Condo November market report: perplexingly median price increases
The apparent headline for the condo November market report is that the median sales price increased again, this time to $500,000. Last November it was $450,000. I find this baffling as it seems like it is hard to sell a condo right now in Seattle! But when you look at the number of closed sales, we had 218 up from last year’s 170. I suspect the story is that due to the large amount of condo inventory, some are selling and for good prices, but most are languishing. We expect this story to continue until more folks head back into the office.
For condo buyers in November they saw 244 new listings (last November there were 156).
At the end of the month inventory declined to 811 condos for sale. Up 58% from the end of last November. Good news for buyers, you have more selection. Bad news for sellers, you have more competition.
Fewer buyers went under contract this November, 172, as compared to last November’s 184.