Seattle Condos On A Record Run, How Long Will It Last?
The Seattle condo market appears to be continuing its record run. I took a look at the April condo stats for Seattle condos – let me share a few of the details with you guys.
Let’s start with Downtown Seattle.
At this time last year, the median sales price was $575,000 for a Seattle condo. That rose 20% to $690,950 in one year. There were 54 sales last month compared to 43 sales in 2017. That is an increase of 26%. Here are a few others stats to consider:
- The cost per square foot rose 24% from $694psf to $863psf (this is a key metric that developers follow)
- There were 10 units that traded over $1m in April 2018 versus 4 in April 2017
- One key stat that declined was the time it took to sell a unit. On average, last month, it took condo sellers 44 days to sell their Seattle condo versus just 17 days in 17 in 2017. I suspect this number is skewed a bit because Gridiron (new construction project) had over 10 sales last month that finally closed. Many of which had been marketed for 100+ days
- The list to sale price ratio was nearly the same at just over 4% (this is the percentage calculation of how much a seller sells for after listing their unit at a particular sales price).
Other interesting stats from Capitol Hill, Queen Anne and Bellevue:
Capitol Hill is one of the hottest condo markets in all of Seattle. Year over year, there have been huge gains in just about every metric I follow. The median sales price is up 18%, the price per square foot rose 11% and the time it took to sell a condo fell from 15 days in 2017 t0 just 9 days in 2o18
Queen Anne saw the biggest increase in the median sales price out of all of the areas I cover. It rose a staggering 44% over last year! Meanwhile the time it took to sell a Queen Anne Condo dropped by 2 days and the cost per square foot rose double digits.
Downtown Bellevue saw a decrease in their median sales price and number of units sold but the average days on market dropped from 11 days in 2017 to just 7 days in 2018
In summary, it doesn’t take much research to see the trajectory of Seattle condo sales. The chart is moving from lower left to upper right. For those of you waiting for the right time and opportunity to buy, sadly, I think you will be leaving something on the table if you wait. Without new construction and new units added to our existing inventory, I find it very difficult to imagine the market pulling back or moderating at least in the short term.
I think sellers can expect a market that will continue to go up in the near term. When do you take advantage of the market conditions? Feel free to get in touch. I would be happy to help answer your questions. I’m at email@example.com
BTW, I took some personal travel in April – if you want to see some of the photos, follow me on instagram @jeffjreynolds