Keller Williams Greater Seattle, Ben Kakimoto, Seattle Condo Agent

Seattle Market Update August 2018

By on September 8, 2018 in Market Updates with 0 Comments

Seattle Condo Market August 2018

It’s a buyer’s bonanza! Well, not quite yet but it we’re rolling briskly in that direction. For now, Seattle’s condo market is a bit of a contradiction, at least in August with skyrocketing inventory along with rising values.

The median Seattle condo sales price rose 6.21% year-over-year to $504,500. Though, compared to the prior month, it dipped 1.8%. With the exception of Northeast Seattle, all areas realized year-over-year increases in the median sales price, mostly by double-digits (see table at bottom of post).

That will start to reverse, however, given the rise in inventory and market seasonality as we progress through the second half of the year.

Seattle Condo Median Price Change Percentage August 2018

Seattle Condo Median Sales Price August 2018

Inventory rose an incredible 161% over the same period last year, reflecting 470 Seattle condo listings for sale last month. That was also 16.6% more than in July. Historically, we’d normally see inventory taper off by now.

With the spike in listings and tempered sales, the inventory supply rate increased to 2.2-months of supply. That’s significant for two reasons.

First, it is the first time in five years that the supply rate surpassed 2 months of supply.

Second, the supply rate is an indicator of market condition with a sellers market having 3 months of supply or less and a normal/balanced market between 4 to 6 months of supply. Last month, we were half way towards a balanced housing market.

That’s based on MLS listed properties. In reality, it’s a little higher as there are non-listed new construction units for sale that’s not accounted for in the officially published NWMLS statistics.

Seattle Condo Market Activity August 2018

Seattle Condo Inventory Supply Rate August 2018

The rate of sales slowed in August, which is not unexpected given the cyclical nature of the Seattle’s condo market. There were 210 pending sales transactions (listings with accepted offers), reflecting a one-year decline of 34.6% and a one-month drop of 11%.

Seattle Condo Pending Sales August 2018

As with pending transactions, the number of closed condo sales also declined, reducing 14% year-over-year and 9.4% from July.

While we would normally see sales activity taper off, there is a chance of an increase given the greater opportunities for buyers. If you’ve been on the fence, it might be time to reconsider jumping back into market.

Sellers, on the other hand, will need to adjust to a rapidly shifting market place. Fortunately, our team of experienced condo specialists can guide sellers through the market.

Seattle Condo Closed Sales August 2018

Seattle Condo Market Statistics August 201

Source: NWMLS. Some figures were independently compiled by SeattleCondosAndLofts.com and were not published by the Northwest Multiple Listing Service.
________________________
© SeattleCondosAndLofts.com

What's my Seattle condo worth

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