Coming out of a fairly disastrous October, November’s Seattle condo market stats look a little better. The citywide Seattle median condo price was $263,500, an improvement over October by 5.4%, yet down 3.13% compared last November.
The number of closed sales in November dropped rather significantly to just 98 units throughout Seattle. That’s a 49.2% year-over-year drop and and a 21% dip from the prior month. Though, November 2009 closings were artificially high due to the October 31st tax credit contract deadline last year.
On the other hand, the number of pending transactions (condos going under contract) remained stable…151 pending sales compared to 153 last November. That also reflected a one-month improvement of 11.9% in Seattle condo sales. Hopefully, we can carry that momentum to finish out the year.
As seasonally expected, the number of active listings dipped to 1,197 units and will continue to decline until January.
The increase in sales last month, combined with the reduced number of listings, resulted in a more favorable inventory supply rate of 7.9 months, based on pending transactions. However, calculated with closed units, the Seattle condo inventory supply rate jumped to 12.2 months. Two very different numbers, though I’m more inclined to agree with the closed unit method. However, this is a citywide rate and actual market conditions will vary by neighborhood.
We should expect a slight dip in values with reduced inventory and fewer sales and closings to round out 2010.