February 2011 Seattle Condo Market data is in. Some quick highlights and charts below:
- Pending sales were down from 175 in January to 165 this past February. Furthermore, compared to February 2010, February 2011 had 21% fewer pending sales.
- Listings were up slightly from January 2011.
- Median prices were up for the second month, the highest median price in the last 6 months.
The biggest disappointment is probably the dip in pending sales and the biggest counterpoint is the strength in median prices. I'll let readers draw their own conclusions based on the data.
Does this include data from the auctions and other sales at places like Olive 8 and Gallery? I feel like the inventory from these new buildings is finally winding down but I have no way to confirm that
It includes sales from these two buildings but not all of the(auction)homes are listed on the MLS.
What happened to inventory? Doesn’t look like your charts page has updated with this new info yet. Thanks for the info!
Thanks for the info. It is really helpful.
We have seen similar sales decline in the Minneapolis condo market too. I think alot has to do with funding. We are having alot of condos that are under appraising with the foreclosures and short sales correcting the market.