Condo Market Report – Median Sales Price Increases from May
The median sales price for condos in Seattle increased $15,000 from $480,000 in May to $495,000 in June, though it is still below last June’s median price of $520,000. Notably, the median price per square foot decreased.
The number of new condo listings in June was substantially less than the number of new listings we saw in May when we would have expected a similar number of new listings for each month. I suspect what happened is that given how weird last year was, listing agents advised sellers to get on the market early this year as last year the market collapsed after the May long weekend.
It is going to be interesting to see how many new listings we see in the back half of the year because if sellers really did focus on the first half of the year, we may see inventory start to decline. Right now, it is up just a bit from May.