Seattle condo market May report: median price “flat”, but pendings still strong
The numbers for what the Seattle condo market did in May are in.
The median price for Seattle condos (excluding new construction) in May was $470,000, a little down from April and moving in the opposite direction of the single-family home median price. This is counter to my prediction last month, I thought the median price would start to move up based on growing demand but weak supply of condos. Perhaps we’ll see it move up next month.
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. We were looking at a condo yesterday that is a short sale and another that is a foreclosure :().
The number of new listings declined for a second month in a row. I’m wondering if we’ll see a big spike of new listings in September that coincides with workers going back to the office?
Declining new listings generally means fewer homes for sale at the end of month. It will be surprising if September and October 2020 eclipse what should have been the busiest months of 2021.
Probably the most noteworthy chart for May is that pending sales, the count of how many condos went under contract was still high, though down slightly from the two proceeding months. Seeing this number above 300 tells me that buyers are not just out there, but they’re writing offers.
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. While it was very favorable for buyers at the end of 2020 that has turned around. It is also why I think the median price should be going up and I’m surprised that it hasn’t yet.