Seattle condo July market report: median condo price down to $486,000
The numbers for what the Seattle condo market did in July are out and the headline is that the median price is now down nearly $40k from its peak price this year of $525,000 in May. But prices are up 2.7% year-over-year.
Here’s a deep dive into all the numbers.
In July we saw 357 new listings a steep decline from June’s 453 new listings, but it is still more than we normally see in July.
Buyers put 221 condos under contract in July. So just slightly less activity than June when buyers put 236 condos under contract.
With the number of new listings (357) exceeding the number of condos that went under contract (221), it is surprising that the growth in the number of homes for sale at the end of the month was so modest – at the end of July there were 533 condos for sale versus 487 at the end of June.
After median days on market held steady at 6 days for February through June, it finally ticked up to 9 days in July.
With the inventory of condos for sale growing, and buyers’ interest waning due to higher rates, it isn’t surprising that the months of supply, a measure of how long it’d take to sell all the condos for sale, is increasing. But we’re still not in a balanced market! (A balanced market is considered to be 3 months, which we haven’t seen in ten years!)