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July 2014 Seattle Condo Market Update

By on August 14, 2014 in Feature, Market Updates with 0 Comments

The Seattle condo median sales price took a little tumble in July even as unit sales activity increased. Last month, the citywide median sales priced dropped 7% from June to $287,225. Though, that was still an improvement of 1.85% from a year ago.

Seattle Condo Median Price Change July 2014
Seattle Condo Median Price July 2014

Compared to the prior month, all areas with the exception of the downtown area saw prices drop. However, year-over-year comparisons showed increases throughout Seattle aside from Capitol Hill and West Seattle (see chart at bottom).

The available condo inventory for sale dipped last month to 474 units, a 1.9% one-month and 4.4% year-over-year decrease, respectively. Overall, the Seattle condo inventory supply rate reduced to a 1.5-month supply. That means if no new condos come on the market for sale, at the current rate of sales (based on pending transactions), it would take 1.5-months to sell the current inventory. This rate is used as a barometer to indicate market conditions. A rate of less than 3-months is considered a seller’s market, 3-6 months is a normal market, and over a 6-month rate would be indicative of a buyer’s market.

Seattle Condo Market Activity July 2014
Seattle Condo Inventory Supply July 2014

The number of pending transactions (properties with accepted offers) increased slightly to 315 units, reflecting a 1.6% one-month and 5.7% one-year improvement in sales activity. Two areas seeing largest increases were downtown and NW Seattle, which was partly attributable to new condo sales at Insignia and the Vik.

Seattle Condo Pending Sales July 2014

The number of closed condo sales also rose 6.2% over last July to 256 units, an 11-month high, which also reflected a one-month bump of 5.7%. Both pendings and closed sales will likely begin to taper as we head towards autumn.

Seattle Condo Closed Sales July 2014

Seattle-Condo-YOY-July-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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