Northwest MLS just released May 2009 stats. As you may recall in April, we had pending sales up almost 50% from March. How did May pan out?
Total Inventory
Inventory levels continue to shrink by double digits (17.09% less property put out for sale) over the same period last year. There were a total of 1,378 active condos in Seattle last month, compared to May 2008 when there were 1,662 condos on the market.
Pending sales
Pending sales in Seattle performed quite similar to same period last year (a small drop of -0.76%). However, compared to the previous month, we saw pending sales jump by ~18%.
Closed sales
As for closed sales, they were about two third of last year's level with 141 condos closed in May 2009. Compared to last month, we saw ~40% more closings than April 2009.
Median Prices
Median prices for closed condos are down by 5% from a year ago at $304,000 but moved up by ~13.4% versus April of this year.
Months of Inventory
Months of inventory for May based on closed sales comes to 9.7 months to clear it out but based on pending sales (contract accepted but not closed yet) it comes to about 5.3 months.
Both pending sales and closed sales in a nupward trend. Inventory stable…
All signs pointing to a turnaround.
I have to say that I am shocked that the Seattle condo market is doing so well. I just finished a very similar analysis in Nashville and just assumed that most major cities very suffering similar fates. Wish I was selling in Seattle right now!!
Again, excellent Seattle blog!!
Your blog is full of good information! As a homeseeker (condos) in Seattle and online solution provider for Real Estate agents and brokers, your blog seems to be very informative and make me seriously consider getting a condo. I will let you know if I ever need to consult about the condos! Hopefully that time comes soon. =)
Wow! Seattle is turning around a bit. The signs look good. My area, Bergen County New Jersey has also experience some good activity.
Yes, at lower prices, but if you prices it right, you will get multiple offers.
Wendy, the graph paints a very different picture from the prose following it … closed sales and median prices are probably most significant w.r.t a rebound, and both are down year-over-year, especially closed sales at -33% or so. Median prices, though, are definitely faring well (all things considered) being down only 5% yoy … very surprising to me. In contrast, Seattle area home prices in general (not just condos in “Seattle proper”) went down 16% yoy according to the latest Case Shiller index, which is based on March ’09 numbers.
I wish Case Shiller included Seattle in its condominium index!
I think Year-over-Year comparisons are not gonna be helpful since the market took such a dive year over year. In this market, I’d recommend focusing on current to previous month as the key trend to watch.
The median condo price was $249,000, down 16 percent from last June