October proved to be another stellar month for Seattle’s condominium market as prices continued to soar and sales held steady.
The citywide condo median sales prices rose to $368,000 last month, up 22.99% year-over-year and 1.8% over September. That included the higher valued new construction units that closed at Insignia. When adjusting median sale prices to reflect comparable year-over-year resale units, values still rose a healthy 17.6%.
Amazingly, prices rose throughout the city with double-digit year-over-year increases with the exception of NE Seattle, which managed a 1.2% gain. NW Seattle improved 45.7%, Downtown rose 34.8%, Capitol Hill and Queen Anne were up 30.7% and 26.9%, respectively for the month (see chart at bottom).
Inventory leveled off with 305 Seattle condo units for sale in October, nearly 20% fewer than last October. The inventory supply rate held at 1.1-months of supply reflecting a tight seller’s market, which won’t change much until we see more condo development.
Presently, only five developments remain under construction that have 2016 and 2017 delivery dates: Insignia Phase 2, LUMA, Vik, Hyde and Gridiron.
There were 277 pending sale transactions in October, which was 4.2% fewer than a year ago and 12.3% fewer than the prior month, indicating a slowing of the market place.
The number of closed condo sales increased over last October by 4% to 259 units. That’s 10.6% fewer than last month, though seasonally, sales will trend down for the remainder of the year.
Buyers will continue to face limited selection options, though with fewer buyers in the market during the fall that may reduce competition and multiple bids until the market picks up again in the spring.
For sellers, the holiday season historically reflects slower sales activity and plateaued values.
Source: NWMLS. Some figures were independently compiled by SeattleCondosAndLofts.com and were not published by the Northwest Multiple Listing Service.