the seattle rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR KING COUNTY
published March 2024
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 King County, overarching market conditions, and detailed county- and city-level stats.
02 INTRO
03 WHAT YOU NEED TO KNOW
04 KING COUNTY
07 SEATTLE
Bowen Pausey U.S. MARKET INTELLIGENCE MANAGER & SENIOR ANALYST bpausey@rennie.com
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
10 BELLEVUE
12 AREA MAP
Copyright © 2024 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 March 7, 2024. All data from Northwest Multiple Listing Service & 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
prices jump… but how high? Last month, many buyers went from calling to closing as sales rose for the first time in five months. On the supply-side, inventory remained constrained as would-be sellers held onto favorable rates—all leading to prices seeing significant increases.
as residential home prices were 9% above last month and 16% above last year while condo prices were 10% and 18% higher, respectively. It would be premature to say the tide has turned but the reality is that the market continues to move in that direction. In what direction you may say? A place where we can officially declare that market activity has stumbled out of the rut it has found itself in over the past two years. The Fed cutting interest rates, whenever that may occur, will have a sizable impact on not only purchasing power for home buyers across the region but the expansion of inventory that is lacking in today’s environment (although fluctuation in prices will have an effect on both). For now, momentum continues to build as we march into what’s poised to be a lively spring market.
Brokers may have heard their ringtone a little more than usual this past month, fielding calls from buyers who were increasingly busy dialing. This anecdote on the King County market and its growing activity is not only confirmed by on-the-ground perspectives but by the latest data from Northwest MLS. Last month, many buyers went from calling to closing as sales rose to 1,534—a 45% increase from last month which is well above the typical January-to-February seasonal increase of 18%. Notably, sales were still 21% below their past-decade average and were 1.7% lower versus February of last year. With this said, residential homes drove this year-over- year decline, being 6% below its count for the previous year, while condo sales were 12% above February 2023. This recent trend of sales steadily turning a corner has been occurring for the past few months but the reality is
that choice remains limited for those looking to purchase a home. Inventory was 18% below its past-decade average as would-be sellers decide to hold onto their home—homes where they have most likely locked-in rates that are much more favorable than today’s environment (although it’s improving, slowly). With this said, inventory did jump 18% versus last month, well above the typical seasonal increase of 1.7%, thanks to a growing influx of new listings (which rose 33% versus last month and increased 40% year- over-year). These dynamics of supply and demand in the market have no doubt had an impact on prices in February. The median sold price in King County was 5% above last month (rising to $840,000), its largest such increase since March 2022 while, on a year-over-year basis, prices rose by double-digits (15% above last year). There was consistency across home types
Copyright © 2024 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 March 7, 2024. All data from Northwest Multiple Listing Service & 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 RESIDENTIAL - FEBRUARY 2 0 2 4
MONTHS OF INVENTORY 1.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 12% VS 2023
▲ 16% VS 2023
▼ 3% VS 2023
▼ 6% VS 2023
There were 1,516 residential listings in King County in February, 21% above January and 3% lower than February 2023. February residential sales increased by 45% month-over-month, to 1,120, and were 6% below February 2023. The months of inventory for residential in King County, at 1.4, reflected a sellers' market.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
1,120 1,516
131% 1,191 1,558
12% 16% 3% -6% -3%
$1,172,947 $864,000 1.6 771 1,258
3% 9% -17% 45% 21%
The residential median price in February was $939,445, a 9% increase from January and 16% above February 2023.
$1,205,638 $939,445 1.4
The average sold price was $1,205,638, 3% above last month and up 12% to February 2023.
$1,073,018 $809,000
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
2,665
29
2,372
2,329
2,265
2,413
2,031
1,905
1,886
1,841
1,710
1,909
1,826
22
1,398
1,558
1,678
1,516
1,277
1,579
1,216
1,532
1,446
1,120
1,258
1,191
991
771
$940K
$939K
$919K
$910K
$900K
$900K
$895K
$879K
$875K
$864K
$850K
$854K
7
$809K
Feb-23
Jan-24
Feb-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
400
3.2
300
2.1
1.8
200
1.4
1.4
1.3
1.2
1.1
1.0
0.9
100
0
<$600K
$600K-799K
$800K-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M +
MOI INVENTORY SALES
147 154 1.0
262 374 1.4
210 279 1.3
149 139 0.9
119 132 1.1
59 69 1.2
40 72 1.8
54 76 1.4
33 69 2.1
47 152 3.2
Copyright © March 7, 2024 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 March 7, 2024. All data from Northwest Multiple Listing Service & 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 NEW CONSTRUCTION CONDO - FEBRUARY 2 0 2 4
MONTHS OF INVENTORY 2.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 24% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 48% VS 2023
▲ 32% VS 2023
▲ 40% VS 2023
▲ 87% VS 2023
There were 193 condo listings in King County in February, 8% below January and 40% higher than February 2023. February condo sales increased by 63% month-over-month, to 88, and were 87% above February 2023. The months of inventory for condos in King County, at 2.2, reflected a sellers' market. The condo median price in February was $907,500, a 6% increase from January and 32% above February 2023. The average sold price was $1,125,386, 22% above last month; the average PSF sale price was $858, down 1.5% to last month.
THIS MONTH No. $858 $1,125,386 $907,500 2.2 88 193
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$691 $760,944 $689,880 294% 47 138
24% 48% 32% -25% 87% 40%
$871 $925,765 $859,500 3.9 54 209
-1.5% 22% 6% -43% 63% -8%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
38
220
243
239
209
220
193
202
199
32
195
153
171
161
138
88
78
67
68
64
63
64
63
47
59
55
54
51
11
$910K
$908K
$850K
$860K
$806K
$790K
$769K
$738K
$735K
$732K
$700K
$700K
$690K
Feb-23
Jan-24
Feb-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
40
15
4.5
4+ bdrms
16
30
2.8
19
3 bdrms
20
2.2
2.1
33
2.1
1.6
1.6
1.5
36
10
2 bdrms
100
0
18
<$600K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES
<2 bdrms
16 33 2.1
10 22 2.2
8 36 4.5
10 28 2.8
6 9 1.5
8 13 1.6
7 15 2.1
23 37 1.6
44
Copyright © March 7, 2024 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 March 7, 2024. All data from Northwest Multiple Listing Service & 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 ●
king county PREVIOUSLY - OWNED CONDO - FEBRUARY 2 0 2 4
MONTHS OF INVENTORY 1.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 157% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 17% VS 2023
▲ 12% VS 2023
▲ 26% VS 2023
▲ 0.9% VS 2023
There were 573 condo listings in King County in February, 24% above January and 26% higher than February 2023. February condo sales increased by 38% month-over-month, to 326, and were 0.9% above February 2023. The months of inventory for condos in King County, at 1.8, reflected a sellers' market. The condo median price in February was $503,475, a 5% increase from January and 12% above February 2023. The average sold price was $610,259, 10% above last month; the average PSF sale price was $1,300, up 155% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 323 454
% Change
No. 236 463
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
326 573
157% 17% 12% 25% 0.9% 26%
38% 24%
$1,300 $610,259 $503,475 1.8
$506 $521,680 $449,950 141%
$510 $553,043 $478,750 2.0
155% 10% 5% -10%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
840
883
39
709
672
752
711
554
573
612
499
569
456
454
395
377
471
463
463
429
404
387
323
326
299
21
236
229
12
$510K
$503K
$500K
$495K
$499K
$490K
$490K
$485K
$479K
$475K
$465K
$465K
$450K
Feb-23
Jan-24
Feb-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
160
11
3.5
140
4+ bdrms
14
120
2.5
100
57
1.9
1.9
3 bdrms
1.8
1.6
1.6
71
80
1.2
1.1
60
169
2 bdrms
40
271
20
0
89
<2 bdrms
<$400K $400-$499K $500-$599K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M + MOI INVENTORY SALES 97 155 1.6 61 116 1.9 54 67 1.2 35 63 1.8 20 32 1.6 14 26 1.9 14 16 1.1 11 28 2.5 20 70 3.5
217
Copyright © March 7, 2024 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 March 7, 2024. All data from Northwest Multiple Listing Service & 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 RESIDENTIAL - FEBRUARY 2 0 2 4
MONTHS OF INVENTORY 1.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 24% VS 2023
▲ 16% VS 2023
▲ 15% VS 2023
▲ 5% VS 2023
There were 651 residential listings in Seattle in February, 19% above January and 15% higher than February 2023. February residential sales increased by 73% month-over-month, to 461, and were 5% above February 2023. The months of inventory for residential in Seattle, at 1.4, reflected a sellers' market. The residential median price in February was $929,900, a 12% increase from January and 16% above February 2023. The average sold price was $1,128,544, 8% above last month and up 24% to February 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 440 566
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
461 651
24% 16% 10% 5% 15%
267 546
8% 12% -31% 73% 19%
$1,128,544 $929,900 1.4
$1,047,294 $830,000 2.0
$913,276 $800,000 129%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
998
29
897
841
736
735
706
825
812 552
676
646
651
678
538
440 566
471
461
577
548
546
420 543
462
291
267
12
$930K
$910K
$912K
$900K
$885K
$883K
$880K
$875K
$865K
$850K
7
$840K
$830K
$800K
Feb-23
Jan-24
Feb-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
200
3.6
150
2.5
2.3
100
1.7
1.7
1.4
1.3
1.2
0.9
0.8
50
0
<$600K
$600K-799K
$800K-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M +
MOI INVENTORY SALES
43 57 1.3
107 185 1.7
115 142 1.2
74 68 0.9
49 68 1.4
17 29 1.7
8 20 2.5
28 23 0.8
10 23 2.3
10 36 3.6
Copyright © March 7, 2024 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 March 7, 2024. All data from Northwest Multiple Listing Service & 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 NEW CONSTRUCTION CONDO - FEBRUARY 2 0 2 4
MONTHS OF INVENTORY 2.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 2% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 21% VS 2023
▲ 16% VS 2023
▲ 38% VS 2023
▲ 44% VS 2023
There were 127 condo listings in Seattle in February, 5% below January and 38% higher than February 2023. February condo sales increased by 53% month-over-month, to 52, and were 44% above February 2023. The months of inventory for condos in Seattle, at 2.4, reflected a sellers' market. The condo median price in February was $729,995, a 3% decrease from January and 16% above February 2023. The average sold price was $856,904, 3% above last month; the average PSF sale price was $723, up 10% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$723 $856,904 $729,995 2.4 52 127
36 92
-2% 21% 16% -4% 44% 38%
$658 $833,363 $752,000 3.9 34 134
10% 3% -3% -38% 53% -5%
$741 $707,998 $630,000 256%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
37
144
140
156
134
134
151
127
136
31
122
100
114
92
99
60
49
47
52
40
38
49
36
46
42
39
34
31
$779K
$765K
$752K
$739K
$732K
$735K
$730K
$700K
$699K
$700K
$690K
$630K
$612K
7
Feb-23
Jan-24
Feb-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
25
7
8.0
4+ bdrms
7.3
10
20
8
15
3 bdrms
21
3.4
3.0
10
25
1.8
1.6
2 bdrms
1.4
1.3
5
66
0
12
<$600K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES
<2 bdrms
16 26 1.6
9 13 1.4
7 24 3.4
3 22 7.3
4 5 1.3
1 8 8.0
6 11 1.8
6 18 3.0
30
Copyright © March 7, 2024 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 March 7, 2024. All data from Northwest Multiple Listing Service & 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 ●
seattle PREVIOUSLY - OWNED CONDO - FEBRUARY 2 0 2 4
MONTHS OF INVENTORY 2.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 337% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 7% VS 2023
▲ 3% VS 2023
▲ 34% VS 2023
▲ 5% VS 2023
There were 355 condo listings in Seattle in February, 23% above January and 34% higher than February 2023. February condo sales increased by 43% month-over-month, to 124, and were 5% above February 2023. The months of inventory for condos in Seattle, at 2.9, reflected a sellers' market. The condo median price in February was $484,500, a 0.1% decrease from January and 3% above February 2023. The average sold price was $602,203, 4% above last month; the average PSF sale price was $2,628, up 339% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 118 265
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
124 355
337% 7% 3% 27% 5% 34%
$598 $577,100 $485,000 3.3 87 289
43% 23%
$2,628 $602,203 $484,500 2.9
$602 $561,646 $471,750 225%
339% 4% -0.1% -14%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
520
59
490
412
409
454
375
432
355
320
334
265
289
270
200
191
175
158
142
177
124
118
150
151
112
91
87
21
$525K
$525K
$500K
$503K
$495K
$488K
$485K
$485K
$478K
$482K
$477K
$472K
$470K
14
Feb-23
Jan-24
Feb-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
80
1
17.0
4+ bdrms
5
60
4
3 bdrms
32
40
6.6
6.4
63
2 bdrms
20
3.2
142
2.6
2.1
2.0
1.9
1.6
0
56
<2 bdrms
<$400K $400-$499K $500-$599K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M + MOI INVENTORY SALES 1 17 17.0 7 45 6.4 40 74 1.9 25 81 3.2 22 44 2.0 7 46 6.6 9 23 2.6 8 17 2.1 5 8 1.6
176
Copyright © March 7, 2024 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 March 7, 2024. All data from Northwest Multiple Listing Service & 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 RESIDENTIAL - FEBRUARY 2 0 2 4
MONTHS OF INVENTORY 1.5 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 18% VS 2023
▲ 15% VS 2023
▼ 14% VS 2023
▼ 28% VS 2023
There were 72 residential listings in Bellevue in February, 20% above January and 14% lower than February 2023. February residential sales increased by 32% month-over-month, to 49, and were 28% below February 2023. The months of inventory for residential in Bellevue, at 1.5, reflected a sellers' market. The residential median price in February was $1,760,000, a 9% decrease from January and 15% above February 2023. The average sold price was $2,310,687, 3% below last month and up 18% to February 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
49 72
68 84
18% 15% 19% -28% -14%
37 60
-3% -9% -9% 32% 20%
$2,310,687 $1,760,000 1.5
$2,390,686 $1,935,000 1.6
$1,956,018 $1,525,000 124%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
152
42
142
128
128
103 144
108
99
94
91
106
100
96
68 84
73
85
65
72
73
68
62
60
37 60
49
14
$1.96M
$1.83M
$1.82M $1.94M
$1.76M
$1.74M $1.85M
$1.68M
$1.64M $1.65M $1.62M $1.73M
$1.53M
6
Feb-23
Jan-24
Feb-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
35
30
6.0
25
4.0
20
15
2.5
10
1.0
0.7
0.4
5
0.2
0
<$600K
$600K-799K
$800K-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M +
MOI INVENTORY SALES
1 0 n/a
2 0 n/a
6 1 0.2
6 6 1.0
9 6 0.7
7 3 0.4
2 12 6.0
3 12 4.0
13 32 2.5
Copyright © March 7, 2024 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 March 7, 2024. All data from Northwest Multiple Listing Service & 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 - FEBRUARY 2 0 2 4
MONTHS OF INVENTORY 1.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 35% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 56% VS 2023
▲ 55% VS 2023
▲ 11% VS 2023
▼ 3% VS 2023
There were 49 condo listings in Bellevue in February, 17% above January and 11% higher than February 2023. February condo sales increased by 12% month-over-month, to 28, and were 3% below February 2023. The months of inventory for condos in Bellevue, at 1.8, reflected a sellers' market. The condo median price in February was $750,000, a 43% increase from January and 55% above February 2023. The average sold price was $937,998, 53% above last month; the average PSF sale price was $738, up 31% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
28 49
29 44
35% 56% 55% 15% -3% 11%
25 42
31% 53% 43% 4% 12% 17%
$738 $937,998 $750,000 1.8
$547 $602,274 $485,000 152%
$565 $614,360 $525,000 1.7
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
78
26
71
63
67
55 46
55
52
51
56
44
49
53
52
44
39
47
18
42 25
41
30
34
28
15
29
29
20
$780K
$765K
$750K
$700K
$685K
$681K
$675K
$660K
$610K
$607K
$602K
$525K
$485K
Feb-23
Jan-24
Feb-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
16
14
2.5
4+ bdrms
2.3
2.3
1
2.1
12
10
1.5
5
1.3
3 bdrms
8
1.0
1.0
1.0
11
6
17
4
2 bdrms
27
2
0
6
<2 bdrms
<$400K $400-$499K $500-$599K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M + MOI INVENTORY SALES
10
3 7 2.3
2 3 1.5
4 5 1.3
3 3 1.0
3 3 1.0
1 1 1.0
2 5 2.5
3 7 2.3
7 15 2.1
Copyright © March 7, 2024 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 March 7, 2024. All data from Northwest Multiple Listing Service & 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 ●
king county MARKET AREAS
Bellevue
Seattle
King County
© 2024 Mapbox © OpenStreetMap
Copyright © March 7, 2024 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 March 7, 2024. All data from Northwest Multiple Listing Service & 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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Copyright © 2024 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 March 7, 2024. All data from Northwest Multiple Listing Service & 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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