The Seattle Times ran a story a few days ago reporting that Belltown and Downtown new condos are filling up so I figured I'd dig a little deeper and share some data for SCR readers.
I included a quick year-over-year inventory analysis below. What's surprising is how inventory is now even lower than 2007 levels and less than 1/6 (!) of the peak in 2009.
While overall inventory is low, when you segment the market by price point, you see that it would take over 7 months to consume all the >$700K units on the market (6 months is considered a neutral / balanced level) so it's really demand for the sub -$700K units that are driving the scarcity.
Even though supply is getting tighter every year, prices haven't really moved up that much. In terms of units selling as a percentage of their asking prices, you see some upward movement but not a whole lot. However, we are seeing multiple offers in the lower price group from time to time which is a bullish sign.
By Wendy Leung with Seattle Condo Review. A guide to Seattle condos exclusively for buyers and sellers.