Seattle condo January market report: median price dips again

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

The median price for Seattle condos (excluding new construction) in January was $453,500, down $6,500 from December. The median price is now over $75,000 off its peak in May 2018. However, with the lack of inventory and increase in buyer interest, it feels like this spring, might be the spring where condo pricing goes up.

Here’s a deep dive into all the numbers.

in January 233 condos went under contract. That’s a lot for a January! Clearly buyers were active in December writing offers on condos.

Meanwhile, days on market jumped to 31 days. That’s hard for me to reconcile with how many went pending…

The number of new listings we saw in January was 222 which is about what we usually see in January.

At the end of December, there were 159 condos for sale bringing us back to 2016-2018 levels of inventory. Will be interesting to see how much more inventory we some come on this spring and if a lack of inventory drives prices up.

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 January, still making this a sellers market.