Seattle Condo Update March 2018, Prices Rip Higher
Ok guys, I finally had an opportunity to go through the stats for March. The story remains intact – very few Seattle condos for sale, prices are ripping higher and higher. You’ll see three major trends – increase in median sales price, fewer sales and quicker market times (the time it takes to sell your condo). Downtown added some new construction sales from Gridiron, but if you remove those (see below) the story is still the same:
Lets start with Downtown Seattle.
- The median sales price rose 15% over this time last year
- There were 14 sales over $1m in 2018, versus just 10 in 2017
- The cost per square foot average is up 19% over last year
Downtown Seattle (Gridiron Stats Removed)
- Median sales price rose 17%
- The median sales price in Capitol Hill is up 24% over last year
- There were 30% fewer sales in 2018 versus 2017
- Condos on average sold in 12 days versus 18 days in 2017 (33% faster market times this year)
- The median sales price in Queen Anne is up 23% over last year
- The number of sales in 2018 versus 2017 is down 58%
- There were 24 condos sales in Queen Anne last year, while only 10 in March of this year
- The average cost per square foot in Queen Anne is up 23%
- The median sales price in Downtown Bellevue is up 10% over this time last year
- The number of sales in Downtown Bellevue is 11% over last year
- Condos in Bellevue are selling 28% faster this year versus March of 2018
The Seattle condo market will continue to benefit for consistent demand and very little inventory. Unless we see demand subside or inventory move higher, we will likely stay in the this pattern of multiple offer sales and quick market times.
Let me offer some advise for those of you in the market:
You must be nimble. Act quickly and use terms of your offer and the charm of your agent to get you in a solid competitive position. Don’t lose hope. Look for units that have been on the market for a longer period of time or continue to look for off-market opportunities. Check out our Free Buyers Guide to learn more
Could this situation get any better than what you have right now? I think not. Don’t be greedy. Do more in this market to make your unit stand out. Price appropriately. Buyers have access to more information then they ever have. Trust your broker to make the best decisions regarding staging and marketing – read our Sellers Guide to learn more.
Our free condo sales stats are out for March. We release 4 sets of stats each week: