The August 2012 Seattle condo sales and inventory numbers are in. The most interesting takeaway in my opinion is below:
1. We've not seen inventory levels this low since 2007. Only 551 listings in August — lowest number of listings we've seen in years.
2. Year over year sales improved from 172 units to 200 units.
3. Now, here's the zinger. Even though there was 1/2 the supply and more buyers than the year before, the price…stayed the same. Median prices were almost identical ($249,975 this August versus $246,000 August 2011)!
I guess this just goes to show how weak of a position sellers are in and how cautious buyers are about price. More charts below.
Queen Anne/ Magnolia
Capitol Hill/ Madison/ Central