Good morning team. I’m seeing some signs of life in the Seattle condo market this week. I’m going to provide a quick update below.
First and foremost, I’m starting to see pending sales rise. For the first time in 5-6 weeks the pending sales outpaced our new listings. This is a positive sign for the absorption of existing Seattle condo inventory. When I checked on inventory this morning the market added another 3 pending sales. That means there were 23 pending sales over the last 7 days. Just 19 new listings during that time.
See below for a look at the active inventory in the Downtown core – this is an update I run once per month. It gives you a detailed look at the active condo inventory in the Downtown Seattle market.
As you can see, we have 230 units on the market. 48 of those units are recently completed or new construction. The average days on market is 71 days – just short of 3 months.
The average sales price for a Downtown Seattle condo is $1,139,627.
So how does Downtown Seattle sales compare to Capitol Hill, Queen Anne and Bellevue? Good news – we create those stats as well. These stats are month over month. So, for the month of June, see how the Downtown Seattle market compared to the other 3 major condo markets.
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Btw, did you see the 360 degree condo tour I posted this weekend? Check it out!