October Condo Report: Prices down 15.3%, Sales Down 29%

Last week Redfin released data on what happened with the Seattle Area market in October showing that for the city of Seattle the median condo price decreased 15.3% to $276,500 erasing last month’s 9.5% gain and then some. Median price was also down year-over-year, 11.1%.

SeattleCondoOctoberMedianPrice October Condo Report: Prices down 15.3%, Sales Down 29%

We were wrong about the number of condos sold, we thought sales would be flat this month but it in fact decreased 29% to 122 sales. We thought sales volume was stabilizing but apparently not!

SeattleCondoOctoberSalesVolume 2 October Condo Report: Prices down 15.3%, Sales Down 29%

As for how many condos are for sale, what we refer to as inventory, it decreased 5.8% to 1,204 and is down 7.0% year-over-year.

SeattleCondoOctoberInventory 2 October Condo Report: Prices down 15.3%, Sales Down 29%

Data by Neighborhood

Depending on how much skiing I do this weekend I’ll post a breakdown by neighborhood.

What Does the Future Hold?

As everyone gears up for Thanksgiving and Christmas sales will continue to decline, prices will also continue to decline in response to the declines we’ve seen in sales volume/demand, and fewer people will list their condos for sale.

Seeing as the months of supply, the measure of how many months it would take for all the current homes for sale on the market to sell, is increasing (homes are coming on the market faster than they’re selling), I don’t think things bode well for us condo-owners. For you condo-buyers, things are looking good :).

SeattleCondoOctoberMonthsOfSupply October Condo Report: Prices down 15.3%, Sales Down 29%

We’ve also seen the sale-to-list price deteriorate from 97.5% in June to 95.4% in October.

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 and townhouse data.)

Disclaimer: I work at Redfin and run the marketing team. This is one of the projects my team works on.

About Matt

Matt , Urbnlivn's publisher, has a love for lofts, floating homes and mid-century moderns.

For years Matt resisted becoming a real estate agent preferring to be an executive in the startup world but he recently caved in the spring of 2014 and became an agent.

You can also find Matt on Twitter or skiing.

  • http://pulse.yahoo.com/_KVYWOECQUGBKRUDYWI5U54XG74 David

    I actually signed the final papers and am getting the keys to my new Capital Hill/Madison Valley condo today. I think I scored a great deal that ended up being 65k below appraisal…with an incredibly low interest rate. I am going into this knowing we probably haven’t hit bottom yet, but I’m willing to accept that hit.

    Thank you Urbnlivn for all of the great information over the years, it really has made my condo searching/buying process easier.

  • phil

    With your low, low mortgage rate, you’ll be able to rent it out in the future and more than cover your costs. Enjoy your new condo. it’s better than paying a landlord every month.

  • Tiffany

    This is awesome news for me. I have been saving all year for a down payment and am almost ready to go condo shopping, most likely focusing on Capitol Hill.

  • Tiffany

    This is awesome news for me. I have been saving all year for a down payment and am almost ready to go condo shopping, most likely focusing on Capitol Hill.