Seattle condo October market report: median price ticks up

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

The median price for Seattle condos (excluding new construction) in October was $486,250 up just slightly from $475,000 in September. But compared to last year, when the median price was $469,000 prices are up over $15,000.

My takeaway for buyers is that you have a pretty good selection and prices haven’t increased notably. For sellers, if you didn’t buy at peak (2018), it is a good time to sell, though if you wait a year or two you’ll likely get a higher price.

Here’s a deep dive into all the numbers…

Like the median price, the median price per square foot was also up, notably to a price we haven’t seen since 2019.

In October condo buyers put 271 condos under contract. So buyers are buying! We typically don’t see that many condos go under contract in the fall. Consider that last October, which was a particularly busy fall, we saw 206 condos go under contract while in 2019 it was 158.

Meanwhile, days on market moved up to 14 giving you a week more time to buy a condo than a single-family home.

The number of new listings we saw jumped up in September, which is what we expect after summer and the labor day long weekend, then settled down in October. In October we saw 300 new listings, again, a lot more than we typically see this time of year.

At the end of October there were 442 condos for sale.

Months of supply is the measure of how long it’d take to sell all the condos on the market. Months of supply stayed dropped slightly October, still making this a sellers market.