DAY 213 for 2023
Welcome back to another edition of TUESDAY Condo Market Pulse.
As always…We’re keeping our fingers on the pulse of the Downtown Seattle condominium market for you so you don’t have to.
Check back here weekly to get the the latest in Downtown Seattle condo activity.
Let’s check out the market’s vitals for this week…
This past week…
Week over Week…
For the past 7 days… we had 183 Active listings on the market with an average of 107 cumulative days on the market (CDOM).
– CDOM shows how long listings are remaining active until they go into Pending. As this number drops, more of the “older” listings are selling (as seen below in Pending) and more new listings are coming onto to take their place, which naturally displaces older with newer… thus lower CDOM.
For the past 7 days, we had 12 new listings (same as last week) come onto the market, 3 of which were re-listed.
– Re-listed listings are typically from expired listings (did not sell in their contract period) or cancelled listings (removed from market before they expired). There can be a strategic advantage to re-listing a condo/home to gain a fresh start, or re-start the day count… both of which can recapture new attention of buyers.
How healthy is the Downtown Seattle Condo Market? Let’s look at its 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 37 Pending listings (down 3) (new purchase contracts between buyer and seller which have not yet closed, free from Inspection contingency) with an average of 59 Cumulative Days (up 3 from last week) 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. This repeats the trend which we saw last week as well.
Pending Inspections (PI): 10 PI listings (up 3) with an average of 73 CDOM…. (up 2 from the previous week). 4 of these PI sales were significantly older listings (84, 104, 136, 190 CDOM), which skewed this number.
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.
For the past 7 days, 10 SOLD listings (par with last week last week) crossed the finish line with an average of 47 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 97.19% SP%OLP.
The higher this number, the healthier the market is for Sellers.
How is our Supply of condominiums for sale, fairing?
To date, we have a 4.8 month supply (based on Pended sales), which is considered a *balanced/neutral market (3-6 month supply). Over the past 5 months, we have been averaging a 3.9 month supply of Downtown Seattle Condominiums, for sale.
July of 2022, there was a 4.7 month supply of condominiums for sale in Downtown Seattle, which was 18% more than our current supply.
*Buyer’s market: more than 6 months of inventory based on pended sales.
*Seller’s market: less than 3 months of inventory based on pended sales.
*Neutral market: 3 – 6 months of inventory based on pended sales.
This chart above, shows 15 months of history for supply of condominiums for sale in Downtown Seattle. New data for Trendgraphix is reported on or around the 7th of the following month.
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See you next week!