November Condo Market Report: Prices Down, Sales Up
We’re a little late on our November report, but let’s just be glad we did one :).
Let’s dive into the condo numbers for the city of Seattle: the median condo price decreased 6.9% erasing last months gain of 6.0% to $235,000, sales were up 10.7% to 166 sales and inventory decreased 11.4% to 764 condos on the market at the end of the month.
Median Sale Price Decreased 6.9%
The median price for condos in Seattle was $235,000 in November, down 6.9% from $252,500 in October. Year-over-year median price is down 23.2% as at this time last year it was $306,000. The median sale price for $/sq. ft. stayed the same at $285 for the second month in a row but was down 20.4% from last November. I’m a little surprised to see how much prices have fallen over the last year and that sales are up when usually they slow.
Sales Up 10.7%
There was 166 sales in November, up 10.7% from 150 sales in October. Last November there was 145 sales. When we look at the number of business days in November compared to October and take that into account, sales were up a more modest 5.6%, but I’m just glad to see that year over year more people are buying.
Fewer Condos For Sale
On the last day of November there were 764 condos for sale. On the last day of October there were 862. This is a 11.4% decline. Last November there were 1,137 condos for sale, a 32.8% decline. There are way fewer for sale now! Which may explain why we’re all bored of what is out there.
Months of Supply Dwindling
We’ve also seen the sale-to-list tick up ever so slightly to 96.5%, continuing its trend upward over the past year. Deals are likely harder to get because sellers are more realistic when they put their place on the market. (It was 96.3% in October and 96.3% a year ago.)
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?
Last month I predicted that sales would decline, clearly I was wrong! Perhaps we’ll have another strong month. I suspect prices will continue to be soft. The good news for buyers are that mortgage rates are at a record low.
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 and run the marketing team. This is one of the projects my team works on.
