May 2017 Seattle Condo Market Update
May clocked in another solid month for Seattle’s frenzied condo market. Though, there were hints of a cooling off as we head into summer.
The citywide condo median sales price outpaced May 2016 by 22.24% but dipped from the previous month by 1.9% to $444,0000. Year-over-year, values rose through the city by double digits with the exception of Northwest Seattle (see table at bottom of post).
Buyers got a little bit of a respite in May as the number of Seattle condos for sale realized a one-month increase of 13% to 183 units, though that was still nearly 35% fewer compared to last May.
The limited number of new construction presale inventory continued to constrict with Nexus approaching the 80% sold mark with 300 units under contract and Gridiron notching more sales last month.
The inventory supply rate, which is a metric to identify market conditions, rose slightly to 0.6 months of supply due to the bump in active listings.
A supply rate of less than 3 months is considered a seller’s market, between 3-6 months a normal market, and more than 6 months would be a buyer’s market.
The fevered sales activity we experienced in spring plateaued in May with 319 pending sales transactions, which was on par with April and trailed last May by 16.9%.
The number of closed sales transaction was unchanged from April at 313 units sold, and reflected a 17.2% improvement over the same period last year.
Source: NWMLS. Some figures were independently compiled by SeattleCondosAndLofts.com and were not published by the Northwest Multiple Listing Service.
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