The Seattle Condo Blog

Third quarter results showed no Earth shattering revelations about the market - prices and sales are down.

Seattle’s condo median price for Q3 2008 was $305,000, down 5.3% from the same period last year. The number of closed sales fell 51.1% while total dollar sales volume dropped 53.3% to $193,339,000.

Year-to-date, the citywide median price remains unchanged at $315,000, though the number of closed sales are off 40.1% compared to the same period last year. So far, prices during the first part of the year were high enough to offset the price declines we’re now seeing. Though, by the end of year I anticipate a decrease in the annual median price figure.

Official August figures from the NWMLS haven’t been released yet, though a review of sold condo properties for the month points to a year-over-year median price decrease of approximately 2.2% and about a 4% increase over the prior month. These figures may change due to a lag in end of the month reporting of sold properties.

If the figures hold, it’ll reflect the fifth monthly year-over-year citywide condo median price decrease so far this year, which isn’t surprising. Condo list prices have taken a hit this year.

Throughout 2008 we’ve seen a rising inventory supply rate (even with recent declines in the number of active listings) and fewer properties being sold (42% drop in YTD sales), resulting in a buyer’s market. Yet, despite the wide fluctuations in monthly sales activity and median prices, overall, Seattle condo values have remained on par with 2007…so far.

Looking at year-to-date values, the citywide aggregate median price for the first eight months this year was $315,000. By comparison, the median price for the same period last year was $314,950, essentially unchanged.

The market has softened quite a bit over the past few months and that’s likely to continue. Going forward, especially through the characteristically slower part of the season, we’ll probably see a downward, though nominal, movement in the aggregate median price.

Data reflects YTD median price through August 31, 2008.

Data Source: Provided, but not computed, by the NWMLS.