Keller Williams Greater Seattle, Ben Kakimoto, Seattle Condo Agent

March 2018 Seattle Condo Market Update

By on April 12, 2018 in Market Updates with 0 Comments

Seattle Condo Update March 2018

Spring has sprung in Seattle’s condominium market with values and closed sales outpacing March of last year.

The citywide condominium median sales price rose 21.53% year-over-year to $527,450, which was down 1.4% from the all-time high set just last month. Most neighborhood exhibited increased median sales prices, many by double-digits, with the exception of West Seattle, which saw a 3.6% decline (see table at bottom of post).

Seattle Condo Median Sales Price Change Percentage March 2018

Seattle Condo Median Price March 2018

While rising values may dampen some buyers’ outlook, one encouraging market factor is the number of active Seattle condo listings for sale, which rose to 186 units, reflecting a 12% year-over-year and 13.4% one-month increase, respectively.

Even with more condos for sale, however, the inventory supply rate remained unchanged at 0.7-months as sales activity also improved.

The supply rate, based on pending sales transactions, identifies the current housing market environment. A supply rate of less than 3 months of supply is indicative of a seller’s market. Between 4-6 months is considered a normal market while more than 6 months would be a buyer’s market.

The last time Seattle buyers experienced a buyer’s or even a normal market condition was back in 2011. As long as our economy remains strong, and until there is legislative changes to the Washington Condominium Act, we’ll remain in a seller’s market for the foreseeable future.

Seattle Condo Activity March 2018

Seattle Condo Inventory Supply March 2018

The number of condos under contract (pending sales transactions) improved 16.1% over February as we’d expect with spring, but it also reflected a decrease of 7.5% compared to last March. Although sales have seasonally increased the market is under-performing relative to the same period last year.

Seattle Condo Pending Sales March 2018

The number of closed Seattle condo sales rose 8.2% year-over-year, and 50.6% more than the prior month, to 238 units. That number, however, included 50 new construction units that closed at the just completed Gridiron Condominium in Pioneer Square.

Excluding new construction, the number of closed resale condo units exhibited a year-over-year dip of 14.5% and a smaller one-month increase of 19%.

Seattle Condo Closed Sales March 2018

As we continue through spring into summer, the market will pick-up and will provide Seattle condo buyers with more options, though with increased competition and higher prices.

On the other side of the fence, Seattle condo sellers can continue to reap the benefits of the tight market place. And, contemplating the average 18% increase in property taxes this year, it could be just the time to sell.

Seattle Condo Market Stats March 2018
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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