June Condo Report: Prices +5.8%, Sales -20.7%, Inv -3.6%
Here’s our report on what happened with the Seattle condo market in June! The quick overview is that prices are up 5.8%, sales are down 20.7% and the number of condos for sale is down 3.6%. Compared to last year prices are up 9.3%, sales down 18.3% and the number of condos for sale is down 25.0%.
Median Sale Price Up 5.8%
The median price for condos in Seattle was $295,000 in June, up 5.8% from $278,725 in May. Year-over-year median price is up 9.3%, as at this time last year it was $270,000. The median sale price for $/sq. ft. was $356 up from $332 in May and up from $311 a year ago.
Sales Down 20.7%
There was 219 sales in June, down a lot from the 276 sales in May. If we look at the number of business days in June versus May, sales were only down 8.8%. Last June there was 268 sales.
Inventory Down 3.6%
On the last day of June there were 461 condos for sale. A decrease from the last day of May when there were 478. Last May there was 615 (don’t you wish you were shopping last year?).
Months of Supply Increasing!
Sale-to-List at 100.5%
For the first time, in a longtime, condos are now selling for more than asking.
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). There is also two condos coming to Ballard.
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.