Downtown Seattle Condo Stats, Year Over Year
Lets take a look at some key stats in the Downtown Seattle market year over year. It really shows how steady and consistent the Seattle condo market has been. As a reminder, we provide both monthly stats on the market – as well as Downtown Seattle specific stats as well. They are always free and we encourage you to check them out.
I’m going to highlight 3 important stats I keep an eye on to gauge the velocity of the market – I’ll provide an overview comparison over the last year as well.
I watch the average days on market to get a feeling for how quickly the buyers are absorbing the current inventory. It helps when pricing my sellers’ condo for market as well. It gives us an indication of what we might expect when we put the condo on the market. To give you a real time example, my team listed this property last Tuesday and it was off the market with a buyer paying above the asking price in just 4 days. We will post the official sale price in October when it closes.
In comparison to last year where condos were taking 159 days to sell, this July the average days on market is just 81 days. That is a 49% decline.
Average Days On Market | Downtown Seattle Condos
The months supply of inventory could be the most important statistical indicator for the health of a real estate market that we follow. In short, it is an indication of how many homes are available (monthly supply). In a neutral market, there would be 3-6 months of inventory. Right now in Seattle there are just 1.2 months of inventory – lower the inventory, benefits as seller. The higher the inventory, benefits a buyer!
In July of last year there was 1.5 months of inventory, now there are just 1.2 months. This reflects a 20% drop in inventory. Or 20% drop in homes available for purchase. These are big numbers.
Months Supply Of Inventory | Downtown Seattle Condos
Lastly, the List To Sale Price ratio is something that I love keeping an eye on. This an indicator of how active multiple offers are. As an example, if a home owner puts their $1,000,000 condo on the market and buyers bid the price up to $1,100,000, then the condo would sell for 10% over the asking price(or list price). When we look at this particular stat month to month, it give us an indication of what we might expect representing a buyer or a seller and what we should prepare for. We also look at the outliers for the month. An example would be a 1 bedroom that goes for 25% above the asking price (something that happens more often than you would think).
The year over year comparison is interesting. In July of last year, the average list to sale price was just 100.6%. Now, it has climbed nearly 2% to 102.1%. or 1.5% increase year over year.
List To Sale Price Percentage | Downtown Seattle Condos
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