Year Over Year, Downtown Seattle Condo Sales Down 52%
I just dove into the condo stats for January in Downtown Seattle and there were just 15 sales. At this time last year there were 35 sales – that is a 52% decline!
This decline can be attributed to the depleted inventory as more sellers “stay put” not willing to test a market that isn’t offering much in terms of an upgrade. It is a compounding problem – Seller gridlock. Downtown Seattle has just 52 units available for sale. That number includes new construction as well.
2017 averaged 48 condo sales per month. So it will be interesting to see how 2018 will end up. With Gridiron selling out soon and Nexus at over 92% pre-sold, we really only have units that “re-sale” to choose from. This could be another frustrating year for Seattle condo buyers. Especially with the affordability gap widening.
A bright spot in this Seattle real estate conundrum is wage expansion for the tech space. Seattle tech-workers are only second to the Bay Area for salaried wages. It is everyone else that I worry about. Especially Seattle’s working class that commute into the city due to a lack of affordable housing. Take a look at these two charts. The first represents the median price for a Seattle condo. The second, represents the number of available units for sale.
Median Sales Price For A Seattle Condo
Seattle Condos Available For Sale
- Cap Hill had 363 sales from over the last 12 months. That is just over 30 sales per month.
- Sales were relatively flat this January compared to January of 2017
- The median sales price for a condo was up 22% from January 2017 to January 2018
- The number of condo sales this January versus January of 2017 were down 25%.
- The median sales price rose 25% from January 2017 to January 2018
- The number of condos sold in January 2018 versus this time last year decreased by 23%
- The median price per unit in Bellevue rose 28.1% from January 2017 to January 2018
As we mentioned earlier in the month, luxury Seattle condo sales are off to a fast start. There have also been some amazing lofts selling in the Pioneer Square neighborhood. Let me know what you are enjoying on the blog and if there is anything you would like for me to cover in more detail. Leave a comment below!
As always, the stats I provide are FREE.