Seattle condos are having their moment in the sun, accurately mirroring the city’s booming real estate market. As outlined in RSIR’s most recent Quarterly Market Report, housing prices continue to grow while inventory reaches a more balanced status for the first time in a while.
For both condos and single-family homes in quarter three of 2018, there was 2.7 months of inventory, the highest number reported since 2012. (Three to 6 months of inventory is considered a balanced market.) For single-family homes, this was nearly a 75-percent increase compared to last quarter and a 156.4-percent increase year-over-year. Both condos and single-family homes in Seattle spent an average of 18 days on the market, a major indication of Seattle still maintaining itself as a seller’s market.
Inventory has continued to dip for Seattle condos, which translates to condos selling at or above listing price—a trend we have been seeing since 2014. The median price for a condo in 2018’s third quarter was $480,000 compared to 2016’s $400,000. Single-family homes also continue to sell above listing price, with the median price for quarter three of 2018 rising to $810,000, a major increase from 2016’s median price of $675,000.
Somewhat surprisingly, condos and single-family homes have seen a slight dip in how many have been sold. This year, 444 condos have been sold in the Seattle area compared to 575 in 2017. For single-family homes, 1,525 have been sold, a decrease of 20.5 percent when compared to 2017. However, we still have one more quarter left for 2018, so data could significantly change by the end of the year.