Seattle Condo Inventory Slips in Q-4 of 2019
Our brokerage, Realogics Sotheby’s International Realty, prepared a report that took an in-depth look at the Seattle condominium market in the fourth quarter of 2019. The report can be found in its entirety here.
Per the report, during the 4th quarter of last year, the condominium market in the Emerald City went back to favoring sellers, with a decrease in inventory – there were only 2.5 months of supply at the end of 2019. Four to six months’ worth of supply is needed for a market to be considered “balanced”, per industry experts. In addition, there were nearly 16% less condominiums for sale in the last quarter of 2019 as compared to same timeframe in 2018. While the inventory was low, the buyers took their time making decisions – a condo in the Seattle area spent an average of 55 days on the market between October and December of last year.
The median sales prices were also down – the median sales price of condominiums in Q4 of 2019 was $441,000. Accordingly, the average price per square foot was lower, from $582 in the last quarter of 2018 to $532 last year. While the median prices were lower, the number of units sold went up by 4% – from 354 in 2018 to 368 in Q4 of 2019.
We urge you to check out the report in its entirety here. Do you have questions about where the market is and where it is headed? We’ve got the answers. Contact us at 206.910.5000 or at firstname.lastname@example.orgEmail