Seattle condo February market report: median price moving back up and condos selling quickly
The numbers for what the Seattle condo market did in February are out.
The median price for Seattle condos (excluding new construction) in February was $490,000, up nearly $40,000 from January. As you can see above, the condo market peaked in 2018 and four years later, the market is finally improving. While I’m not surprised to see the median price moving up, it is a surprise that it jumped so much in one month, but when you see how fast condos are selling, it is clear the condo market is showing signs of life.
Here’s a deep dive into all the numbers.
In February 240 condos went under contract.
We saw 269 new listings in February, about the same as last year, but more than a typical year.
Those new condos didn’t last long, the median days on market declined to 6 from 32!
At the end of February, there were 177 condos for sale, just barely up from January’s 170.
Months of supply is a measure of how long it’d take to sell all the homes for sale. It is up a little from its all time low – in theory it’d take just 21 days for all the condos in Seattle to sell if nothing new hit the market and sellers had reasonable prices.