April Market Report: Prices -3.2%, Sales +2%, Inv +3.4%
Here’s our report on what happened with Seattle condo market in April! The quick overview is that prices are down 3.2%, sales are up 2.0% and the number of condos for sale is up 3.4%. Compared to last year prices are up 13.3%, sales up 9.4% and the number of condos for sale is down 43.8%
Median Sale Price Declined 3.2%
The median price for condos in Seattle was $289,000 in March, down(!) 3.2% from $298,500 in March. Sorry, I can’t explain why it would decrease. Year-over-year median price is up 13.3%, as at this time last year it was $255,000. The median sale price for $/sq. ft. was $339 up from $335 in March and up from $305 a year ago.
Sales Up 2.0%
There was 257 sales in April, up barely 252 sales in March. If we look at the number of business days in March versus April, sales were actually down 2.7%. Last April there was 235 sales.
More Condos For Sale
On the last day of April there were 369 condos for sale. A slight increase from the last day of March when there were 357. Last March there was twice as many condos, for sale, 657 (don’t you wish you were shopping last year?).
Months of Supply Close to All Time Low
Sale-to-List at 99.8%
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?
The market is going to continue to be hot as the only new condo project on the horizon is Insignia, a $200 million project bringing us 338 condos but they won’t be here until late 2014 (read that to mean 2015).
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.