November 2011 data is in for the Seattle condo market and all things considered, it was a pretty good month — considerably more promising than October.
Highlights:
- Sales month over month were flat (which is actually good since we're now entering the holiday season) but when you compare year over year, we saw about the same number of sales from October 2010 to October 2011. November, on the other hand, saw sales go up a strong 44% from November 2010 to November 2011.
- Median prices recovered 7% from $226K in October 2011 to $240K in November 2011.
- Supply remained stable with only 824 units for sale (versus over 1,127 in June).
Have a Happy Holiday!
Wendy
By Wendy Leung with Seattle Condo Review. A guide to Seattle condos exclusively for buyers and sellers.
I shouldn’t look at this in a vacuum but I focus on the inventory, which in my mind needs to continue to drop before we’ll see anything else recover. It seems like a 8-10% drop every month is a good sign. It would appear that maybe by the end of spring 2012, if this keeps up, we’d start to see the median prices start to come back up again. With few new condo projects on the horizon, I’m hopeful that this will lead to increased demand
I agree. If inventory continues to slid and sales remain about the same or pick up, we might see slow gradual change in median prices.
Not mentioned in the dialogue was the rather spectacular drop in mortgage interest rates in November. Borrowing at under four percent has likely been a strong impetus to purchase. It makes the cost of ownership within the Seattle core cheaper than renting. Whenever that condition prevails, there will be a gain in sales volume. Lastly, try looking for two bed/two bath condos currently for sale in Capitol Hill or Queen Anne neighborhoods. There is very little inventory.