Healthy Supply of Condominiums in Seattle Results in Slightly Lower Prices in Q-2 of 2019
As condominium inventory levels in Seattle continue maintaining healthier levels, so do days on the market. In the second quarter (April-May-June) of 2019, there were 2.5 months’ worth of inventory in our beautiful city – a slight decrease from 2.8 in Q-1 of this year. Given more choices, buyers felt less pressure and the average amount of days on the market was 36. This number is much higher than the average days on the market in April-May-June of 2018 – which was 14 – but lower than the first quarter of this year, when the average condominium did not go under contract for over two months, according to the report.
Similar to single-family home market, which we discussed here, a healthy supply and less competitive conditions for buyers resulted in a lower median sales price. It was down 6% year-over-year, from $500,000 in Q-2 of 2018 to $470,000 during the same quarter this year. Meanwhile, the average price of square foot of a condominium in Seattle changed -4.2% year over year to $580.58 in April-May-June of 2019.
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