Keller Williams Greater Seattle

January Market Update

By on February 10, 2008 in Market Updates, Real Estate with 3 Comments

Seattle’s condo market continues to exhibit a state of flux. Last month the condo median price dropped .49% to $305,000 compared to January 2007, the first year-over-year decrease in over 24+ months. Compared to December, the median price was down 4.7%, though typically the median price in January is lower than December.

Seattle condo median price

As anticipated, the start of the new year brought sellers and buyers out of their holiday slumber. Sellers added 535 new listings in January bringing the total number of active listings to 1,298, a 15% increase over December. On the other hand, properties continue to sell well. The number of condos going under contract last month rose 8% over December but dropped 22% compared to the same period last year.

condo listings

The condo absorption rate, or inventory supply, climbed to 6.9 months. That is, if no new listings come on the market, it will take 6.9 months to sell off the inventory at the current rate of condo sales. Good news for buyers looking to take advantage of the softening market; not so good news for sellers wanting to sell. While I anticipate the inventory supply will continue to rise, there are some positive signs. The potential sale of Domaine will remove 91 units from the market and a number of proposed developments won’t be seeing daylight for some time to come. Additionally, should the conversion bill pass the state legislature this session, the city council is expected to pass a conversion cap which will give the market a little breathing room to normalize.

Seattle condo inventory supply

Inventory supply by neighborhood

January Condo Market Update

Seattle January Year over Year

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About the Author

About the Author: Ben Kakimoto is a condo marketing specialist and publisher of The Seattle Condo Blog. Ben's focus is urban residential properties in Seattle's metropolitan core. Contact Ben to learn more about the Seattle condo and loft real estate market. Find Ben on Google+, Twitter and Facebook. .

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There Are 3 Brilliant Comments

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  1. Tony says:

    You usually break down each months condo numbers by area but you didn’t this time. You consitently broke down price and sales across king county and for january you did not do so. Why?

  2. Ben_Kakimoto says:

    Added as requested. Just ran out of time earlier.

  3. Tony says:

    great, thanks again!

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