Seattle Condo Market Real Estate Stats
Updated December 5th, 2022
The numbers for what the downtown Seattle condo market did in November are out. The headline is that the median sales price dropped 15% month-over-month to $497,500! This rewinds us back to 2016 pricing. However, I don’t think the news is quite as bad as it looks as this is only based on 18 sales in November, the quietest November we’ve ever had.
The headline is that we’re surprised to see that the median price increased ever so slightly to $587,500. I would have expected to see the median price decline given where interest rates are at.
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 November the median condo sales price in Seattle was $497,500 down $90,000 from October’s $587,500. This is down 18.4% year-over-year as last October the median price was $600,005.
Downtown Seattle Condo Median Sales Price per Square Foot
Downtown Seattle Condo New Listings
How many new condo listings did we see in November in Downtown Seattle?
We saw 37 new condo listings in November in Downtown Seattle. This was down from 46 in October. It isn’t surprising to see new listings slow as fall settles in. September is usually the last busy month for new listings for the year and the rest of the year is pretty slow.
Number of Downtown Seattle Condos For Sale
How many condos were for sale in Downtown Seattle at the end of November?
There were 131 condos for sale on the last day of November, down from 143 for sale at the end of October. At the end of November 2021 there were 84 condos for sale, so inventory is up 56% year-over-year. But if you compare to a pre-covid year, say 2019, there were 108 condos for sale at the end of November 2019.
Downtown Seattle Condo Pending Sales Numbers
How many condos went under contract or pending in Seattle in October?
133 condos went pending in Seattle in October down from 150 in September. In October 2021 255 condos went pending, so this is a big year-over-year decline, but 2020 and 2021 were unusual years. That said, looking further back, this is the slowest October we’ve had in ten years.
Downtown Seattle Condo Closed Salesclosed
How many homes closed in Seattle in October?
18 condos closed in Downtown Seattle in November, down from 24 in October. Last year, 34 condos closed in October.
Downtown Seattle Condo Median Days on Market
The median days on market for a condo in Downtown Seattle increased to 34 in November from 32 in October. That will likely increase again in November and January.
Downtown Seattle Condo Median Percent of Last List Price
The median percent of the last list price 97.1%
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 3.9 from 4.1 in October. A balanced market is considered to be 3 months, so the condo market is getting closer to a balanced market.