Downtown Seattle Down To Just 44 Condos, 31 When Removing New Construction
Happy Holidays everyone. If you celebrate Christmas, I hope you had a great time with family and friends.
I had an amazing time with my family on Christmas. I posted a video if anyone wants to see what we were up to. I took a look at inventory yesterday and my jaw nearly hit the floor. There are 44 condos on the market. When you remove new construction, there are just 31 units.
In order to understand the significance of that number, we have to look at the monthly sales throughout the course of the year. There were 494 condo sales in Downtown Seattle from January through November 30th. That equates to 45 sales per month. That leaves us 30 days or basically one month of inventory. This explains why the list to sale price ratio is so high (indicating multiple offers).
While December is a month where listings are historically low, it is still remarkable to see such little inventory. We have been discussing this issue often on the blog. The lowest priced sale on the market is $390,000. The most expensive listing on the market is still the Penthouse at Bay Vista.
Some other interesting storylines from this month:
A condo listed for as much as $3.5M last year just sold for for $2,850,000
These 7 condos went for well above the asking price – averaging 8% above the sellers list price.
If you guys want to follow each neighborhood in the city, I’ve set up free market reports. You will receive monthly reports on inventory, list to sale ratio, units sold and more. Just the click the link below and pick your favorite neighborhoods.
The reports look like this: