June numbers are in and the Seattle condo recovery story appears to be an encouraging, if slightly boring trend (much like our national economy).
- At a macro level, after a more sluggish 1Q12, the Seattle condo market is clearing it's fairly modest inventory quite regularly.
- Sales were up slightly every month for the year 2012 including June 2012.
- Median prices were as steady as a rock holding between $260-$270k for the last 3 months (though this was up considerably over our Jan-Feb median price of $200-210k).
- Inventory has also been steady at around 600 listings since March (though down over Jan-Feb inventory of around 700 units).
- At a neighborhood level, there aren't any big outliers either. Every place seems to be following the same pattern (slow 1Q12 and now steady 2Q12).
I suppose this is the new normal 🙂
Belltown/ Downtown
Queen Anne/ Magnolia
Capitol Hill / Madison/ Central Seattle
(Data from NWMLS and is deemed reliable but not guaranteed.)
By Wendy Leung with Seattle Condo Review: A guide to Seattle condos exclusively for buyers and sellers.
It seems like another decent month. People are obviously releasing more inventory of homes for sale as the higher sales rates aren’t leading to a lower inventory. Another thing of note, a search of redfin shows that there is only one 2-bedroom/2bath unit available free in clear in belltown which is pretty amazing. I’m still wondering when this lack of inventory will lead to higher median prices.
Correct, a really decent month. And It’s great to see the higher sales rate for Condo units for this year compared to last year.