March Condo Report: Prices +8.2%, Sales +47%, Inventory -7%

Here’s our report on what happened with Seattle condo market in March. Prices are up 8.2%, sales are up 47.0% and the number of condos for sale is down 7.0%. Compared to last year prices are up 22.4%, sales up 37.2% and the number of condos for sale is down 49.1%

Median Sale Price Increased 8.2%

The median price for condos in Seattle was $295,000 in March, up 8.2% from $272,750 in February. Year-over-year median price is up 37.2%, as at this time last year it was $241,000. The median sale price for $/sq. ft. was $337 up from $324 in February and up from $288 a year ago.

Sales Up 47.0%

There was 247 sales in March, up a whooping 47.0% from 168 sales in February. If we look at the number of business days in February versus March, sales were up “only” 40.0%. Last March there was 180 sales.

Fewer Condos For Sale

On the last day of March there were 334 condos for sale. On the last day of February there were 359. This is a 7.0% decline. Last March there was twice as many condos, for sale, 656.

Months of Supply At All Time Low

Sale-to-List at 98.6%

Sale-to-list held steady. I suspect it’ll climb as all we hear about are crazy multiple offer situations and showings within thirty minutes of listing.

Data by Neighborhood

Wondering what your neighborhood or townhomes are 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 suspect that for the foreseeable future we’ll see condos selling within a week of hitting the market. If you have a condo to sell, now would be a good time to sell it!

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.) You can also checkout the spreadsheet I have for putting the graphs together.

Disclaimer: I work at Redfin.