We were a little late breaking down our Downtown Seattle condo report for March. This month has been exceptionally busy for our team – it will be a record month in May. See below at the bottom of the post for a few of our condo sales we have been working on.
Back to the stats – March saw a 15.38% increase in sales while the time it took condos to sell decreased nearly 54%. The rapid pace at which condos are selling can be felt all over the city. There are multiple offers and that is driving up the listing to sales ratio. A property listed and sold for the asking price would be 100% list price to sale price. The average unit in during the month of March sold for 103.42% of the asking price – so for a $500,000 condo, on average, that unit is selling for $517,100. The sale to list price ratio in February was 102.16%
So where is the market headed? We don’t foresee this activity letting up anytime soon. Out of 5-6 transactions in Downtown we experienced in the last 30 days, all of them had multiple offers and the price was driven up higher. It is simply supply and demand.
Click the image below for your free copy of our condo stats for March. April’s numbers are just around the corner. We release our stats around the 5 of each month. Happy condo hunting.