We’re keeping our fingers on the pulse of the Downtown Seattle condominium market…
DAY 108 for 2023
Tuesday, already, again? Here’s another edition of TUESDAY Condo Market Pulse.
We’re keeping our fingers on the pulse of the Downtown Seattle condominium market for you so you don’t have to.
Each week, we’ll be bringing you the latest in Downtown Seattle condo activity, and also opportunities to enter into our spontaneous contests to win fun healthy dinners for two.
Let’s check out the market’s vitals for this week…
Week over week…
Week over week, we have 148 active listings (up 3) on the market with an average of 107 cumulative days (down 13) on the market (CDOM).
– We have a lot of aging inventory (referring to average 107 CDOM)
For the past 7 days, we had 19 new listings come onto the market; with two more units re-listed with new prices.
But What’s the Pulse?
Let’s look at Pending listings. Both “Pendings” was well as “Pending Inspections” statuses give us the most real-time pace of the market.
We have 43 Pending listings (up 8) (new purchase contracts between buyer and seller which have not yet closed, free from Inspection contingency) with an average of 48 Cumulative Days (up 10) on Market.
– More Pending sales and longer market times suggests that there is increasing buyer
appetite for some of the older listings on the market. We’ll see in coming weeks if this
trend continues.
Pending Inspections (PI): 4 PI listings (down 6) with an average of 76 CDOM (down 7).
Last… from a historical perspective, SOLD (closed listings) went into contract an average of about 30 days ago. Once a sale closes it’s discharged.
Discharged…
For the past 7 days, 5 SOLD listings (down 4) crossed the finish line with an average of 35 (up 25) CDOM.
– Previous low CDOM for SOLDS can be accounted for with several new construction sales with very low CDOM.
Showing us the historical heat of the market… that being how competitive the market is… we look at Sale Price to Listing Price ratio. For these recent sales… we see 97.24% (vs 98.39%) SP%OLP.
– Likely we can account for this with the aged inventory which sold at a a slight discount in the form of price reductions from original listing price (OLP)
And what especially stands out?
Currently there are 5 condo offerings above the $5M price mark. Curious to see the details of these condos? Take a peek here.
Watch our YouTube video of this edition of TUESDAY CONDO PULSE and see if you can identify the body of water in the background, from where this video was shot. Hint… it’s looking to the west. Lucky winner gets a free (delicious, healthy dinner for two).
See you next week!
