February Condo Report: Sales & Prices Up, Inventory Down
Since Redfin is going to release data on what happened with March real estate any day now I better get the report on February out… So, a month ago, Redfin released data on what happened with the Seattle Area market in February.
Here’s the numbers for the city of Seattle: the median condo price increased 7.6% to $305,500, sales were up 9.8% to 123 sales and inventory decreased 2.6% to 959 condos on the market at the end of the month.
Median Up 7.6%
The median price for condos in Seattle was $305,500 in February, up 7.6% from $285,000 in January. Year-over-year median price is basically flat at 0.2% as at this time last year it was $305,000.
Sales Up 9.8%
Sales rebounded in February from their big drop in January. There was 123 sales in February, up 9.8% from 112 sales in January. Though this is still below the 153 sales we saw in December. February 2010 there were 159 sales.
Inventory Continuing To Decline
Surprisingly the number of condos for sale declined. On the last day of February there was 959 condos for sale. On the last day of January there was 985. This is a 2.6% decline. In February 2010 there were 1,204 condos for sale. What is surprising about this is that as we move from the holidays to spring to summer you’d expect more condos to come up for sale.
Months of Supply Declines
After skyrocketing last month, the months of supply of condos has decreased and is back inline with where it has been for the last year.
We’ve also seen the sale-to-list decline to 95.7%. It was 96.1% in January.
Data by Neighborhood
Wondering what your neighborhood is doing? Check out Redfin’s spreadsheet with all the details. For many neighborhoods you’ll find 12 months worth of data.
What Does the Future Hold?
I took a quick peak at the March numbers that I’ll blog about likely on Wednesday. Here are the highlights, median sales price is way down, sales are up a bit, number of condos for sale is flat.
What Do You Think?
Have you been shopping for a condo recently? What do you think of what’s available for sale? Made any offers? How did those go?
Redfin has a spreadsheet available if you want to dig into the data for for a neighborhood or city not included here (or for single-family home and townhouse data.)
Disclaimer: I work at Redfin and run the marketing team. This is one of the projects my team works on.