Seattle Condo Market Report: Where Are The Sellers? (April 2011)
Yesterday Redfin published their report on what happened with the Seattle real estate market in April, Multiple Offers in a Declining Market? Yep, It’s Possible..
Redfin’s report is single-family housing specific so let’s dive into the condo numbers for the city of Seattle: the median condo price increased 7.3% to $276,000, sales were up 3.3% to 157 sales and inventory decreased 2.4% to 1,018 condos on the market at the end of the month.
I’m surprised more people aren’t selling and that more people aren’t buying as the weather sorta is getting better.
Median Increased 7.3%
The median price for condos in Seattle was $276,000 in March, up 7.3% from $257,250 in April. Year-over-year median price is up 0.7% as at this time last year it was $274,000. The median sale price for $/sq. ft. declined 5.8% to $308/sq. ft.
Sales Up 3.3% – Still Way Down From Last Year
There was 157 sales in April, up 3.3% from 152 sales in March. Last April there was 252 sales. But keep in mind that the tax credit was expiring pulling demand forward. 3.3% doesn’t seem like much, I’d expect it to be higher as we get closer to prime buying season. So when we look at the number of business days in April compared to March and take that into account sales were up 13.1% which seems better but still feels slow.
Condo Owners Aren’t Selling
On the last day of April there was 1,018 condos for sale. On the last day of March there was 1,043. This is a 2.4% decline as we move into the buying season. Last April there was 1,431 condos for sale. What is surprising is now that it is spring we’d expect to see more listings hitting the market. I wonder what is holding sellers back? Other than the big fact that everyone who bought in the last five years is underwater (I know I am!).
Months of Supply Declines
We’ve also seen the sale-to-list tick up slightly to 95.3%. It was 95.1% in March and 97.1% a year ago. So deals are still to be had if you and your agent push hard.
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 think prices are going to keep bouncing around where they are. I don’t think they’re going to go up much and don’t think they’re going to drop much. The good news for buyers are that mortgage rates are at a low point for the calendar year. Though I think buyers are frustrated with the inventory. There just isn’t much new stuff coming online and what is sucks. Of the 12 new condo listings I looked at (online) today only one was worth clicking on. I know for myself, as an owner of an extra condo, I can’t sell it for what I bought it for and I’m now able to rent it for 2007 rental rates which is really nice.
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? But to be honest, I’m more interested in hearing from condo owners who would like to sell. What’s holding you back? What will have to change for you to list your place?
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 and run the marketing team. This is one of the projects my team works on.