As we move into the last quarter of the year, let’s examine the numbers. Overall for the month of October, inventory in Seattle remains higher than same time last year by 76.15% with a total listings of 1,573 condos. Median closed price is still holding up at 10.61% higher than Oct 2006.
Pending sales have slowed down for Capitol Hill/Madison Park/Central and Queen Anne/Lake Union/Magnolia areas by 9.52% and 38.71% respectively versus the same time last year. The Belltown/downtown area on the other hand is showing an increase in pending sales by 42.86% compared to a year ago with more than half of the pending sales coming from new construction condos. However, median closed price in Belltown/downtown area dipped by 19.66%, this is due to a higher number of lower price range condos sold last month compared to a year ago.
Many industry experts argue that with the low interest rates and the increase in the month of inventory, this last quarter presents a good opportunity for home buyers.
Moving into a the slower season with Thanksgiving around the corner and many buyers deferring their searches till next year, market activity will most likely slow down for the rest of the year.
September update
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