Downtown Seattle Condominium MARKET PULSE
The Downtown Seattle Condo market continues to heat up as we are seeing a some condos selling with fewer days on the market (CDOM), while inventory is on the rise.
Month over month, FEB 1 we had 126 active listings with an average of 107 days on the market and MAR 1, 145 active listings with an average of 119 days on the market.
The real-time buyer activity in the market is simple to see when we look at the number of condo listings which went into Pending Inspection or Pending status in February:
- Pending Inspection: 4 listings; average of 9 Days on the Market (CDOM)
- Pending: 19 listings; average of 30 Days on the Market
In the last 7 days of February there were a combined 13 listings (Pending + Pending Inspection) with an Average CDOM of 18 days.
The lagging indicator of sale activity is closed sales. Month over month:
- January, 2023, we had 18 closed sales; 67 CDOM.
- February, 2023, 36 closed sales; 65 CDOM.
Without digging into the details, it is easy to be lured into thinking that “a sale is a sale” in the Downtown Condo market, but that is not quite true. With the development of several new Downtown Seattle condominium projects over the past few years, the new condo sales are really a unique category of itself because of the newest features, designs and amenities.
17 of the 36 Downtown Seattle Condo closed sales in February, 2023, were new construction; the majority of which were within Spire (Belltown, Denny and 6th Ave.)
The excitement of something new and shiny however, sometimes looses its appeal to some prospective condo buyers when comparing the availability for parking. The new condos selling today have a very different (limited) offering for parking.
Are you considering becoming a condo owner in Downtown Seattle? Please give us a call and let’s discuss your vision. We’d love the opportunity to guide you toward you condominium lifestyle goals in Seattle.
Jim and Monte – Agent Brokers – Guides to Urban Living.
