Seattle Condo Snapshot, June 15th
Thanks for your patience guys. It has been a crazy week of work. We are getting new listings ready to go to market and are navigating some active sales. You may have noticed this place we put on the market last Friday! It is a great friend of mine who has been a client for 15 years. We have an offer review on Thursday and I’ll be certain to keep you guys posted on how that goes. Here is the video if you want to check it out!
An Important Discussion
The key to analyzing condos for sale is to evaluate how many units are selling relative to the number of active sales. If you didn’t catch our post on Absorption Rate/Months Supply of Inventory, check it out!
Let me give you an example. In the last 12 months, there were 441 condos that sold in the Downtown core. Or 36.75 units per month. With the current inventory of units (197) and the average sale per month of (36.75) we would have 5.3 months supply of inventory.
With that said, if you take the last 30 days of sales (23) and our current supply of inventory of (197) our months supply of inventory is currently 8.5 months. This obviously has a lot to do with the Coronavirus. We need to pay attention to the possibility that current owners are leaving the Downtown core for more traditional residential housing (with less density).
Is this trend temporary? Do we see more stability after we produce a vaccine?
This is exactly, why I signed up to keep you guys informed by providing weekly stats. It is important we watch not just the macro trends, but the more fluid weekly/monthly stats as well.
Have questions? Get in touch