Keller Williams Greater Seattle, Ben Kakimoto, Seattle Condo Agent

July 2017 Seattle Condo Market Update

By on August 10, 2017 in Market Updates with 0 Comments

Is it the seasonal summer slowdown or is the market starting to soften? Or a combination of both?

After 28 consecutive months of year-over-year (YOY) increases of the citywide median sales price, with all but two months by double-digits, Seattle experienced a dip in the YOY median.

The July 2017 citywide Seattle condo median sales price reduced by -0.65% YOY and -2.7% from the prior month to $462,000.

Seattle_Condo_Median_Sales_Price_Change_July_2017

But it’s not that simple, at least for the YOY figure. Insignia’s North Tower completed last year with approximately 115 closings in July. Excluding new construction sales the downtown/Belltown median sales price would have been $490,000 in July 2016.

Comparing resale July 2016 with resale July 2017 (an apples-to-apples comparison as there were no new construction closings last month), the downtown/Belltown YOY change in median sales price would have been +40.9% instead of -0.8%.

As a result, excluding new construction, Seattle’s condo median sales price would have been $387,000 last July. Therefore, resale-to-resale, we experienced a 19.4% increase of the YOY median sales price, which is a truer reflection of the market.

Overall, the citywide median has been relatively stable compared to prior years, which have exhibited greater fluctuation in values.

Seattle_Condo_Median_Sales_Price_July_2017

There was an uptick in active Seattle condo listings by 23.9% compared to June, though the 197 units for sale reflected 28.4% fewer listings than we had a year ago.

However, the inventory supply rate was on par with last July at 0.8-months of supply. That means, if no new listings come on the market, at the current rate of sales, it would take less than a month to sell out Seattle’s condo inventory.

This rate is a metric used to determine market conditions. An inventory supply rate of less than 3-months is considered a seller’s market. So, Seattle continues to remain a tight market for condo buyers.

Seattle_Condo_Market_Activity_July_2017

Seattle_Condo_Inventory_Supply_July_2017

The number of pending sales transactions (listings with accepted offers) reduced to 255 units, reflecting a YOY and one-month decrease of 24.1% and 18%, respectively. Though, seasonally, we expect sales activity to slow down from summer and onwards.

Seattle_Condo_Pending_Sales_July_2017

The number of closed Seattle condo sales also decreased to 252 units, 36.4% less than a year ago and 10.6% fewer compared to last month.

Seattle_Condo_Closed_Sales_July_2017

All neighborhood areas except the downtown/Belltown district realized YOY increases in median sales price with Queen Anne, Capitol Hill and NE Seattle all improving by double-digits. Though, as mentioned above, excluding new construction, downtown would have experienced an increase of 40.9%.

If you’re a owner contemplating selling, the current market condition and buyer demand presents a terrific opportunity to sell your Seattle condo. Want to know what your condo is worth?

If you’re a buyer, let us help you navigate through Seattle’s crazy housing market with effective strategies to beat out the competition to purchase your condo.

Seattle_Condo_Market_Statistics_July_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 Twitter and Facebook. .

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