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.