June Condo Market: Nothing For Sale, Lots Buying

I’m so sorry that I missed putting out a May report! No excuses. So here’s June’s report on the Seattle condo market.

The quick summary is that there is nothing for sale; inventory is at an all time low. Meanwhile buyers are definitely snapping up what is for sale; sales are almost as high as 2010. And prices, they’re continuing to climb off of the low they set in January.

Here’s the full details…

Median Sale Price Increased 3.1%

The median price for condos in Seattle was $270,000 in June, up 3.1% from $262,000 in May. Year-over-year median price is up 8.0% as at this time last year it was $250,000. The median sale price for $/sq. ft. was $313 in June down 1.3% from $317 in May but was up 4.0% from last June.

June 2012 Median Condo Sales Price June Condo Market: Nothing For Sale, Lots Buying

June 2012 Median Condo Price per Square Foot June Condo Market: Nothing For Sale, Lots Buying

Sales Up 11.6%

There was 270 sales in June, up 11.6% from 242 sales in May. Last June there was 226 sales. When we look at the number of business days in June compared to May and take that into account, sales were up a whooping 22.2%.

June 2012 Condos Sold June Condo Market: Nothing For Sale, Lots Buying

Fewer Condos For Sale

On the last day of June there were 542 condos for sale. On the last day of May there were 575. This is a 5.7% decline. Last June there were twice as many condos, 1,096, for sale. There are way fewer for sale now! Which may explain why we’re all bored of what is out there. Perhaps sellers are waiting until next year because they’re anticipating even greater price gains?

June 2012 Num of Condos For Sale June Condo Market: Nothing For Sale, Lots Buying

Months of Supply at All Time Low

June 2012 Months of Supply June Condo Market: Nothing For Sale, Lots Buying

We’ve also seen the sale-to-list tick down after a long march up, to 97.8%.

June 2012 Sale to List June Condo Market: Nothing For Sale, Lots Buying

Data by Neighborhood

Wondering what your neighborhood or townhomes are doing? Check out Redfin’s spreadsheet with all the details. For many neighborhoods you’ll find 12 months worth of data.

What Does the Future Hold?

I suspect prices will continue to creep up because of the lack of supply but as would-be sellers see the gradual increases in sales prices more folks will try and sell their places.

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.) You can also checkout the spreadsheet I have for putting the graphs together.

Disclaimer: I work at Redfin..

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.

  • Dan Carpenter

    Good recap on the market and I can say that traffic is really increasing, but not offers (for me at least!) Sorry if this is inappropriate to post, but my wife and I have had her condo on the market for awhile. Good price & location, plus an assumable loan. While not as sexy as some you feature here, I think it is a pretty good deal! Let me know if you are interested: 
    http://www.redfin.com/WA/Seattle/3216-14th-Ave-W-98119/unit-103/home/32495

  • http://www.facebook.com/profile.php?id=1270148569 Tiffany Stevenson

    We continue to be patient and look, maybe more for a townhouse now than a condo. The time has helped us narrow down what we really want, which is great. MLS 379682 is a really beautiful place, but the layout just wasn’t going to work for us (and NO garage – boo).

    The rest of the country couldn’t imagine buying first, then selling, so I think we should consider ourselves very lucky.

    I suppose we could just stay in our house, but where would be the fun in that?

  • http://twitter.com/mattgoyer mattgoyer

    Good find on that townhouse. How did it slip past me?? Bummer that it has no garage. That’s (usually) the big plus about townhouses over condos.

  • http://www.facebook.com/profile.php?id=1270148569 Tiffany Stevenson

    My real estate stalker skills are well honed. :)

    MLS 381903 is also very nice but splitting up the main level with a sunken living room was a bad decision. Now the living room is too small and the dining area is too big, imho. Also, not sure why they chose to have the decks facing in instead of out. Odd. Otherwise, very nice finishes and space.

  • http://twitter.com/mattgoyer mattgoyer

    Was looking at that one this morning. Agreed on the sunken living room. Also I found it to be a little too contemporary (at least for my tastes :)).