Seattle Condo Market Real Estate Stats
Updated February 2023
The numbers for what the downtown Seattle condo market did in January are out. The headline is that the median price, after a few big months of losses has bounced back to $667,500 putting us back to mid-2022 pricing. The thing to keep in mind right now is that there just aren’t that many sales of downtown condos so the median price is pretty volatile!
Area: Downtown, Belltown, Denny Triangle, Pioneer Square, International District (excluding new construction)
Downtown Seattle Condo Median Sales Price
What was the median condo sales price in Downtown Seattle?
In January the median condo sales price in Seattle was $667,500 up $112,500 from January’s $555,000. This is up 2.8% year-over-year as in January 2022 the median price was $649,000.
Downtown Seattle Condo Median Sales Price per Square Foot
Downtown Seattle Condo New Listings
How many new condo listings did we see in January in Downtown Seattle?
We saw 42 new condo listings in January in Downtown Seattle. This was up from the meager 14 we saw in December, so a nice improvement! But buyers should expect many more listings to hit the market in the coming months, so be patient.
Number of Downtown Seattle Condos For Sale
How many condos were for sale in Downtown Seattle at the end of January?
There were 82 condos for sale on the last day of December, down one from 83 for sale at the end of December. At the end of January 2022 there were 52 condos for sale, so inventory is up 58% year-over-year. But if you compare to a month just before covid, there were 64 condos for sale at the end of January 2020.
Downtown Seattle Condo Pending Sales Numbers
How many condos went under contract or pending in Seattle in January?
29 condos went pending in downtown Seattle in January up from 17 in December and 15 in November so to some degree, buyers are back. In January 2022 44 condos went pending.
Downtown Seattle Condo Closed Salesclosed
How many homes closed in downtown Seattle in January?
17 condos closed in Downtown Seattle in January, down from 15 in December. Last year, 26 condos closed in January.
Downtown Seattle Condo Median Days on Market
The median days on market for a condo in Downtown Seattle skyrocketed to 60 in January, up from 29 in December. I’m not surprised to see this dramatically increase given how few condos buyers have been putting under contract.
Downtown Seattle Condo Median Percent of Last List Price
The median percent of the last list price 96.7%
Seattle Condo Months of Supply Inventory (Pending)
Months of supply, a measure of how long it’d take to sell all the homes for sale if no new homes hit the market was down to 2.5 from 2.6 in December. A balanced market is considered to be 3 months, so interesting to note that we were at a balanced market but straying from that, likely due to low inventory (potential sellers don’t want to list and take a loss?)