Keller Williams Greater Seattle, Ben Kakimoto, Seattle Condo Agent

March 2014 Seattle Condo Market Update

By on April 10, 2014 in Feature, Market Updates with 0 Comments

Overall, March turned out to be a decent month for Seattle’s condo market despite the blip in the median sales price as unit sales velocity improved substantially.

The downtown core neighborhoods – downtown, Belltown, Capitol Hill & Queen Anne – saw their median sale prices drop last month, which lowered the citywide median by 2.56% year-over-year, and 11.6% from the prior month, to $285,000. Downtown/Belltown took the hardest hit, declining 14.7% from last year.

On the other hand, the outlying neighbohoods realized gains in their sale prices. Northwest Seattle (Ballard, Fremont, Green Lake), for example, increased 26.9% year-over-year.

And, while the one-month citywide decline of 11.6% from February to March seems significant…February’s condo median sales price of $322,500 was a 5-year high. I suspect will see it begin to trend back up during the next few months.

Seattle Condo Median Price Change March 2014
Seattle Condo Median Price March 2014

There were 326 pending condo sales transactions (properties with accepted offers during the month), reflecting a year-over-year and one-month increase of 6.5% and 30.9%, respectively. The 326 pending units last month was also the highest monthly total in the past 4 years.

Seattle Condo Pending Sales March 2014

The number of closed condo sales rose 41.8% to 207 units from the prior month, though that also reflected a year-over-year dip of 2.4%. Going forward, the closings for April should rise considerably given the number of pendings sales in March.

Seattle Condo Closed Sales March 2014

As we would expect, the for sale condo inventory has risen as we transitioned from winter to spring. Surprisingly, however, the 373 units for sale last monthly exhibited a one-month drop of 4.4%…though, a year-over-year bump of 4.8%.

With the reduced inventory and strong pending sales volume last month, the Seattle condo inventory supply rate reduced to 1.1-month of supply. That means, if no new listings comes on the market, it would take 1.1 months to sell out the current inventory. The months of supply is used to denote market conditions, with a 1-3 month supply being a seller’s market, a 4-6 month supply a normal/balanced market and 7+ months a buyer’s market.

Inventory supply will remain constricted until we start to see more constructon starts.

Seattle Condo Inventory Supply March 2014

Seattle Condo Market Activity March 2014
Seattle Condo Market Update March 2014

Source: NWMLS. Some figures were independently compiled by 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 Twitter and Facebook. .


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