No two ways about it, October was not a good month for the Seattle condo market.
In fact, October was the second lowest month of the year with 124 homes closed. The lowest was February with 116 homes closed. Inventory remains about the same with 1,349 units for sale, 0.9% higher compared to a year ago.
Compared to October of 2009, both pending and closed sales in October 2010 took a big dip. Pending sales were down 50.37% and closed sales were down 32.61%. Median closed prices were 17% lower than a year ago (and dropped from $297,000 this September 2010 to $250,000 this past October).
Based on pending sales, we have about 10 months of inventory on the market. If we based it on closed sales, the number is slightly higher at 11 months. As we approach the slower holiday season, next quarter number's are not expected to show much improvement.
Seattle Condo Market Update: September 2010
Seattle Condo Market Update: August 2010
Seattle Condo Market Update: July 2010
Seattle Condo Market Update: June 2010
I think you should write some posts about the major condo problem: the vacation rentals. I just bought a condo and they’re a nightmare. They’re noisy. They disrupt the community. They do not care about anybody – they are on vacation! They pack 5-6 people into a unit and use all the condo resources without paying extra. The city will not allow HOAs to regulate. They do not pay city taxes.
My Realtor did not explain all this to me. If I’d known I would have bought a condo in a different building with better soundproofing and perhaps stronger policies. It’s a nightmare to be living in a building with lots of these rentals and apparently anyone can turn a unit into a vacation rental. I might give up and join them!
That’s a downer, the economy isn’t doing any help either. Hopefully, things will turn up as we enter a new year.
Hi Cathygoodwin, you can find more discussion on this at my past blog post.