December Condo Report: Everything Down
I’m way late in writing this up! In fact, I’ll need to write-up January numbers before the end of the week. Sorry about that.
Two week ago Redfin released data on what happened with the Seattle Area market in December. The data shows that for the city of Seattle the median condo price decreased 6.7% to $287,500, sales were down 20.9% to 124 sales and inventory declined 17.1% to 896 condos on the market at the end of the month.
Median Down 6.7%
The median price for condos in Seattle was $287,500 in December erasing November’s gain and bringing us back down to October prices. Year-over-year median price is down 0.9%. At this time last year it was $290,000.
Sales Down 20.9%
Not surprisingly sales were down in December as real estate buyers were likely not buying places around Thanksgiving.
How much were they down? They were down 20.9% to 124 sales from 150 sales in November. This is down 32.2% year-over-year. Last December there was 183 sales.
Inventory Continuing To Decline
As for how many condos are for sale, what we refer to as inventory, it decreased 17.1% to 896 and is down 16% year-over-year. Last year at this time there was 1,067 condos on the market. This isn’t too surprising. No one likes having people crawling around their house during the holidays.
Data by Neighborhood
Wondering what your neighborhood is 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?
My prediction for 2011 is that sales volume is going to increase but that prices will remain flat.
We’ve also seen the sale-to-list price stay flat at 95.3%. It was 94.9% in November.
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.)
Disclaimer: I work at Redfin and run the marketing team. This is one of the projects my team works on.
