The Seattle Condo Blog

Seattle’s condo market continues to improve. Last month’s market results reflected a bump in median price, increased sales volume and the lowest inventory supply rate since November 2007.

April market data suggests the Seattle condo market is beginning to show improvement with increased sales and plateauing inventory levels and prices.

The first quarter results confirm what most people already know about Seattle’s condo market - it continues to struggle. Citywide, the number of closed sales are down about 46% from first quarter last year while values have decreased 9.7%.

Sales activity picked up last month while the citywide median price and inventory supply rate held steady compared to February. Though, year-over-year figures show the market continues to underperform.

The Seattle condo market’s February results were underwhelming. From a record high $335,000 citywide median price in January, February came in at $274,000, the lowest level since June 2006.

The median Seattle condo price rose to $335,000 last month, a record high and an 9.84% increase over January of last year. Unfortunately, that was due to high-end unit closings in downtown (MLS area 701) rather than an overall market improvement.

Citywide, the 2008 median price for Seattle condos depreciated by just 0.9%, from $315,000 to $312,000. Most areas did see declines but a handful of neighborhoods realized healthy gains.

Bucking conventional wisdom December results turned out better than had been prognosticated. The median price rose to the second highest monthly level in 2008, the inventory supply continued to fall and more offers were went under contract.

Citywide, Seattle condo values held firm last month at $303,000. That’s up 5.4% from October and was relatively on par (-0.65%) to November 2007. Capitol Hill, North Seattle and West Seattle’s year-over-year values for November either saw a small increase or remained unchanged, while Queen Anne and Downtown realized declines. Year-to-date, the citywide [...]

The citywide condo median price was $287,450 last month, an 8.82% drop compared to October 2007 and the forth consecutive month-over-month decline. Inventory is down but the inventory supply rate is at one of its highest levels over the past decade.