July Condo Market Report: Down, Down, Down

Here’s our report on what happened with Seattle condo market in July.

The quick summary is that prices are down 5.8%, sales are down 22.4% and the number of condos for sale is down 8.8%.

I’m not surprised that the number of condos for sale is down. It is summer after all. But I am surprised that sales are down but perhaps that is simply a response to the amount and quality of condos for sale and not a reflection of buyer sentiment.

Here’s the full details…

Median Sale Price Decreased 5.8%

The median price for condos in Seattle was $253,000 in July, down 5.8% from $268,500 in June. Year-over-year median price is down 0.8% as at this time last year it was $255,000. The median sale price for $/sq. ft. was $312 in July up 0.3% from $311 in June and up 6.8% last July.

July 2012 Seattle Condo Report Median Condo Sales Price1 July Condo Market Report: Down, Down, Down

July 2012 Seattle Condo Report Median Condo Sales Per SqFt July Condo Market Report: Down, Down, Down

Sales Down 22.4%

There was 211 sales in July, down 22.4% from 272 sales in June. Last July there was 172 sales.

July 2012 Seattle Condo Report Condos Sold July Condo Market Report: Down, Down, Down

Fewer Condos For Sale

On the last day of June there were 526 condos for sale. On the last day of June there were 577. This is a 8.8% decline. Last July there were twice as many condos, 1,029, for sale. It isn’t remarkable that inventory continues to decline as we head into summer since few people want to deal with selling during the best two weather months of the year.

July 2012 Seattle Condo Report Num Of Condos For Sale July Condo Market Report: Down, Down, Down

Months of Supply Ticks Up

July 2012 Seattle Condo Report Months of Supply July Condo Market Report: Down, Down, Down

We’ve also seen the sale-to-list tick up after a long run up, to 98.3%.

June 2012 Sale to List July Condo Market Report: Down, Down, Down

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.

  • http://twitter.com/petedin206 Pete D

    But the market is hot and if I don’t buy now I’ll be priced out forever….

  • phil

    With the way rents are going up, folks aren’t going to wait around another year or two to see if prices will come down 5% more.  If they got the money and find what they are looking for, they will make an offer.  That’s why you see folks bidding on the good one’s.  What’s left on the market is overpriced or junk (or both).

  • http://www.stevebartz.com/ Steve Bartz

    Great overview, but the axes on that first graph are seriously messed up.

  • http://twitter.com/mattgoyer mattgoyer

    Wow. Is it ever! I will correct it :). Thanks for the heads up. Don’t know how I missed that…

  • Anon

    “There was 211 sales in July, down 22.4% from 272 sales in June. Last July there was 172 sales. When we look at the number of business days in July compared to June and take that into account, sales were up 17.1%”Is there a week worth of holidays in July I missed?  The last I checked June and July had the same number of business days.

  • http://twitter.com/mattgoyer mattgoyer

    Good bust, looks like the Redfin calculation doesn’t take July 4th into account!