- NWMLS reported 172 condo sales in August, a gain of more than 20% from the same period last year and 26% higher than the previous month. The neighborhood with the biggest gain in condo sales is in Belltown/Downtown with 50 condos closed, twice the amount than last year.
- The median price for closed condos was at $246,000, This is down by 17.17% from tweleve months ago and staying around the $250,000 level for the last three months. Interestingly, If we look at June, July and August 2010, median price was staying at around $290,000 level.
- We had 244 new units of inventory added to the market last month totalling 1,048 condos on the market, a drop of 29.76% from a year ago and 3.5% from the previous month. August was the 2nd lowest inventory level for this year. January 2011 was the lowest level with 1041 condos on the market.
- Months of inventory (how long it would take to consume all the available units based on current run rate) is showing improvement from August 2010. Last month, we had about 6 months of inventory on the market based on closed sales and 5 months based on pending sales. Compared that to a year ago, it was at 10 months and 8 months respectively.
By Wendy Leung with Seattle Condo Review. A guide to Seattle condos exclusively for buyers and sellers.