September 2014 Seattle Condo Market Update
The Seattle condo market remained stable last month. While seasonal trends reflected a slowing trend in the market place, prices and sales activity outpaced the same period last year. The citywide condo median sales price in September was $292,500, reflecting a one-month dip of 2.2% but a one-year improvement of 8.84%.
Aside from West Seattle, all Seattle neighborhoods reflected year-over-year increases in median sale prices, with Capitol Hill, downtown and NE Seattle realizing double-digit gains.
The available Seattle condo inventory for sale continued to constrict to 435 units last month, a one-month and one-year reduction of 1.8% and 18.2%, respectively. As a result, the inventory supply rate dipped to 1.4-months of supply. For the time being, this places Seattle in a stronger seller’s market. And, inventory will continue to dwindle as we move towards Fall. Note: this reflects move-in ready units and does not contemplate pre-sale properties.
Summer finished off strong with 302 Seattle condo unit sales (properties with accepted offers) last month, rising 1.6% over August and 11.7% over September of last year.
There were 234 closed condo sales in September, exhibiting a 9.4% bump over last September and a 2.1% slide from August. As we progress through the 4th quarter, we expect both the number of pending and closed transactions to curtail.
Source: NWMLS. Some figures were independently compiled by SeattleCondosAndLofts.com and were not published by the Northwest Multiple Listing Service.
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