m arketconditions.
▼ 9% VS 2022
▼ 7% VS 2022
▼ 20% VS 2022
▼ 21% VS 2022
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
518 867
625 878
-4% -3% 19% -17% -1%
$1,166,445 $950,000 1.6 655 1,078 -
1.7% -21% 20%
Them edian sold pricein Julywas$885,750, 3% below June,and 7% below vsJuly2022.
$1,061,215 $885,750 1.7
$1,108,872 $915,000 1.4
-9% -7%
Theaveragesold pricewas$1,061,215,4% below lastm onth and 9% higherthan lastyear.
-
- -
-
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
1.86
1.66 1.71
$950,000 $890,000 $889,500
$890,000 $885,750
$850,000
$800,000
1,238
1,111
1,078
1,018
916
878
867
711 752
677
661 600
565
655
648 625
668
518
563
517
514 541
456
418
391
286
Jul-22 Jun-23 Jul-23
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
250
12.8
200
150
100
0 50
2.5
2.1
2.1
1.7
1.5
1.4
1.3
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
100 47 2.1
227 152 1.5
171 120 1.4
160 119 1.3
74 44 1.7
36 17 2.1
35 14 2.5
64 5 12.8
M onthsofInv. Closed Sales H om esforSale
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofAugust2 ,2023.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 -JULY2023
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 54% VS 2022
MONTHS OF INVENTORY 3.1 SELLERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Therewere154 new construction condo hom esforsalein Seatlein July,7% higher than Juneand 54% higherthan July2022. July'snew construction condo closed sales were16% lowerm onth-over-m onth (at49), and wereup 308% year-over-year. Therewere3.1m onthsofinventoryin July, reflecting selers'm arketconditions. Thenew construction condom edian sold price in Julywas$699,950,0.1% aboveJune,and 11% below vsJuly2022. Theaveragesold pricewas$779,533,10% below lastm onth,theaveragePSF salesprice was$714,down 10% lastm onth.
▼ 11% VS 2022
▼ 10% VS 2022
▲ 308% VS 2022
▼ 8% VS 2022
PREVIOUSMONTH
PREVIOUSYEAR
THISMONTH No. $714 $779,533 $699,950 3.1 49 154
No. % Change
-8% -10% -11% -62% 308% 54% No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$795 $869,551 $699,475 2.5 58 144
-10% -10% 0.1% 27% -16% 7%
$778 $863,909 $787,500 8.3 12 100
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$778
$787,500
$714
$770,000
$705,000 $679,000 $713,500
$699,950
$627,500
$540 $551
144
154
123
123
112
107
107
103
103
95
100 105
94
58
36
32
49
31 41
31
27
25
12 18
11
8
SEAT LE KING COUNTY
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
50 60
14.0
10
13.0
3+ bdrms
44
40
10.0
31
30
2 bdrms
74
20
2.9 2.6
0 10
8
2.3 2.3
1.5
<2 bdrms
36
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
7 3 2.3
28 12 2.3
53 18 2.9
23 9 2.6
14 1 14.0
6 4 1.5
13 1 13.0
10 1 10.0
M onthsofInv. Closed Sales H om esforSale
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofAugust2 ,2023.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 -JULY2023
AVERAGEPSF PRICE
HOMES FOR SALE ▼ 15% VS 2022
MONTHS OF INVENTORY 2.6 SELLERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Therewere438previouslyowned condo hom esforsalein Seatlein July,4% higher than Juneand 15% lowerthan July2022. July'spreviouslyowned condo closed sales were12% lowerm onth-over-m onth (to168), and weredown 21% year-over-year.
▲ 8% VS 2022
▲ 0.4% VS 2022
▼ 21% VS 2022
▼ 1.9% VS 2022
PREVIOUSYEAR
THISMONTH No.
PREVIOUSMONTH
213 518 -21% -15% No. % Change
Therewere2.6m onthsofinventoryin July, reflecting selers'm arketconditions.
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
168 438
191 421
0.5% 6% 1.7% 18% -12% 4%
Thepreviouslyowned condom edian sold pricein Julywas$484,000,1.7% aboveJune, and 0.4% abovevsJuly2022. Theaveragesold pricewas$614,217,6% abovelastm onth,theaveragePSF salesprice was$616,up 0.5% from lastm onth.
$616 $614,217 $484,000 2.6
$628 $570,833 $482,000 2.4
-1.9% 8% 0.4% 7%
$613 $578,281 $476,000 2.2
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$628
$616
$499,000 $510,000
$482,000 $470,000
$484,000
$450,500 $475,000
$540 $551
518
486
482
454
421
407
438
384
341
325
269 245 267
213
222 205
168
178 191
150
149 142
129
111
114
82
SEAT LE KING COUNTY
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
150
15
6.5
3+ bdrms
38
5.5
100
4.2 4.3
71
3.4
2 bdrms
3.2
200
50
1.9 2.1
82
<2 bdrms
0
200
<$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
94 49 1.9
141 67 2.1
82 24 3.4
35 11 3.2
21 5 4.2
17 4 4.3
22 4 5.5
26 4 6.5
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofAugust2 ,2023.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-JULY2023
AVERAGEPSF PRICE - VS 2022
HOMES FOR SALE ▼ 27% VS 2022
MONTHS OF INVENTORY 2.0 SELLERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Thenum berofresidentialhom esforsalein Belevuein July,at145,was12% higherthan lastm onth and 27% lowerthan lastyear. W ith 72 in July,residentialclosed salesw ere 13% lowerm onth-over-m onth,and down 6% year-over-year. Therewas2.0m onthsofinventoryfor residentialhom esin July,reflecting selers' m arketconditions. Them edian sold pricein Julywas$1,837,500, 5% aboveJune,and 8% abovevsJuly2022. Theaveragesold pricewas$2,222,569,13% abovelastm onth,and 8% higherthan last year.
▲ 8% VS 2022
▲ 8% VS 2022
▼ 6% VS 2022
PREVIOUSYEAR
PREVIOUSMONTH
THISMONTH No. $2,222,569 $1,837,500 2.0 72 145 -
8% 8% -22% -6% 27% - No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$2,065,088 $1,700,000 2.6 77 199 -
$1,959,999 $1,750,000 1.6 83 129
13% 5% 30% -13% 12%
- -
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
2.64
2.49
$1,836,000
$1,837,500
2.11
$1,700,000 $1,650,000
$1,574,000
$1,510,000
$1,654,500
188
191
184
199
146
129
145
96 89 85
100
101 108
72
94
97 79
83
77 73
67 54 30 61 65 58
Jul-22 Jun-23 Jul-23
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
60 70
4.9
4.2
50
40
30
20
1.5
1.3
1.3
0.9
0 10
<$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
3 2 1.5
23 18 1.3
17 20 0.9
17 13 1.3
21 5 4.2
64 13 4.9
0 0
0 1
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofAugust2 ,2023.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 -JULY2023
AVERAGEPSF PRICE
HOMES FOR SALE
MONTHS OF INVENTORY 2.1 SELLERS' MARKET
▶ MARKETSUMMARY Therewere57previouslyowned condohom esfor salein Seatlein July,4% higherthan Juneand 46% lowerthan July2022. July'spreviouslyowned condoclosed saleswere 37% lowerm onth-over-m onth (to27),and were down 31% year-over-year.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▼ 17% VS 2022
▼ 11% VS 2022
▼ 46% VS 2022
▼ 31% VS 2022
▼ 11% VS 2022
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
Therewere2.1m onthsofinventoryin July, reflecting selers'm arketconditions.
No. % Change
-11% -17% -11% -22% -31% -46% No. % Change
27 57
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
43 55
-3% 8% 3% 65% -37% 4%
$696 $967,510 $775,000 2.7 39 106
Thepreviouslyowned condom edian sold pricein Julywas$690,000,3% aboveJune,and 11% below vsJuly2022. Theaveragesold pricewas$806,274,8% above lastm onth,theaveragePSF salespricewas$620, down 3% from lastm onth.
$620 $806,274 $690,000 2.1
$639 $748,629 $670,000 1.3
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$696
$620
$775,000
$737,500
$540 $551
$690,000
$672,000
$535,844
$659,500
$602,500
106
98
91
88
68
56
54
53
55
49 44 44
57 27
50 44
46 43
39
38 38
30
27 23 18 29
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
4
3+ bdrms
16
10
4.0
19
3.0
2 bdrms
31
2.5
5
2.0
1.2
4
0.6
<2 bdrms
0
10
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
4 1 4.0
7 11 0.6
7 6 1.2
10 4 2.5
4 2 2.0
6 1 6.0
6 2 3.0
M onthsofInv. Closed Sales H om esforSale
13 0
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofAugust2 ,2023.Aldatafrom NorthwestMultipleListingService& Rennie.W hiletheinform ationanddatacontained 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 ationcontainedwithinthisreportshould notbeused asanopinionofvalue,suchopinionsshouldandcanbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.
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renniereview
AREAS
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofAugust2 ,2023.Aldatafrom NorthwestMultipleListingService& Rennie.W hiletheinform ationanddatacontained 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 ationcontainedwithinthisreportshould notbeused asanopinionofvalue,suchopinionsshouldandcanbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.
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Copyright © 2023 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 August22, 2023. 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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