Seattle condo market August report: median price cooling
The numbers for what the Seattle condo market did in August are out.
The median price for Seattle condos (excluding new construction) in August was $464,500 below this year’s high of $488,250 and below the all-time high of $529,000 in May 2018. This is making it a good market for buyers but a tough market for sellers who bought three or four years ago and would be taking a loss if they sold today.
Besides price, the most remarkable chart for condos has been and continues to be the number of condos going under contract each month. Even in August, a month we’d expect to be slower due to summer vacations, a large number of condos went under contract. It is interesting to see so many buyers purchasing while many companies have no plans to return to offices yet.
Not surprisingly, we saw fewer new listings in August, a month when listing agents typically tell sellers to wait until September to list due to buyers being out on vacation.
At the end of August there were 433 condos for sale which is well above what we’ve seen in hot years like 2015 through the first half of 2018.
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.