Seattle Condo March market: light at the end of the tunnel gets brighter
The numbers for what the Seattle condo market did in March are in.
Last month we wrote that we thought there was a light at the end of the tunnel for condos and looking at the March data it seems as though that light is getting a little brighter as the median price for Seattle condos (excluding new construction), ticked up to $478,500. But scroll down, the real light is how many condos went pending in March.
It feels like if you have a condo to sell, now isn’t a bad time to sell it, but you need to be realistic on price. (If you bought in 2018, it will be harder to get your investment back.)
It is encouraging for condo sellers to see the median price moving up even though we saw more new listings in March than in any previous March in the last ten years.
And remarkably there wasn’t that many condos on the market at the end of March. Fall 2020 was tough for sellers with so much competition… (But great for buyers, lots of selection!)
We’re burying the lede here, look at how many buyers put a condo under contract in March. That’s a lot!