Keller Williams Greater Seattle, Ben Kakimoto, Seattle Condo Agent

April 2014 Seattle Condo Market Update

By on May 12, 2014 in Feature, Market Updates with 0 Comments

The Seattle condo market continued to move forward wtih April’s market figures exhibiting another strong and active month of sales.

The citywide condo median sales price improved to $298,000, reflecting a one-month and year-over-year increase of 4.6% and 3.65%, respectively. By NWMLS market areas, the Northeast Seattle neighborhoods saw the biggest one-year gain, up 21.7%, while Capitol Hill and West Seattle saw reversals of 5.2% and 14.8%, respectively, for the month of April compared to last year.

Seattle Condo Median Price Change April 2014
Seattle Condo Median Price April 2014

Condo inventory increased last month with 410 units for sale, up 9.9% from the prior month and 8.2% from the prior year. The Seattle condo inventory supply rate bumped up slightly from 1.1-months of supply to 1.4-months of supply, a fairly nominal change. Supply remains well below the demand and multiple offer situations are more of the norm these days.

Seattle Condo Market Activity April 2014
Seattle Condo Inventory Supply April 2014

Compared to last April, the number of pending sales transactions (properties with accepted offers) rose 5% to 292 units, though it trended down 10.4% from March. However, March was a bit of an anomaly reflecting an unusally high number of pending transactions, which was a 4-year high.

Seattle Condo Pending Sales April 2014

Due to the high number of pending sales transaction in March, the April closed sales volume improved to 229 units, registering a one-month increase of 10.6% and a year-over-year increase of 2.7%. Going forward, the number of closed sales units will dip in May given the decrease of pendings in April.

As we head towards Summer, we don’t expect the market to change much. It will remain a strong seller’s market with limited inventory, increasing instances of multiple offer bidding and rising sale prices. Fortunately for condo buyers, we are starting to see new inventory come on the market, at least from conversions in the near future, which may help ease demand.

For sellers, particularly those who had been sitting on the fence waiting the market out, it may be worth looking at selling your Seattle condo now.

Seattle Condo Closed Sales April 2014

Seattle Condo YOY Market Stats April 2014

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Source: NWMLS. Some figures were independently compiled by SeattleCondosAndLofts.com and were not published by the Northwest Multiple Listing Service.
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About the Author

About the Author: Ben Kakimoto is a Seattle condo and urban real estate marketing & listing specialist. Contact Ben to learn more about the Seattle condo and loft real estate market or about buying or selling a Seattle area condo. Find Ben on Google+, Twitter and Facebook. .

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