Seattle Condo Market, Year Over Year, October Update
How is the health of the Seattle condo market? Check out a video I just posted to our Youtube channel (if you haven’t subscribed yet, please do!)
I focused on 3 major updates:
- Year over year changes to the market
- How we compare to other major US Cities
- What the forecast looks like moving forward
At this point, you have probably read all the headlines right? With a new wave of Seattle condo projects coming to market and what some are calling a softening in the Seattle real estate market in general, it’s time to take a detailed look at the numbers.
Inventory is up year over year. In fact, at this time last year we had 250% less inventory in our Downtown Seattle condo market. As you can see in the graphic below we are currently at 4.9 months of inventory. What exactly does that mean? If nothing new hit the market at the current rate of sales it would take us 4.9 months to clear our inventory. Last year, it was just 1.4 months or roughly 40-42 days.
Sales were also down year over year. We had 48 sales in October of this year – last year, there were 56 sales.
Finally and most importantly, take a look at the median sales price. Despite the increase in inventory, the median sales price rose nearly 5% over this time last year. Moral of the story here is that even though there was a move up in inventory, the prices continued to move up as well.
The Seattle condo market (comparatively) to the rest of the country is doing pretty well. As you can see below, most major US markets have more inventory than the Seattle condo market. In all of these markets the data includes re-sale units (no new construction). Seattle would have another 900 plus units when including two new construction towers in the Downtown core – Spire and First Light.
As you can see
Finally as you’ll see in the video, I shared my forecast for the Seattle condo market. In summary, new jobs, high paying jobs, great schools, safety and tech, bio-tech and software continue to push our world-class city into the international spotlight. For questions, get in touch! I would love to hear from you!