May Market Report: Prices -4.7%, Sales -13.3%, Inv +17.3%
Here’s our report on what happened with Seattle condo market in May! The quick overview is that prices are down 4.7%, sales are down 13.3% and the number of condos for sale is up 17.3%. Compared to last year prices are up 1.4%, sales down 8.9% and the number of condos for sale is down 25.3%.
If you had asked me I would have guessed prices would have been up, sales up, and inventory flat-ish. So it is hard to predict what the market is doing these days! (So don’t as me for advice.)
Median Sale Price Declined 4.7%
The median price for condos in Seattle was $274,750 in May, down(!) 4.7% from $288,250 in April. Sorry, I can’t explain why it would decrease. Year-over-year median price is up 1.4%, as at this time last year it was $271,000. The median sale price for $/sq. ft. was $342 up from $340 in April and up from $305 a year ago.
Sales Down 13.3%
There was 215 sales in May, down a lot from the 248 sales in April. If we look at the number of business days in April versus May, sales were actually down 17.1%. Last May there was 236 sales.
Inventory Up 17.3 – More Condos for Sale!
On the last day of May there were 460 condos for sale. A nice increase from the last day of April when there were 392. Last May there was fifty percent more condos, for sale, 616 (don’t you wish you were shopping last year?). Nice to see more people putting their condos on the market.
Months of Supply Increasing!
Sale-to-List at 99.7%
Don’t expect a bargain! Condos are selling for almost exactly list price.
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?
The market is going to continue to be hot as the only new condo project on the horizon is Insignia, a $200 million project bringing us 338 condos but they won’t be here until late 2014 (read that to mean 2015). There is also rumors of a condo coming to Ballard. We will hopefully find out more next week!
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.