October 2012 Condo Market Report – Nothing for Sale
Here’s our report on what happened with Seattle condo market in October.
The quick summary is that prices are up 2.5%, sales are up 18.6% and the number of condos for sale is down 13.9%. But most notably there is only a two months supply of inventory.
Here’s the full details…
Median Sale Price Increased 2.5%
The median price for condos in Seattle was $278,750 in October, up 2.5% from $272,000 in September. Year-over-year median price is up 7.6%, as at this time last year it was $259,000. The median sale price for $/sq. ft. was $322 in October up 1.9% from $316 in September and up 16.2% from last October.
Sales Up 18.6%
There was 230 sales in October, up 18.6% from 194 sales in September. If we look at the number of business days in September versus October, sales were only up 3.1%. Last October there was 166 sales.
Fewer Condos For Sale
On the last day of October there were 472 condos for sale. On the last day of September there were 548. This is a 13.9% decline. Last October there were nearly twice as many condos, for sale, 885. It isn’t remarkable that inventory continues to decline as we head into winter but it is remarkable that it is at its lowest point since we started tracking it.
Months of Supply Keeps Dropping
I was surprised to see that months of supply is also at a record low.
Sale-to-List at 98.4%
With so many sales and so few condos for sale buyers don’t have much negotiating room.
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.
