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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