Seattle Condo Market Update – May 2015
Seattle’s condo market activity exhibited another strong year-over-year (YOY) showing in May, though it was tempered a bit compared to April’s condo sales sizzle.
The Seattle citywide condo median sales price rose 7% over last May to $328,475, but reflected a slight dip of 0.4% from the prior month. North and West Seattle showed the greatest YOY improvement with double-digit increases, while Queen Anne and the Downtown area were the only areas that declined.
The available Seattle condo inventory for sale (MLS listed) increased in May to 326 units, up 28 units from the prior month, though still 31.2% fewer than last year. And, the one-month rise was attributable of Luma’s pre-construction pre-sales, which added 28 units for sale to the MLS in May.
Overall, there are approximately 400 units available for sale that are not reflected in the NWMLS database, which are still-to-be completed units at Insignia, Luma and Vik.
As far as move-in ready resale properties, the market remains fairly tight with an inventory supply rate of 0.8-months of supply.
Seattle condo sales remained strong in May with 408 pending transactions. That’s a YOY increase of 24.8%, though a reduction of 13.6% from the prior month. That’s not unexpected as the market peaks at this time before plateauing through the summer, then tapering off in the fall.
Also of note, 78 units, or 19% of the pending sales last month were new construction pre-sales.
Closed condo unit sales also rose YOY, up 15.1% over last May and 9.1% more than April. Because of the drop in pendings last month there will be fewer closings this month, so going forward we’ll see closings begin to decline in number.
Source: NWMLS. Some figures were independently compiled by SeattleCondosAndLofts.com and were not published by the Northwest Multiple Listing Service.
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