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We’re keeping our fingers on the pulse of the Downtown Seattle condominium market for you so you don’t have to.

DAY 115 for 2023

It’s Tuesday, and spring is springing, at last.

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… offered in our YouTube Tuesday Pulse edition. 

Let’s check out the market’s vitals for this week…

Week over week…

Week over week, we have 147 active listings (down 2) on the market with an average of 120 cumulative days (up 13) on the market (CDOM). 

– Have you noticed the CDOM inching up week to week?  CDOM shows how long listings are remaining active until they go into Pending.

For the past 7 days, we had 10 new listings come onto the market; with two of these listings  were re-listed with new prices.

How’s the Pulse of the condo market?

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 42 Pending listings (down 1) (new purchase contracts between buyer and seller which have not yet closed, free from Inspection contingency) with an average of 60 Cumulative Days (up 12) on Market.

– Longer market times (CDOM) of Pending Sales suggests that there is increasing buyer appetite to snap up some of the older listings… some at reduced prices.  

Pending Inspections (PI): 3 PI listings (down 1) with an average of 92 CDOM (up 16).

– Again… older (higher CDOM) listings are getting sold.

SOLD (closed listings), remember, tell us what sold in the past. These listings went into contract an average of about 30 days ago.  Once a sale closes, it’s discharged.

Discharged…

For the past 7 days, 6 SOLD listings (up 1) crossed the finish line with an average of 41 (up 6) 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 96.99% (vs 97.24%) 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?

Sometimes it’s interesting to see which listings are selling the fastest.  This week, here’s the 3 lowest days on market (CDOM) listings in the Pending and Pending Inspection categories.

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!

Your Seattle Real Estate Expert