July saw an increase in condo inventory in the Downtown, Belltown & Pioneer Square areas from 89 to 131 active listings. Pending sales also increased 8.9% from 35 to 39. Interestingly, with the increased inventory, buyers had more choices and it resonated with them as the average days on market fell from 78 to 52 days. Additionally, 76% of newly listed units were sold within 20 days upon coming on the market (however, new construction presales listed in the MLS may have accounted for this).
The average sale price reduced slightly ($466,500 to $463,700) with the average sale price approximately 2% less than the list price. On the other hand, the median price increased 4% to $416,000. The total dollar volume of all closed sales dropped from $18,195,600 in June to $12,056,400 in July.
Source – NWMLS. Information deemed accurate but not guaranteed.
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