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.
Sales Down 22.4%
There was 211 sales in July, down 22.4% from 272 sales in June. Last July there was 172 sales.
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.
Months of Supply Ticks Up
We’ve also seen the sale-to-list tick up after a long run up, to 98.3%.
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.