Condo Market Report –
In their reporting on the market last month, the Seattle Times didn’t really touch on condos at all, so let’s take a look.
The median price for May was $562,440, an increase over April’s $526,250 but down from last May’s $607,590.
Why is March’s median price so high? A penthouse sold for $12m and a place at the Four Seasons sold for $9m. So perhaps better to look at dollars per square foot:
Like we saw with single-family homes, there were a lot of new listings – 462, the most new listings in a month in 9 years! And that 462 isn’t including a lot of the new inventory as most new condo buildings don’t list all their units on the MLS.
But like with single-family homes, the market absorbed a lot of those new listings, but we still have a lot of condos for sale.