June Condo Market: Nothing For Sale, Lots Buying
I’m so sorry that I missed putting out a May report! No excuses. So here’s June’s report on the Seattle condo market.
The quick summary is that there is nothing for sale; inventory is at an all time low. Meanwhile buyers are definitely snapping up what is for sale; sales are almost as high as 2010. And prices, they’re continuing to climb off of the low they set in January.
Here’s the full details…
Median Sale Price Increased 3.1%
The median price for condos in Seattle was $270,000 in June, up 3.1% from $262,000 in May. Year-over-year median price is up 8.0% as at this time last year it was $250,000. The median sale price for $/sq. ft. was $313 in June down 1.3% from $317 in May but was up 4.0% from last June.
Sales Up 11.6%
There was 270 sales in June, up 11.6% from 242 sales in May. Last June there was 226 sales. When we look at the number of business days in June compared to May and take that into account, sales were up a whooping 22.2%.
Fewer Condos For Sale
On the last day of June there were 542 condos for sale. On the last day of May there were 575. This is a 5.7% decline. Last June there were twice as many condos, 1,096, for sale. There are way fewer for sale now! Which may explain why we’re all bored of what is out there. Perhaps sellers are waiting until next year because they’re anticipating even greater price gains?
Months of Supply at All Time Low
We’ve also seen the sale-to-list tick down after a long march up, to 97.8%.
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 prices will continue to creep up because of the lack of supply but as would-be sellers see the gradual increases in sales prices more folks will try and sell their places.
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..
