Seattle condo market June report: median price increases to $489,000
The numbers for what the Seattle condo market did in June are out.
The median price for Seattle condos (excluding new construction) in June was $489,000, up from May’s $468,000 and remarkably the highest median price we’ve seen since 2018. We’re not surprised to see the median price move up, it seems like buyer interest in condos is increasing and we’re seeing more bidding wars (just 2-3 offers as opposed to the 5-10+ you’d see on single-family homes.) Sellers who have been on the fence about selling now have a little more motivation to sell, and buyers hoping to get a deal, the window to get a deal may be closing.
Besides price, the other remarkable chart for June is that the number of condos going under contract increased to 322 marking four months where more than 300 condos went under contract in a month. Looking at the chart below you can see that doesn’t happen very often.
Fortunately for condo buyers, the number of new listings increased to 400. Again, that doesn’t happen very often so buyers had a good selection of places to choose from.
At the end of June, there were 480 condos for sale across Seattle, on pair with the last few months.
Months of supply is the measure of how long it’d take to sell all the condos on the market. Months of supply has been declining as buyers snap places up. Interesting to note that months of supply for condos will likely continue to decline while we expect it to increase for single-family homes.