Lowest Seattle Condo Inventory in Years…Prices Not Budging

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. 

                                        Belltown/ Downtown

                                      Queen Anne/ Magnolia

                               Capitol Hill/ Madison/ Central

(Information from Northwest Multiple Listing Service. They are deemed reliable but not guaranteed.)

By Wendy Leung with Seattle Condo Review: A guide to Seattle Condos and Seattle Belltown Condos exclusively for buyers and sellers.