Keller Williams Greater Seattle

January 2010 Condo Market Update

By on February 9, 2010 in Feature, Market Updates, Real Estate with 0 Comments

The condo market results for January confirmed what many of us experienced last month – more buyers and sellers entered the market and sales activity picked-up. Pending transactions (properties going under contract) rose significantly in January, up 26.2% over December and 25.3% over last January. Closed sales increased 6.8% above the same period last year, but slowed compared to December, declining 10.1%, which is to be expected as fewer units went under contract during the holidays.

The citywide median condo price of $314,000 reflected a one-month improvement of 20.8% but declined 6.3% compared to last January. However, it was also the highest monthly median price since last January. The downtown/Belltown area noted the largest year-over-year decrease in median price, down 35.4%, which was mostly attributed to fewer high-end sales compared to January of last year (11 of 28 sales in January 2008 were over $1 million vs. only 4 of 35 last month, sliding the mid-point downward).

As expected, the number listings increased in January, up 19.2% above December and 2.2% more than last January. On the other hand, the improved sales volume reduced the inventory supply rate to 6.4 months. Overall, that’s still a buyer’s market, however, in the sub-$300,000 price range the supply rate has dipped below 3 months, closer to a seller’s market with constricted inventory.

With interest rates dropping below 5% again and the home buyer tax credit extension, the current momentum should continue through the next few months spurred by first-time condo buyers.






Source: NWMLS. Though some figures were compiled independently and were not published by the NWMLS.

Tags: , , , ,

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. .

Subscribe

If you enjoyed this article, subscribe now to receive more just like it.

Post a Comment

Your email address will not be published. Required fields are marked *

Top