Seattle condo May market report: median price at record high

The numbers for what the Seattle condo market did in May are out and I am surprised to see that the median price had a $46,000 jump to set an all-time high at $531,000! This just beats the last all-time high of $529,000 set in May of 2018.

Here’a deep dive into all the numbers.

Mirroring the median price, dollars per square foot jumped and is now essentially tied with the all-time high it set in early 2018.

Sellers listed 381 condos for sale in May, up from April but commenserate with May 2018 and May 2019, but above the earlier part of the decade. Usually May is the busiest month of the year for new condo listings so we should see fewer new listings for the rest of the year.

Buyers put 285 condos under contract in May, down from the 302 that went under contract in April. I would have expected this to be higher…

Buyers continued to move quickly, the median days on market was 6 days.

We finished May with 338 condos for sale. This is up 66 listings from April.

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 a month for all the condos in Seattle to sell if nothing new hit the market and sellers had reasonable prices.