Finally, inventory in the Seattle condo market moved up to match demand in May 2013!
We saw a nice boost for listings (from 379 in April to 470 in May).
This combination of boosted supply and fairly flat demand resulted in a slight dip in median prices by 10% overall with Downtown/Belltown taking a particularly large hit in median prices (from $427k to $365k) while Queen Anne/Magnolia median prices have been steady at $300k for the last few months.
Overall, we're probably not in the no-brainer sellers market anymore. Seems like we're headed to a more balanced market where buyers will have some leverage given the increase in choices though sellers aren't powerless since even with the bump in listings, there are still 20% fewer listings than the same time last year.
Belltown/Downtown
Capitol Hill/ Madison/ Central
Queen Anne/ Magnolia
( Data from NWMLS and are deemed reliable but not guaranteed. )
By Wendy Leung with Seattle Condo Review: A guide to Seattle Condos and Downtown Seattle Condos exclusively for buyers and sellers.
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