Keller Williams Greater Seattle

Seattle Condo Market Update – May 2016

By on June 8, 2016 in Market Updates with 0 Comments

May proved to be another solid month, if not a bit buoyant, for Seattle’s condo market in respects to sales activity and values.

The Seattle citywide median sales price for May was $363,228, reflecting an impressive 10.58% improvement year-over-year, but a 5.2% dip from April. Downtown exhibited the greatest YOY gain with a 42.4% increase while Northeast Seattle decreased 5.9% (see table at bottom).

Seattle Condo Median Price Change May 2016

Interestingly, the chart below shows the citywide median sale price slightly trending downward since February when it would typically rise through summer, so it’s bucking the cyclical trend. Though, that will be short-lived as soon as Insignia Phase 2 and Luma begin closing later this summer, which will spike the median as it did last July & August.

Seattle Condo Median Price May 2016

Seattle’s condo inventory continued to constrict and the effects may be greater than the numbers indicate. Per the NWMLS there were 281 Seattle condo units for sale in May, exhibiting a year-over-year and one-month reduction of 13.8% and 1.1%, respectively.

When contemplating the unlisted new construction supply at Insignia and Luma are shrinking at a considerable rate as their completion nears, buyers are facing even fewer available options.

Seattle Condo Activity May 2016

Seattle Condo Inventory Supply May 2016

The Nexus Condominium project realized exceptional results from their reservation event this month garnering reservations for approximately 65% of the units available. However, it is not likely to have an impact on the current market place in respects to inventory or sales as the project has yet to break ground and will not be completed until 2019 at the earliest.

There were 384 pending condo units in May (listings with accepted offers under contract), reflecting a one-month increase of 11%, though nearly 6% fewer than a year ago. Not surprising as we have fewer condos available than we did last year.

Seattle Condo Pending Sales May 2016

The number of closed Seattle condo sales dropped in May to 267 units, a year-over-year dip of 2.5% and 10.4% fewer than a month ago. This will reverse in a couple more months as closings begin at Insignia Phase 2 and Luma.

Seattle Condo Closed Sales May 2016

Seattle Condo Market Update Stats May 2016
Source: NWMLS. Some figures were independently compiled by SeattleCondosAndLofts.com and were not published by the Northwest Multiple Listing Service.
________________________
© SeattleCondosAndLofts.com

Seattle-condo-search

Tags: , , , , ,

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. .

Subscribe

If you enjoyed this article, subscribe now to receive more just like it.

Post a Comment

Your email address will not be published. Required fields are marked *

Top