Thinking About Selling Your Downtown Seattle Condo? Read This

HEAT CHECK - SEATTLE CONDOS

Are you thinking about selling your Downtown Seattle condo?  Do it.

Let me explain why.

The market has been favorable to sellers. In the last 60 days there have been 72 sales. They range from a 1 bedroom unit in Belltown selling for $128,000 to a luxurious 2 bedroom in Madison Tower at $1,850,000.

More important than the sales numbers or types of units sold is the list price to sales price ratio. On average, of all the sales in the last 60 days, those condos sold for 97.95% of what they were asking. That is phenomenal. Meaning that if you list your 2 bedroom condo at $500,000, on average you would have received $489,750 – not bad huh? That number goes up to 99% if you take out the highest 15 percent of sales (million dollar condo sales). That same $500,000 condo would have sold for $495,000.

Adding to the list to sales ratio is the average days on market (DOM). The average DOM was just 79 days. For properties priced below $500,000 the average DOM was just 37 days!  This is a positive trend for sellers and a negative for buyers. As inventory continues to shrink, buyers will have to step up, often in multiple offer situations. This will inevitably drive prices up.

In summary, don’t listen to your co-worker and their “expertise” on the Seattle real estate market. In this type of market, the follow statements are just plain false:

“The Seattle real estate market is ALWAYS seasonal”
“You’ll never sell your unit around the holidays”
“Its a buyers market in November, December”
“Wait until the spring”
“Prices are continuing to fall”

All in all, we couldn’t ask for a better market. Good luck selling and happy condo hunting!

Seattle Condo Search