Seattle condo December market report: condo prices flat for years

The numbers for what the Seattle condo market did in December are out.

The median price for Seattle condos (excluding new construction) in December was $460,000, down $2,500 from November and down $20,000 from December 2021. Looking at the graph above, condo pricing has stayed effectively flat the last three years due to covid.

Buyers, if you’re in the market, pricing is fair for a downtown condo, there just isn’t much to choose from. However, I expect inventory to improve, it usually does so in March.

Sellers, there are buyers out there (see the pending chart below). If you didn’t buy in 2018, it isn’t a bad time to sell. If inventory stays low, your value may improve.

Here’s a deep dive into all the numbers…

In December 180 condos went under contract. That’s a record number for a December. Buyers are out there…

Meanwhile, days on market jumped to 17. Likely a result of the holidays, weather, etc.

The number of new listings we saw in December was 102 which is very typical for December.

At the end of December, there were 186 condos for sale. Definitely, a big draw down from the over 800 we saw in September 2020.

Months of supply is the measure of how long it’d take to sell all the condos on the market. Months of supply dropped again in December, still making this a sellers market.