With all the madness of the real estate market, I am surprised that all home prices held steady this month.
As we *finally* ease into the seasonal slowdown, we are seeing 6% fewer houses for sale, 12% MORE condos for sale, and prices holding steady. One of the more notable things is that we had a 27% increase in the number of houses that sold compared to last year, and 48% increase in the number of condos sold.
But Christy, you said the condo market was struggling…
It really depends on which part of the condo market we are talking about. The overall median sales price inched up $1,000 over last month, and is $40,000 higher than this time last year. And that is because what used to be the “bread and butter” of condo sales (in-city, studio and small one bedroom condos) has been replaced by the sales of larger condos outside the city core. Larger condos cost more money, and that is why the median sales price is rising. To get a good gauge of exactly how hot and cold our condo market it, let’s look at how long it takes it sell a condo in different parts of Seattle:
If you are trying to sell a condo on Capitol Hill, it will take 46 days, and that is 3X longer than a Beacon Hill condo and more than twice as long as a Northgate condo. Downtown, Belltown, Capitol Hill, Queen Anne and Magnolia are seeing the most over-supply, low buyer demand, and the longest days to get an offer.
Let’s talk more about prices:
Since “flat” prices are hardly newsworthy, let’s take a look at the median sales prices in Seattle over the last 5 years:
Although prices aren’t doing anything dramatic month-over-month, we can see the overall trend is strong price growth. Even for condos. Even in the middle of a seemingly endless pandemic. Who would have thought?!?!?