Seattle Condo Sales At Year End, How Many Condos Are Actually On The Market?
Check out this Seattle condo data guys. I’m speechless.
See the map above that we designed to show you guys how few units there are on the market right now. It is absolutely insane. There are just 5 units in Capitol Hill, 10 in Queen Anne and 43 in Downtown Seattle.
If you don’t read the rest of this post, at least skim over the following bullet points:
- In 2017 Downtown Seattle monthly condo sales reached 44 units per month – the median sales price is up 60% since 2012
- Capitol Hill has just 5 condos for sale. In 2017, the Hill averaged 30 sales per month. Median price is up 97% since 2012
- Queen Anne has just 10 units for sale. In 2017, QA averaged 30 sales per month. Median price is up 116% since 2012
Let’s start with Capitol Hill:
In 2017, there were 363 condo sales. The highest amount of sales in the last 5 years. On average 363 sales, equates to a little over 30 sales per month for the year. The active condo inventory in Capitol Hill is just 5 units on the market – 5 condos for sale! So in a neighborhood that is use to absorbing nearly a sale per day, there are buyers competing for just 5 listings. Total.
As you can see below on this chart, the number of available homes for sale has plummeted. Condos available for sale are down nearly 35% over last year alone. What’s the conundrum? I’ll speak more to that later in the post.
Queen Anne experienced more sales over the previous year, but saw a 24% decline in condos for sale. Selling approximately 30 condos on average per month, given the currently inventory, Queen Anne has roughly 20 days of condo inventory given historic demand.
Finally, lets take a look at Downtown Seattle.
Downtown Seattle has just 43 homes for sale. Downtown usually absorbs 44 sales per month. While homes for sale have drastically declined, the median sales price has increased 60% since January of 2012.