Seattle condo March market report: median price is flat, but record number of condos go pending

The numbers for what the Seattle condo market did in March are out. We typically lead with the median price which is essentially flat, but the real headline here is that we saw more condos go under contract in March than we have in any month in the last ten years. You have to go all the way back to 2006 and 2007 to find months where more condos went under contract.

Here’s a deep dive into all the numbers.

In March buyers put 313 condos under contract a record number for the last ten years! If we look back to 2006, which is as far back as we have records, there were some months in 2006 and 2007 that had more than that go under contract, but really this is notable. Buyer’s appetite for condos is definitely back. Whether that is because covid is seemingly waning or because single-family houses are so expensive, is anyone’s guess.

We saw 382 new listings in March, a little more than last year’s 376, but definitely up from a typical year. Fortunately we all those sellers, the buyers are there.

Those new condos didn’t last long, the median days on market stayed flat at 6 days. This is the fastest condos have ever sold in Seattle!

At the end of March, there were 221 condos for sale.

Months of supply is a measure of how long it’d take to sell all the condos for sale. It is up a little from its recent low – in theory, it’d take just 24 days for all the condos in Seattle to sell if nothing new hit the market and sellers had reasonable prices.