August 2014 Seattle Condo Update
The Seattle citywide condo median sales price recovered a bit in August after a tumble in July, increasing to $299,000. That reflected a one-month and year-over-year gain of 4.1% and 0.5%, respectively.
Last month, the north Seattle areas experienced the largest year-over-year gains, while downtown and Capitol Hill exhibited a decline. However, all areas except downtown reflected month-over-month improvement in sale price values.
The number of available Seattle condos for sale, excluding pre-sale new construction units, reduced in August to 443 properties, a -6.6% one-month and -18.6% one-year drop. There were 100 fewer properties for sale in August compared to the same period last year, which is quite a dip. Though, the condo inventory supply rate remained at 1.5-months of supply. As we head towards Autumn and Fall, the inventory will seasonally constrict further.
The number of pending and closed sales also declined in August from the prior month, however, sales activity typically slow down at the end of summer. Pending sales (properties going under contract) reduced -5.7% from July to 297 unit, though that did reflect a 21.2% year-over-year increase. The number of closed condo sales fell to 239 units in August, a one-month and one-year drop of -6.6% and -9.8%, respectively.
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Source: NWMLS. Some figures were independently compiled by SeattleCondosAndLofts.com and were not published by the Northwest Multiple Listing Service.
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