April’s performance figures released by the NWMLS exhibited further softening of Seattle’s condo market. The median price for Seattle condos (citywide) was $312,500, a .8% decrease from a year ago and a 5.3% decrease from March’s record high of $329,975.
The available condo inventory rose to 1,572 active listings April. Combined with slower sales activity the citywide inventory supply rate climbed to 7.2 months based on pending sales, which is the highest level we’ve seen in years.
An inventory supply rate based on closed sales is also commonly used. In that case, the citywide supply would stand at 4.2 months. I prefer using pending sales as it reflects the most current sales activity whereas closed sales reflect purchase activity that may have occurred up to 2 or more months in the past (e.g. closed sales in April likely went under contract in March and February).
I’ll post the graphs and charts later.
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