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Seattle condo April market report: median price still flat, but a lot of condos going pending

By May 5, 2022

Market Report

The numbers for what the Seattle condo market did in April are out. We typically lead with the median price which is again essentially flat, but the real headline here is that we saw more condos go under contract in March than we have in any month in the last ten years. You have to go all the way back to 2006 and 2007 to find months where more condos went under contract.

Here’s a deep dive into all the numbers.

While the median price is flat, the median price per square foot has been trending up, approaching a record high.

Sellers listed 364 condos for sale in April, down 8 from March, but about on par for the number of listings we’d see in an average April.

Buyers put 313 condos under contract in April, a record amount for the last 15 years (in 2006 and 2007 there were many months with more than 300 condos going pending).

Buyers continued to move quickly with the median days on market at 6 again.

With the number of new listings exceeding the number of condos going pending, it isn’t surpirsing to see that the number of condos for sale at the end of April is up.

Months of supply is a measure of how long it’d take to sell all the condos for sale. It is up a little from its recent low – in theory, it’d take a month for all the condos in Seattle to sell if nothing new hit the market and sellers had reasonable prices.

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