May 2026 Seattle Condo Market Recap
It may seem counter intuitive given our current marketplace – the Seattle condo median sales price increased last month. The headlines and the NWMLS’ published condo stats show a decrease, but not’s not the complete picture. However, unit sales plummeted and the number listings increased in May.
Condo Selling Prices Rise…really
According to the NWMLS May statistics, the Seattle citywide condo median sales price was $566,500. That reflected a year-over-year (YOY) and a month-over-month (MOM) decrease of 1.2% and 1.5%, respectively.
However, that is based on the NWMLS’ overly broad categorization of condominiums. It presently include property types that are not commonly associated with condos, which due to their number and higher price points impact Seattle condo statistics.
These non-traditional condos include single-family dwellings that have been “condoized”, accessory dwelling units (ADU), detached accessory dwelling units (DADUs) and townhomes, which generally are larger, newer and more expensive. Other non-traditional condos include storage units, parking spaces and boat moorage. These comprised 29.2% of condo sales and had a median sales price of $799,000 in May, reflecting a one-year decrease of 3.2%, but a 16.6% increase from the previous month.
Excluding these non-traditional condos, the median sales price of the typical condo unit in a multi-unit building or complex in Seattle was $480,000 last month.
Traditional condo units exhibited a 2.9% YOY and a 2.1% MOM increase in their median sales price.
Will that last, probably not. But, it provides clarity to the traditional condo marketplace.
For NWMLS neighborhood activity and sales results, please see the table at the end of the post or click here.
Listing Inventory Climbs
Seattle condo inventory increased as expected given our seasonal marketplace. Seattle ended the month with 1,144 units in the NWMLS listed for sale. That’s 7.2% more than the prior month and 5.6% more than the same period last year. Though, the true number is a little higher since new developments only list a couple of units at a time rather than all the units available in the project.
Yet, there were actually fewer new listings coming to market in May. We started the month with 1,067 units and sellers added an additional 492 units throughout the month for a total of 1,559. The number of new listings coming to market was down 10.2% compared to last May and 6.5% from the prior month.
Of the 1,559 units available in May, 415 came off the market due to sales, being cancelled or expired, were rented out instead, or for other reasons. That left 1,144 at month’s end.
Overall, the increase in inventory had less to do with new listings (as they decreased) but mostly due to the lack of sales. That impacted the inventory supply rate which pushed up to 5.1-month’s of supply based on pending transactions, the highest it’s been since July 2011. And, I suspect, it may continue to rise.
The inventory supply rate categorizes the current market environment. A rate of less than 4-month of supply is considered a seller’s market. A rate between 4 to 7-months is a normal or balanced market. And, a rate more than 7-months would be a buyer’s market.
With that said, Seattle is comprised of micro-markets. Thus, a buyer or seller’s experince will vary based on location / neighborhood, type of property and price point. For example, the Ballard market (Northwest Seattle) had a 2.6-month supply rate last month, which technically, is a seller’s market. Downtown / Belltown had a 9.3-month rate, placing it firmly in a buyer’s market.
Although not great, it’s not the doom and gloom as portrayed in news outlets and social media posts. Rather, it’s returning to normalcy with a balanced marketplace. Seattle, on paper, has predominantly been in a seller’s market since 2012 so we had become accustomed to low inventory and rising prices. So, it’ll take time adjusting to the challenges and opportunities it presents for sellers and buyers alike.
Non-traditional condo listings currently comprise 18.9% of the inventory as of this writing.
Condo Sales Go a Tumbling
One of the primary factors for the rising inventory was the slump in condo sales in May. Compared to last May, condo sales (pending transactions) dropped 17.8% to 226 units. That also reflected a one-month decrease of 7.8% from the previous month. Fewer sellers listed in May, but then even fewer buyers bought.
Take your pick on the pressures impacting the market – mortgage interest rate, tougher condo mortgage underwriting requirements, instability in the workforce (especially the tech sector that fuel condo sales), and national and global political affairs. Faced with uncertainty some buyers have taken a pause.
Fewer pending sales transactions mean fewer closings. Seattle had 208 closing in May, a 3.3% one-year and 2.3% one-month decrease. This will continue to trend downwards unless buyers return to the market.
In Summary
Seattle’s condo marketplace and activity statistics are misrepresented given the way the NWMLS broadly defines condominiums. Sellers and buyers looking at a studio, one- or two-bedroom condo should not rely on the published statistics that are increasing skewed with the inclusion of single family houses and high-end townhomes.
Based on the published numbers in May, reports indicate the Seattle condo market is challenged. And, it is. However, looking at traditional condos, the market faired a little better last month with improvements in median selling prices. But, that is unlikely to be a trend and as we head into the second half of the year when the market cyclically softens.
Going forward, sellers will encounter differing dynamics based on price level and location. Outlying neighborhoods where there are fewer traditional condos and limited supply, will fair better. They may experience shorter selling times and better selling price to list price ratios. On the other hand, sellers around the downtown core may need to buckle in for longer selling time and fluctuating prices.
Buyers have a great opportunity to take advantage of the current marketplace. They presently have more choices and a stronger negotiating position, but don’t expect fire sale deals. The market is dependent on price level and location.
Seattle Condo Market Statistics May 2026
Source: Northwest Multiple Listing Service. Some figures were independently compiled by Seattle Condos And Lofts and were not published by the NWMLS.
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