How Many Condos Are On The Market In Seattle?
You guys remember this post from last December? I did a deep dive into the limited inventory in Downtown Seattle, Capitol Hill and Queen Anne.
It thought it would be a good time to share an update with you. In just 8 months, we have seen Seattle condo inventory rise quickly. Here is simple inventory breakdown in each market.
- In January of this year Downtown Seattle had just 43 units per sale – there are now 153 units. That is a 256% increase in just 8 months.
- Capitol Hill had just 5 condos for sale in January. The Hill now has 29 condos for sale – an increase of 480%
- Queen Anne had just 10 units for sale in January. Today, they have 44 units or an increase of 340%
Here is the look at the same picture shown above from earlier in the year.
You guys may have seen some of my posts from the last 30 days (Seattle Buyers, Now Is Your Time) and (33% of Downtown Seattle Condos Reduced Their Price)
These posts are meant to be a guide – I try to report on all major changes in the Seattle condo market. I don’t know how long this inventory will last. I think the market is consolidating and letting some steam out. Prices have run up very quickly and a reset in the market is necessary. In my opinion, I feel that this additional inventory is exactly what the market needs. Buyers have a great opportunity during market adjustments like this.
Meanwhile, sellers will have to make a concerted effort to price appropriately and really position themselves in the market. Some of the price reductions are sellers going after a price that is above market value. This never ends well.
Net net, I think the Seattle housing market is a very excellent place to be. We live in a dynamic city. A city full of life, great jobs and an incredible landscape. I think there is plenty of runway left for price appreciation and long term growth. If you have any questions, get in touch or lets grab a cup of coffee.
Other recent articles discussing Seattle housing inventory
Market Shift? Big Spike In Seattle-area homes for sale slows price growth (Seattle Times)
Brokers seeing “simple economic recipe for a softening housing market” (NWMLS)
