Feb ’13 Seattle Condos: Prices Up 8%, Sales Up 11.3%, For Sale Down 4.8%
Here’s our report on what happened with Seattle condo market in February. Prices are up 8.0%, sales are up 11.3% and the number of condos for sale is down 4.8%. Compared to last year prices are up 33.9%, sales up 21.9% and the number of condos for sale is down 50.7%
Median Sale Price Increased 8.0%
The median price for condos in Seattle was $270,000 in February, up 8.0% from $250,000 in January making up some lost ground. Year-over-year median price is up 33.9%, as at this time last year it was $201,600. The median sale price for $/sq. ft. was $319 up from $304 in January and up from $270 a year ago.
Sales Up 11.3%
There was 167 sales in February, up 11.3% from 150 sales in January. If we look at the number of business days in January versus February, sales were up 28.0%. Last February there was 137 sales.
Fewer Condos For Sale
On the last day of February there were 337 condos for sale. On the last day of January there were 354. This is a 4.8% decline. Last February there was twice as many condos, for sale, 684. Its very surprising that inventory continued to decline in February. As we get closer to spring usually more people sell.
Months of Supply At All Time Low
Sale-to-List at 98.5%
Sale-to-list has bounced back up from last month.
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? I know one friend has given up their house hunt after a cute home they bid on in Wallingford sold for $50k over asking.
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.
