August 2012 Seattle Condo Market Update
The August Seattle condo market numbers are in and it’s more of the same of what we’ve been experiencing throughout the year – reducing inventory, strong sales activity and fluctuating sale prices.
The citywide median condo sales price of $249,975 reflected a 1.62% increase over the same period a year ago and remained flat from the prior month. Moving forward through the second half of the year we’ll likely see the median sales price trend down.
The velocity of Pending sale transactions (properties under contract) is slowing down, but still improved 16.4% compared to last August to 242 units. That’s down slightly from July and will probably continue to cyclically reduce heading into the autumn and fall seasons.
The number of closed condo sales rose 16.3% over last year and 4.7% over July to 200 units.
The 551 active condo properties for sale last month reflected a 6.5 year inventory low. Currently, 18% of the inventory is distressed (short sale or bank-owned), which represented 26.5% of the closed sales last month.
The Seattle condo inventory supply rate remained flat for the third consecutive month at 2.3-months of supply based on pending transactions, keeping the city in an active seller’s market. The closed transaction rate dipped to a 2.7-month rate. Condo inventory supply hasn’t been this low since early 2006 during the height of the bubble.
Source: NWMLS. Some figures were independently compiled by SeattleCondosAndLofts.com and were not published by the Northwest Multiple Listing Service.
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