Inventory surged this week with 16 new listings and only 2 pending sales. I’ll be keeping a close eye on this to see if the trend continues. That brings total inventory in the Downtown Seattle core to 154 active condos. If you strip out the new construction, there are just 128 units.
There were just 4 closed sales last week. That is certainly below pace, but I won’t read much into it. Here is why. Most contracts have 30 day closings. If you go back 30 days from today, that was right in the heart of the worst news for Covid-19. I’m not suggesting it isn’t relevant, but the next 3 weeks will be more important to watch. I’d like to see how many pending sales we see this week. I’ve noticed a big uptick in traffic on my current listings.
I love this listing that went pending at The Lofts. I’ve sold a number of units in the building over the last 5 years. It is a very cool building. The units have original timber beam ceilings, exposed brick and a cool little rooftop deck. There were 8 new listings that hit the market at Nexus. That brings the total of active listings in the building to 29 active sales. I feel thankful that I was able to sell the very first resale in the building. It would be a lot more difficult now with so many active units.
Hoping everyone had a great weekend! Have a great week.