September condo sales figures are in and here are some highlights:
- Inventory is at its lowest level for this year coming in at less than 1,000 condos on the market. Listings were down 7% versus August.
- Pending sales are up by 34.67% compare to same period last year and about the same as the previous month.
- Year-over-year sales were up 4.58% but were down from the previous month by ~20%.
- Median prices were steady floating around $240,000 to $255,000 for the last few months but down by close to 20% from a year ago.
- Months of inventory (how long it would take to consume all the available units based on current run rate) continues to show improvment from a year ago. We had about 7 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 11 months and10 months respectively.
(Information from Northwest Multiple Listing Service and are deemed reliable but not guaranteed)
By Wendy Leung with Seattle Condo Review. A guide to Seattle condos exclusively for buyers and sellers.
This seems like a good trend. I might be focused on only one stat but the inventory stat is especially encouraging. Let’s hope it keeps up. The lack of new condo projects should help.
Tim,
More Condo towers are on the way with the Stadium projects going forward, and the developer is pushing the timeline up very hard to get done by next Summer.