Keller Williams Greater Seattle

September 2014 Seattle Condo Market Update

By on October 11, 2014 in Feature, Market Updates, Real Estate with 0 Comments

The Seattle condo market remained stable last month. While seasonal trends reflected a slowing trend in the market place, prices and sales activity outpaced the same period last year. The citywide condo median sales price in September was $292,500, reflecting a one-month dip of 2.2% but a one-year improvement of 8.84%.

Aside from West Seattle, all Seattle neighborhoods reflected year-over-year increases in median sale prices, with Capitol Hill, downtown and NE Seattle realizing double-digit gains.

Seattle condo median price change sept 2014
Seattle condo median price Sept 2014

The available Seattle condo inventory for sale continued to constrict to 435 units last month, a one-month and one-year reduction of 1.8% and 18.2%, respectively. As a result, the inventory supply rate dipped to 1.4-months of supply. For the time being, this places Seattle in a stronger seller’s market. And, inventory will continue to dwindle as we move towards Fall. Note: this reflects move-in ready units and does not contemplate pre-sale properties.

Seattle condo market activity Sept 2014
Seattle condo inventory supply Sept 2014

Summer finished off strong with 302 Seattle condo unit sales (properties with accepted offers) last month, rising 1.6% over August and 11.7% over September of last year.

There were 234 closed condo sales in September, exhibiting a 9.4% bump over last September and a 2.1% slide from August. As we progress through the 4th quarter, we expect both the number of pending and closed transactions to curtail.

Seattle condo pending sales Sept 2014
Seattle condo closed sales Sept 2014
Seattle-condo-market-stats-Sept-2014

 

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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