September Condo Market Report: Median Sales Price Increases
Surprisingly the median sales price for condos in Seattle ticked up to $448,000 in September from $426,500 in August. Typically we’d expect to see further softening in prices as we approach the end of the year. Though a median price in the $450s does put pricing at 2017 levels.
As expected the number of new listings increased in September, though not nearly as much as we were expecting, or have seen in other years. Perhaps sellers are recognizing that now is not a good time to sell and are holding out until 2020.
Even though we didn’t see many new listings, there continues to be a lot of condos for sale, especially relative to just a few years ago. And consider this doesn’t count all the brand new condos for sale that developers are holding back from the MLS.
With an abundance of condos for sale, it isn’t surprising that it is taking about a month to sell a condo.