June 2021 Seattle Condo Market Update
Summer started off briskly for Seattle’s condominium market with increasing sales velocity, rising prices and stagnant inventory.
The Seattle citywide condo median sales price rose 9.53% year-over-year (YOY) to $499,995, which also reflected a one-month increase of 5.7%.
That’s mostly the result of stronger sales in the condo dense areas of the downtown core including Queen Anne & Capitol Hill, as well as, Alki. See the table at the end of the post for MLS neighborhood area results.
The number of active Seattle condo listings for sale in the NWMLS inched up slightly over May to 611 units last month. However, that’s 8.5% fewer than we had a year ago.
The resale condo inventory has remained relatively flat. Seasonally, we would normally experience an increase in listings.
However, the actual number of condos for sale is quite a bit higher when taking into consideration the hundreds of construction units in the downtown area that are not publicly listed for sale in the NWMLS.
Looking at the table at the bottom of the post, the NWMLS data showed that condo listings decreased in downtown in June, which could lead to an incorrect interpretation that the market has tightened when it’s actually the opposite.
The condominium inventory supply rate remained relatively steady in June at 1.5-months of supply, keeping Seattle in a seller’s market environment. Condo buyers in the Ballard area, particularly, faced fierce competition in June as sales outpaced supply. Though, North Seattle as a whole was quite active.
With the exception of November 2020 noted below, Seattle’s condo market has been in a seller’s market since 2012 based on pending sales transactions.
The number of pending sales transactions remained on par with May, yet exceeded the number of sales compared to last June by 41.1% at 371 units.
By area, North Seattle, downtown and West Seattle exhibited robust sales activity.
Closed condo sales in Seattle skyrocketed in June to 346 units, reflecting a YOY increase of 101.2% and a one-month bump of 13.4%.
That, incidentally, was the highest number of monthly condo closings since October 2016.
The pandemic has brought about unique challenges for Seattle condo market, which struggled for much of 2020 and the early part of 2021, particularly in comparison to the single-family residence and townhome segments.
Fortunately, the spring season reflected a turn around and we’re now seeing a far more robust market place. Part of that is relatively low inventory (yes it’s higher considering the new buildings downtown), but we have not experienced the cyclical increase we normally have with the spring and summer months. The resale market has remained flat.
Continued low mortgage interest rates and the reopening of the state and businesses from the pandemic restrictions are also helping to fuel condo buyers.
For sellers who’ve been on the sidelines, the shifting condo market may benefit you as inventory stabilizes and values rise.
For buyers, the market has tightened slightly unless you’re looking for a new downtown condo. Throughout the summer you can expect greater competition and limited inventory.
Source: Northwest Multiple Listing Service. Some figures were independently compiled by SeattleCondosAndLofts.com and were not published by the NWMLS.
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