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Seattle Condo Prices Increase 11.3% in May

By June 15, 2010

Market Report

Redfin today released new data on the Seattle Area market showing that for the city of Seattle condo prices increased 11.3% in May to $295,000, but were still down 4.8% year over year. Sales volume increased 10.6% to 240 sales from April to May, and 25.7% year over year.

Inventory Down 12.8% Month over Month

In May the number of condos for sale in Seattle declined 12.8% to 1,610 from 1,786 in April, inventory is also down 5.3% year over year.

Here’s the number of condos for sale in May by neighborhood.

# For Sale May ’10Mo/Mo Change# For Sale May ’09Yr/Yr Change
Capitol Hill182-5.3%206-11.7%
Central District45-16.3%3528.6%
First Hill70-13.2%674.5%
Queen Anne214-4.6%2035.4%
South Lake Union29-22.0%2045.0%
West Seattle1560.6%177-11.9%

Sales Volume Up 10.6% Month over Month

Driven by the federal tax credit, May sales volume in Seattle neighborhoods generally increased with the exception of Fremont and Queen Anne.

Here’s the # of condos bought in May 2010 by neighborhood. Instead of showing the month over month increase which is skewed by the number of weekdays in May we’re showing the weekday rate of change for a better comparison in sales volume:

# Sold May ’10Mo/Mo Weekday Rate Change# Sold May ’09Yr/Yr Change
Capitol Hill2812.8%2416.7%
Central District625.7%7-14.3%
First Hill9371.4%4125%
Queen Anne24-10.2%30-20.0%
South Lake Union1016.4%2400%
West Seattle27117.6%11145.5%

Median Prices Increase 11.3% to $295,000

Not only did sales increase in May but the median price of condos did as well with the exception of Downtown and Queen Anne:

May ’10Mo/Mo ChangeMay ’09Yr/Yr Change$/Sq. Ft.
Capitol Hill$302,00020.9%$289,9754.1%$370
Central District$357,25066.2%$420,000-14.9%$296
First Hill$289,000101.7%$303,000-4.6%$336
Queen Anne$247,500-16.8%$326,750-24.3%$348
South Lake Union$296,2506.0%$345,000-14.1%$369
West Seattle$337,50034.1%$240,00040.6%$312

For more color on sales in May check out our weekly series of recent sale posts.

What Does the Future Hold?

I suspect we’ll see activity decline in June since the bump in sales inventory last month was likely largely driven by the tax credit. However, inventory will increase as more people list their condo before summertime. Prices will remain flat.

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 data.)

Disclaimer: I work at Redfin at running the marketing department. This is one of the projects I work on.

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