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Home / Market Report / Seattle condo market April report: median price flat, but pendings way up

Seattle condo market April report: median price flat, but pendings way up

By May 14, 2021

Market Report

The numbers for what the Seattle condo market did in April are in.

The median price for Seattle condos (excluding new construction) in April was $475,850, a little down from March. But I expect that when the May data is out that we’ll see the median price increase. It feels like in the last week or two that the Seattle condo market has turned a corner. This is likely a result of the impending return to offices. And you can see in the data below that the combo of more buyers buying condos, but fewer owners selling, is going to result in prices going up. Though I expect that as prospective sellers see their neighbors places selling at higher prices than they expected, that they’ll sell as well, which will keep a lid on prices.

For buyers, if you’ve been waiting to buy, now is a good time. Prices will likely only raise as people return to offices. Sellers, now isn’t a bad time to sell, but you need to be realistic on price. (If you bought in 2018, it will be harder to get your investment back.)

I’m a little surprised to see that the number of new listings that hit the market decreased in April.

The lack of new listings and many condos going pending resulted in fewer condos for sale at the end of April than in months past.

Why am I so sure the condo market is back? This pending chart, which shows the number of condo units that have gone under contract by month, shows a marked increase in interest by buyers in condos. The last time we saw this many condos go pending was August 2007 (!), a month or two after the market in that era peaked.

The months of supply graph below also gives you a hint that prices should be going up. (Months of supply is a measure of how long it would take to sell all the homes on the market if no new homes hit the market).

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