Seattle Condo Prices Increase 11.3% in May

Redfin today released new data on the Seattle Area market showing that for the city of Seattle condo prices increased 11.3% in May to $295,000, but were still down 4.8% year over year. Sales volume increased 10.6% to 240 sales from April to May, and 25.7% year over year.

Inventory Down 12.8% Month over Month

In May the number of condos for sale in Seattle declined 12.8% to 1,610 from 1,786 in April, inventory is also down 5.3% year over year.

Here’s the number of condos for sale in May by neighborhood.

# For Sale May ’10 Mo/Mo Change # For Sale May ’09 Yr/Yr Change
Ballard 73 -17.9% 73 0.0%
Belltown 186 -27.1% 231 -19.5%
Capitol Hill 182 -5.3% 206 -11.7%
Central District 45 -16.3% 35 28.6%
Downtown 454 -19.8% 517 -12.2%
First Hill 70 -13.2% 67 4.5%
Fremont 34 -19.7% 30 13.3%
Queen Anne 214 -4.6% 203 5.4%
South Lake Union 29 -22.0% 20 45.0%
West Seattle 156 0.6% 177 -11.9%

 
 
Sales Volume Up 10.6% Month over Month

Driven by the federal tax credit, May sales volume in Seattle neighborhoods generally increased with the exception of Fremont and Queen Anne.

Here’s the # of condos bought in May 2010 by neighborhood. Instead of showing the month over month increase which is skewed by the number of weekdays in May we’re showing the weekday rate of change for a better comparison in sales volume:

# Sold May ’10 Mo/Mo Weekday Rate Change # Sold May ’09 Yr/Yr Change
Ballard 14 109.5% 14 0.0%
Belltown 31 35.3% 16 93.8%
Capitol Hill 28 12.8% 24 16.7%
Central District 6 25.7% 7 -14.3%
Downtown 66 30.5% 47 40.4%
First Hill 9 371.4% 4 125%
Fremont 5 -34.5% 5 0.0%
Queen Anne 24 -10.2% 30 -20.0%
South Lake Union 10 16.4% 2 400%
West Seattle 27 117.6% 11 145.5%

 
 
Median Prices Increase 11.3% to $295,000

Not only did sales increase in May but the median price of condos did as well with the exception of Downtown and Queen Anne:

May ’10 Mo/Mo Change May ’09 Yr/Yr Change $/Sq. Ft.
Ballard $272,500 12.1% $317,450 -14.2% $312
Belltown $399,000 2.8% $382,000 4.5% $463
Capitol Hill $302,000 20.9% $289,975 4.1% $370
Central District $357,250 66.2% $420,000 -14.9% $296
Downtown $361,650 -2.3% $428,000 -15.5% $430
First Hill $289,000 101.7% $303,000 -4.6% $336
Fremont $261,500 14.9% $294,000 -11.1% $294
Queen Anne $247,500 -16.8% $326,750 -24.3% $348
South Lake Union $296,250 6.0% $345,000 -14.1% $369
West Seattle $337,500 34.1% $240,000 40.6% $312

 
 
For more color on sales in May check out our weekly series of recent sale posts.

What Does the Future Hold?

I suspect we’ll see activity decline in June since the bump in sales inventory last month was likely largely driven by the tax credit. However, inventory will increase as more people list their condo before summertime. Prices will remain flat.

What Do You Think?

Have you been shopping for a condo recently? What do you think of what’s available for sale? Made any offers? How did those go?

Redfin has a spreadsheet available if you want to dig into the data for for a neighborhood or city not included here (or for single-family home data.)

Disclaimer: I work at Redfin at running the marketing department. This is one of the projects I work on.

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About Matt

Matt , Urbnlivn's publisher, has a love for lofts with industrial features and new construction condos that is only eclipsed by his passion for outdoor sports and urban living. Phrases such as “polished concrete” and “exposed brick” are music to his ears. You can also find Matt on Twitter or skiing.

  • CG

    Matt: Clarification needed. You write, “Driven by the federal tax credit, May sales volume in Seattle neighborhoods generally increased . . . ” However, the the federal tax credit required home purchases to have a bindng, signed sales contract on or before April 30, 2010 (and to have closed on or before June 30, 2010). Does your reference to “May sales volume” mean binding signed sales contracts or closed sales? If the former, given the expiration in April of the tax perk, the big increases in May in both price and volume are really big news. Can you elucidate further re the salient difference of binding contracts vs. closed sales, and which reference your charts use. Danke.

  • http://twitter.com/mattgoyer mattgoyer

    My reference to May sales volume means closed sales. We generally see close times of between 30 and 45 days meaning people rushing to get under contract by April 30th would be closing primarily in May and June. I bet we see activity (touring, writing offers) decline in June and closed sales decrease more so in July.

  • http://www.granthammond.com/ Grant Hammond

    It's very nice to see the reduction in inventory more than the increase in price.