the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE
published June 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 SENIOR ANALYST 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 June 20, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
Even as sales and listings progress, more is still less. While King County’s housing market saw an increase in sales and inventory in May, both remained below past-decade averages. And even though the Fed held interest rates steady in June, hints at future increases bring with them uncertainty to the US and King County housing markets.
With sales counts expanding at a faster relative rate than inventory, market conditions tightened further. The overall Months of Inventory (MOI) fell to 1.5 (from a previous 1.6), favoring sellers yet again. (Note that the market is classified as favoring sellers when the MOI is below 4.0.) A similar story rings true for the residential and condominium market segments, with MOIs of 1.6 and 1.4 respectively. On June 14th, the Federal Reserve held its policy rate range steady at 5.00%-5.25%-- its first hold after 10 consecutive increases. However, with US inflation still stubbornly elevated, the Federal Reserve suggested that more hikes could be necessary, potentially creating some uncertainty with consumers. Looking ahead, and with the typically slower summer months on the horizon, it will likely be some time before King County’s housing market finds its footing.
After an atypically sluggish April, King County’s housing market saw an uptick in both sales and listings counts in May. In fact, sales reached their highest level since last August, while inventory finished the month at a level not seen since November. The rub? Both metrics remain well below their typical May levels as the buyers and sellers are participating less amidst the current high interest rate environment. There were 2,352 MLS sales in May in King County, which was 19% higher than April and exceeded the typical April-to- May increase of 12%. It was, however, still 32% below last May’s total, 29% below the past-decade May average, and represented the lowest sales count for the month of May since 2020. The month-over-month increases were slightly higher for residential sales, at 20% (to 1,746 sales in May), compared to
condominium sales, at 18% (to 498). Like the overall market, sales of each home type were lower than their respective past-decade averages: 30% below for residential and 28% below for condominiums. On the listings front, the typical expansion from April to May is 11%, whereas last month’s listings count increased by only 3%, to 3,506. A similar trend was observed for both home types: residential homes for sale increased 3% between April and May (compared to a typical 13%), and condominium homes for sale increased by 10% (compared to a typical 5%). Despite the (relatively small) month-over-month increases, total homes for sale were 35% below the past-decade average (of 5,369). Broken down by home type, both residential and condominium home types were also below their respective past-decade averages by 40% and 19% respectively.
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 June 20, 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-MAY2023
AVERAGEPSF PRICE - VS 2022
HOMES FOR SALE
MONTHS OF INVENTORY 1.2 SELLERS' MARKET
▶ MARKETSUMMARY Thenum berofresidentialhom esforsalein KingCountyin M ay,at2,027,was2.8% higherthan lastm onth and 12% lowerthan lastyear. W ith 1,746 in M ay,residentialclosed sales were20% higherm onth-over-m onth,and 32% dow n year-over-year. Therewas1.2m onthsofinventoryfor residentialhom esin M ay,reflecting selers' m arketconditions. Them edian sold pricein M aywas$910,000, 4% aboveApril,and 9% below vsM ay2022. Theaveragesold price forresidentialhom es was$1,131,946,0.1% abovelastm onth and 9% higherthan lastyear.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▼ 9% VS 2022
▼ 9% VS 2022
▼ 12% VS 2022
▼ 32% VS 2022
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
No. % Change
2,568 2,301 -9% -9% 30% -32% 12% - No. % Change -
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
1,746 2,027
1,458 1,971
0.1% 4% -14% 20% 2.8%
$1,131,946 $910,000 1.2
$1,130,974 $875,000 1.4
$1,246,233 $1,000,000 0.9
-
- -
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
1.87
1.75 1.77
$1,000,000
$910,000
$900,000 $880,000
$830,000 $799,900 $846,500
3,829
3,772
3,488
3,442
3,354
2,737
2,568
2,011
1,971 2,027
1,863
1,736 1,558
2,502
2,301
1,871 2,050 1,838
1,746
1,496
1,458
1,571
1,338 1,110
1,133
793
M ay-22 Apr-23 M ay-23
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
6.1
400
300
3.0
200
1.7
100
1.2
1.0
1.0
0.9
0.8
0
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
178 220 0.8
439 433 1.0
333 325 1.0
382 421 0.9
218 188 1.2
128 77 1.7
106 35 3.0
243 40 6.1
M onthsofInv. Closed Sales H om esforSale
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofJune20,2023.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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4
kingcounty CONDO-MAY2023
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 17% VS 2022
MONTHS OF INVENTORY 1.6 SELLERS' MARKET
▶ MARKETSUMMARY Therewere800 new construction condo hom esforsalein KingCountyin M ay,5% higherthan Apriland 17% higherthan M ay 2022. M ay'snew construction condo closed sales were18% higherm onth-over-m onth (at498), and weredown 34% year-over-year. Therewere1.6m onthsofinventoryin M ay, reflecting selers'm arketconditions. Thenew construction condom edian sold price in M aywas$515,000,3% aboveApril,and 4% below vsM ay2022. Theaveragesold pricewas$615,218,4% abovelastm onth,theaveragePSF salesprice was$536,down 0.2% from lastm onth
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▼ 4% VS 2022
▼ 3% VS 2022
▼ 34% VS 2022
▼ 10% VS 2022
PREVIOUSMONTH
PREVIOUSYEAR
THISMONTH No.
No. % Change
753 682 -10% -3% -4% 77% -34% 17% No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
498 800
421 762
-0.2% 4% 3% -11% 18% 5%
$536 $615,218 $515,000 1.6
$537 $591,414 $500,000 1.8
$593 $631,820 $535,000 0.9
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$691
$624
$593
$535,000
$515,000
$499,950
$486,000 $485,000
$536
$459,000
$450,000
1,080 1,019 1,076 1,074
979
913
762
753 671
722
800
660
621 591
554
567
531
682
450
431
421
498
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
11.8
97
200
3+ bdrms
156
150
275
6.1
2 bdrms
100
398
50
2.2 2.1
126
1.9 1.6
<2 bdrms
1.2 1.2
246
0
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
154 133 1.2
203 173 1.2
170 91 1.9
85 52 1.6
41 19 2.2
33 16 2.1
55 9 6.1
59 5 11.8
M onthsofInv. Closed Sales H om esforSale
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofJune20,2023.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-MAY2023
AVERAGEPSF PRICE - VS 2022
HOMES FOR SALE
MONTHS OF INVENTORY 1.2 SELLERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Thenum berofresidentialhom esforsalein Seatlein M ay,at772,was3% higherthan last m onth and 32% higherthan lastyear. W ith 649 in M ay,residentialclosed salesw ere 20% higherm onth-over-m onth,and 23% dow n year-over-year. Therewas1.2m onthsofinventoryfor residentialhom esin M ay,reflecting selers' m arketconditions. Them edian sold pricein M aywas$885,000, 1.1% aboveApril,and 11% below vsM ay 2022. Theaveragesold pricewas$1,056,240,1.0% below lastm onth and 11% higherthan last year.
▼ 11% VS 2022
▼ 11% VS 2022
▲ 32% VS 2022
▼ 23% VS 2022
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
No. % Change
841 585 -11% -11% 71% -23% 32% - No. % Change -
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
649 772
541 749
-1.0% 1.1% -14% 20% 3%
$1,056,240 $885,000 1.2
$1,066,740 $875,000 1.4
$1,185,893 $995,500 0.7
-
- -
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
1.81
1.67 1.61
$995,500 $950,000
$890,000 $889,500
$885,000
$850,000
$800,000
1,239
1,113
1,082
1,018
937
917
841
749
692
772 649
660 602
845
571
655
668
585
563
517
514 541
456
418
391
286
M ay-22 Apr-23 M ay-23
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
200
9.1
150
100
3.8
50
1.4
1.4
1.2
1.1
1.1
0.8
0
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
77 57 1.4
200 184 1.1
172 152 1.1
130 165 0.8
65 55 1.2
26 19 1.4
38 10 3.8
64 7 9.1
M onthsofInv. Closed Sales H om esforSale
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofJune20,2023.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 -MAY2023
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 30% VS 2022
MONTHS OF INVENTORY 3.2 SELLERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Therewere130 new construction condo hom esforsalein Seatlein M ay,13% higher than Apriland 30% higherthan M ay2022. M ay'snew construction condo closed sales were32% higherm onth-over-m onth (at41), and w ereup 3% year-over-year. Therewere3.2m onthsofinventoryin M ay, reflecting selers'm arketconditions. Thenew construction condom edian sold price in M aywas$787,000,12% aboveApril,and 0.7% below vsM ay2022. Theaveragesold pricewas$848,080,15% abovelastm onth,theaveragePSF salesprice was$671,down 12% lastm onth
▼ 0.7% VS 2022
▼ 20% VS 2022
▲ 3% VS 2022
▼ 30% VS 2022
PREVIOUSMONTH
PREVIOUSYEAR
THISMONTH No. $671 $848,080 $787,000 3.2 41 130
No. % Change
-30% -20% -0.7% 27% 3% 30% No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$759 $735,065 $699,950 3.7 31 115
-12% 15% 12% -15% 32% 13%
$953 $1,062,839 $792,650 2.5 40 100
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$953
$787,000
$792,650 $787,500
$593
$536
$705,000 $679,000 $713,500
$671
$627,500
122
115
130
111
106
106
106
100 111
94
99 104
93
40
36
32
31
28
31
27
41
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
11.0
17
3+ bdrms
40
36
30
15
6.0
2 bdrms
20
61
4.8
3.0
10
2.3 2.7
2.0
9
1.9
<2 bdrms
33
0
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
6 2 3.0
21 11 1.9
43 9 4.8
21 9 2.3
8 3 2.7
8 4 2.0
12 2 6.0
11 1 11.0
M onthsofInv. Closed Sales H om esforSale
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofJune20,2023.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 NEDCONDO -MAY2023
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 15% VS 2022
MONTHS OF INVENTORY 2.1 SELLERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Therewere382previouslyowned condo hom esforsalein Seatlein M ay,10% higher than Apriland 15% higherthan M ay2022. M ay'spreviouslyowned condo closed sales were25% higherm onth-over-m onth (to178), and weredown 41% year-over-year.
▲ 5.3% VS 2022
▼ 3% VS 2022
▼ 41% VS 2022
▼ 7% VS 2022
PREVIOUSYEAR
THISMONTH No.
PREVIOUSMONTH
304 333 -7% 5% -3% 96% -41% 15% No. % Change
Therewere2.1m onthsofinventoryin M ay, reflecting selers'm arketconditions.
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
178 382
142 348
2% 16% 2% -12% 25% 10%
Thepreviouslyowned condom edian sold pricein M aywas$510,000,2% aboveApril, and 3% below vsM ay2022. Theaveragesold pricewas$644,086,16% abovelastm onth,theaveragePSF salesprice was$613,up 2% from lastm onth
$613 $644,086 $510,000 2.1
$656 $611,778 $525,500 1.1
$601 $552,994 $499,750 2.5
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$656
$525,500
$499,000 $510,000
$613
$482,000 $470,000
$593
$450,500 $475,000
$536
518
487
483
454
467
408
348
333
382
331
270 246 268
304
263
178
213
222 205
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
120
17
9.3
3+ bdrms
100
35
80
6.3
87
60
2 bdrms
179
40
3.0
2.4
2.2
2.1
0 20
74
1.6
1.5
<2 bdrms
168
<$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
84 39 2.2
108 71 1.5
76 36 2.1
33 11 3.0
17 7 2.4
11 7 1.6
28 3 9.3
25 4 6.3
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofJune20,2023.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-MAY2023
AVERAGEPSF PRICE - VS 2022
HOMES FOR SALE ▼ 17% VS 2022
MONTHS OF INVENTORY 1.1 SELLERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Thenum berofresidentialhom esforsalein Belevuein M ay,at104,was2% higherthan lastm onth and 17% lowerthan lastyear. W ith 94 in M ay,residentialclosed salesw ere 62% higherm onth-over-m onth,and down 24% year-over-year. Therewas1.1m onthsofinventoryfor residentialhom esin M ay,reflecting selers' m arketconditions. Them edian sold pricein M aywas$1,654,500, 17% below April,and 11% below vsM ay2022. Theaveragesold pricewas$1,803,573,18% below lastm onth,and 18% lowerthan last year.
▼ 11% VS 2022
▼ 18% VS 2022
▼ 24% VS 2022
PREVIOUSYEAR
PREVIOUSMONTH
THISMONTH No. $1,803,573 $1,654,500 1.1 94 104 -
123 125 -18% -11% 9% -24% 17% - No. % Change -
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$2,198,199 $1,990,000 1.8 58 102
-18% -17% -37% 62% 2%
$2,192,611 $1,850,000 1.0
- -
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
2.77
2.65
2.51
$1,850,000
$1,836,000
$1,700,000 $1,650,000
$1,574,000
$1,510,000
$1,654,500
199
188
191
184
177
146
125
96 89 85
100
102
104
123
102
94
97 79
77 73
67 54 30 61 65 58
M ay-22 Apr-23 M ay-23
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
60 70
8.3
50
40
30
20
1.6
1.5
1.0
0.4
0 10
0.3
0.1
<$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
1 1 1.0
1 7 0.1
11 28 0.4
9 31 0.3
13 8 1.6
19 13 1.5
50 6 8.3
0 0
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofJune20,2023.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 NEDCONDO -MAY2023
AVERAGEPSF PRICE
HOMES FOR SALE
MONTHS OF INVENTORY 1.2 SELLERS' MARKET
▶ MARKETSUMMARY Therewere57previouslyowned condohom esfor salein Seatlein M ay,6% higherthan Apriland 10% higherthan M ay2022. M ay'spreviouslyowned condoclosed saleswere 21% higherm onth-over-m onth (to46),and were down 21% year-over-year.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▼ 7% VS 2022
▲ 0% VS 2022
▲ 10% VS 2022
▼ 21% VS 2022
▼ 11.3% VS 2022
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
Therewere1.2m onthsofinventoryin M ay, reflecting selers'm arketconditions.
No. % Change
58 52 -11% -7% 0.4% 38% -21% 10% No. % Change
46 57
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
38 54
-12% -15% -12% -13% 21% 6%
Thepreviouslyowned condom edian sold pricein M aywas$659,500,12% below April,and 0.4% abovevsM ay2022. Theaveragesold pricewas$699,820,15% below lastm onth,theaveragePSF salespricewas$587, down 12% from lastm onth
$587 $699,820 $659,500 1.2
$668 $820,572 $750,000 1.4
$662 $750,589 $657,000 0.9
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$662
$775,000
$587 $593
$737,500
$536
$672,000
$657,000
$535,844
$659,500
$602,500
106
98
91
88
77
68
58
54
53
49 44 44
57
53
52
50 44
46
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
5.0
8
15
3+ bdrms
13
10
3.0
28
2 bdrms
32
5
1.2
1.0 1.0
10
0.8
0.7
<2 bdrms
0
12
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
4 5 0.8
16 13 1.2
9 13 0.7
10 10 1.0
3 3 1.0
3 1 3.0
5 1 5.0
M onthsofInv. Closed Sales H om esforSale
7 0
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofJune20,2023.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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10
renniereview
AREAS
Copyright© 2023renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofJune20,2023.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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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 June 20, 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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