October 2012 Condo Market Report – Nothing for Sale

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

The quick summary is that prices are up 2.5%, sales are up 18.6% and the number of condos for sale is down 13.9%. But most notably there is only a two months supply of inventory.

Here’s the full details…

Median Sale Price Increased 2.5%

The median price for condos in Seattle was $278,750 in October, up 2.5% from $272,000 in September. Year-over-year median price is up 7.6%, as at this time last year it was $259,000. The median sale price for $/sq. ft. was $322 in October up 1.9% from $316 in September and up 16.2% from last October.

October 2012 Seattle Condo Report Median Sales Price October 2012 Condo Market Report   Nothing for Sale

October 2012 Seattle Condo Median Sales Price per SqFt1 October 2012 Condo Market Report   Nothing for Sale

Sales Up 18.6%

There was 230 sales in October, up 18.6% from 194 sales in September. If we look at the number of business days in September versus October, sales were only up 3.1%. Last October there was 166 sales.

October 2012 Seattle Condo Report Condos Sold1 October 2012 Condo Market Report   Nothing for Sale

Fewer Condos For Sale

On the last day of October there were 472 condos for sale. On the last day of September there were 548. This is a 13.9% decline. Last October there were nearly twice as many condos, for sale, 885. It isn’t remarkable that inventory continues to decline as we head into winter but it is remarkable that it is at its lowest point since we started tracking it.

October 2012 Seattle Condo Report Num of Condos For Sale1 October 2012 Condo Market Report   Nothing for Sale

Months of Supply Keeps Dropping

I was surprised to see that months of supply is also at a record low.

October 2012 Seattle Condo Months of Supply1 October 2012 Condo Market Report   Nothing for Sale

Sale-to-List at 98.4%

With so many sales and so few condos for sale buyers don’t have much negotiating room.

October 2012 Seattle Condo Sale to List1 October 2012 Condo Market Report   Nothing for Sale

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.

  • condobuyer

    I’ve been looking for about 6 months. And there’s only been 3 condos that I’ve considered putting an offer on (I’m looking exclusively in the downtown/queen anne/cap hill core area). There seems to be a lot of stuff that’s been listed for a long while, just sitting, and then something new will pop up and it’s gone 5 days later. I think pricing is a bargain right now compared to 4 or 5 years ago. I’m not in a hurry, so I’m waiting to find the right one. But inventory is just not there. There’s nothing new to see at all.

  • Fairinandlomas

    Hello, I just read your post and while I don’t know if our Penthouse Condo in Fremont (right in town) may be a right fit for you, but I thought I’d share here. We decided to currently list on our own for a while to provide more room for negotiating the price in place of currently working with an agent. We are likely to bring an agent back in the New Year, but for NOW will be trying to sell on our own for a while. It’s a wonderful Unit, unlike anything else you will find in the area, with an enormous deck for additional outdoor living, views of Mt. Rainier and the Olympic Mountain Range and in the popular neighborhood of Fremont, around Lake Union, near to Queen Anne, Downtown, all within minutes. http://www.youtube.com/watch?v=6vELmfd8gJ0