The condo market in Seattle continued to chug along in July. Condo unit sales activity remained steady with prices continuing to outpace 2012 levels.
The citywide median condo sales price in July was $282,000, a 12.8% year-over-year improvement, but a 5.9% one-month slide from June. Compared to July of last year, median sale prices rose throughout Seattle with the exception of Northeast neighborhoods, which dipped 17.7%. Capitol Hill reflected the largest YOY increase, up 28.2%.
Pending transactions (properties with accepted offers) rose 16.9% compared to the same period last year, but remained relatively unchanged from June at 298 units. Condo buyers continue to keep the Seattle market active.
The number of closed condo sales reflected a significant increase in July, up 26.2% over last year and 3.4% over June to 241 units, a 13-month high. We’ll probably see another month of so at this level as sales velocity typically tapers off after summer.
The available condo units for sale increased to 496 properties last month, remaining well below 2012 levels by 13.9%. While that’s a 2.7% bump over July, inventory will seasonally begin to drop after the summer high point.
As a result, Seattle’s condo inventory supply rate inched up slightly to 1.7-months of supply over June. Nevertheless, Seattle remains in a strong condo seller’s market environment, which isn’t likely to change in the near future.
Source: NWMLS. Some figures were independently compiled by SeattleCondosAndLofts.com and were not published by the Northwest Multiple Listing Service.
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