January 2013 Condo Market Report
Here’s our report on what happened with Seattle condo market in January. Prices are down 9.7%, sales are down 13.7% and the number of condos for sale is down 7.0%. The yearly summary is that prices are up 22.0%, sales up 25.8% and the number of condos for sale is down 51.0%
Median Sale Price Decreased 9.7%
The median price for condos in Seattle was $250,000 in January, down 9.7% from $277,000 in December giving up most of the gain from November to December. Year-over-year median price is up 22.0%, as at this time last year it was $205,000. The median sale price for $/sq. ft. was $305 up from $301 in November and up from $253 a year ago.
Sales Down 13.7%
There was 151 sales in January, down 13.7% from 175 sales in December. If we look at the number of business days in November versus December, sales were down 21.2%. Last January there was 175 sales.
Fewer Condos For Sale
On the last day of January there were 345 condos for sale. On the last day of December there were 371. This is a 7.0% decline. Last January there was twice as many condos, for sale, 704. Its a little surprising that inventory declined in January. I thought that after the holidays some folks would get their place on the market early in the selling season so that they had less competition.
Months of Supply Still Low
Sale-to-List at 97.0%
I was surprised to see sale-to-list decline so much month over month. No idea why!
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?
Inventory should increase in January as people fulfill that new years resolution of finally selling their place. And all the places that were taken off the market for the holidays will re-appear.
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.