Seattle condo market report: median price ticks up to nearly $500k

The numbers for what the Seattle condo market did in August are out and the headline is that the median price went up $17,500 to $499,500. This is in contrast to single-family pricing which has seen a rapid decline since the market peaked in May. The other thing to point out is that the number of condos that went under contract increased in August from July. Typically August would be a slow month, but clearly buyers were still looking for condos. Is a return to work giving the condo market some life even though interest rates are so high?

Here’s a deep dive into all the numbers.

In August we saw 270 new listings, down from 357 in July. August is typically a slower month for new listings with sellers and listing agents assuming so many buyers are out on vacation so this isn’t surprising.

Buyers put 237 condos under contract in August, surprisingly up from July, so buyers were busier than expected! Is a return to offices driving more people to buy condos?

The number of condos for sale at the end of August was 469, down from this year’s peak of 540 condos for sale at the end of July. I expect we’ll see a good number of new condo listings in September, which should drive this number up for at least a month before the market cools off for the holidays.

Median days on market jumped from 9 in July to 14 in August.

After a brief moment of condos selling for more than list price, the median percent of last list price to sale price is 100%.

The number of listings that closed in August was 224, up from 213 in July. I expect this will continue to trend up over the next couple months.

The months of supply, a measure of how long it’d take to sell all the condos for sale, declined due to buyers buying a lot of condos and not a lot of listings. I expect this might reverse course next month.