Keller Williams Greater Seattle, Ben Kakimoto, Seattle Condo Agent

January 2019 – Seattle Condo Market Update

By on February 8, 2019 in Market Updates with 0 Comments

Seattle Condo Market Update January 2019

Seattle condo sellers and buyers started off 2019 with gusto as sales activity outpaced January 2018 levels.

The one blip, unless you’re a buyer, was the dip in the Seattle citywide condo median sales price to $470,000, reflecting a 1.16% year-over-year and 6.0% one-month decrease, respectively. That said, three areas of the city did experience improvement in their median sale prices – downtown, Queen Anne and West Seattle (see table at bottom of post for more info).

Seattle Condo Median Sales Price Change January 2019

Seattle Condo Median Sales Price January 2019

Anecdotally, one trend was the movement of condos that had been sitting on the market well over 100 days (nearly half of the pendings) finally found new owners, at lower prices. That’s good, since new Seattle condo listings increased 221.6% over last January to 431 units.

Though, that number is sure to increase as we make our way from winter to spring. With the new year, however, buyers have flocked to the market reducing the overall inventory supply rate to 2.2-months, thus moving Seattle back to a seller’s market…at least for the time being.

Seattle Condo Market Activity January 2019

Seattle Condo Inventory Supply Rate January 2019

Buyers scooped up 197 Seattle condo units last month (pending transactions – listings with accepted offers), a one-year increase of 11.7% and 51.5% more than December.

Seattle Condo Pending Sales January 2019

The number of closed condo sales also rose in January to 120 units. That’s 17.7% more than a year ago, but fewer than we had last month by 23.6%. However, the bump in January pending sales will result in a higher number of closed sales for February.

Considering the lackluster second half of 2018, this is a phenomenal start to 2019. As we head toward our peak season, listings will increase and sales activity will continue to improve.

If you’ve been contemplating buying a condo, let our Seattle condo specialists help you succeed with our effective buyer strategies.

If you plan to sell your Seattle condo, you’ll need to rely on dedicated condo sales brokers more than ever to realize the highest returns. We can help you navigate through Seattle’s shifting housing market.

Closed Seattle Condo Sales January 2019

Seattle Condo Market Statistics January 2019
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