Keller Williams Greater Seattle, Ben Kakimoto, Seattle Condo Agent

May 2017 Seattle Condo Market Update

By on June 12, 2017 in Market Updates with 0 Comments

May clocked in another solid month for Seattle’s frenzied condo market. Though, there were hints of a cooling off as we head into summer.

The citywide condo median sales price outpaced May 2016 by 22.24% but dipped from the previous month by 1.9% to $444,0000. Year-over-year, values rose through the city by double digits with the exception of Northwest Seattle (see table at bottom of post).

Seattle Condo median price change May 2017
Seattle condo median price May 2017

Buyers got a little bit of a respite in May as the number of Seattle condos for sale realized a one-month increase of 13% to 183 units, though that was still nearly 35% fewer compared to last May.

The limited number of new construction presale inventory continued to constrict with Nexus approaching the 80% sold mark with 300 units under contract and Gridiron notching more sales last month.

Seattle Condo market activity may 2017

The inventory supply rate, which is a metric to identify market conditions, rose slightly to 0.6 months of supply due to the bump in active listings.

A supply rate of less than 3 months is considered a seller’s market, between 3-6 months a normal market, and more than 6 months would be a buyer’s market.

Seattle Condo inventory supply May 2017

The fevered sales activity we experienced in spring plateaued in May with 319 pending sales transactions, which was on par with April and trailed last May by 16.9%.

Seattle condo pending sales May 2017

The number of closed sales transaction was unchanged from April at 313 units sold, and reflected a 17.2% improvement over the same period last year.

Seattle Condo closed sales May 2017

Seattle Condo Market Stats May 2017
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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