Seattle condo September market report: median price ticks up a touch
The numbers for what the Seattle condo market did in September are out.
The median price for Seattle condos (excluding new construction) in September was $475,000 up just slightly from $470,079 in August. But compared to last year, when the median price was $466,500 prices are up nearly $10,000. Definitely not comparable to the single-family market.
Here’s a deep dive into all the numbers…
Like the median price, the median price per square foot was also down.
In September condo buyers put 263 condos under contract. Surprisingly this was less than August when I would have expected to see more go under contract once buyers returned from their summer vacations. But 263 is still more than we saw last year, 229, and a lot more than in 2019, when we saw 170 go under contract.
Meanwhile, days on market moved up to 13 giving you nearly a week more time to buy a condo than a single-family home.
As buyers and sellers returned from summer holidays, more new listings hit the market after labor day.
At the end of September, there were 458 condos for Seattle, well below the 870 we saw last year, but last year was definitely an anomaly.
Months of supply is the measure of how long it’d take to sell all the condos on the market. Months of supply stayed steady in September still making it a seller’s market.