DAY 164 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…
Week over week…
Week over week, we have 180 Active listings (up 14) on the market with an average of 99 cumulative days (down 5) on the market (CDOM).
– This week we saw Cumulative Days on Market (CDOM) drop by 5 days. CDOM shows how long listings are remaining active until they go into Pending. More of the “older” listings are selling (as seen below in Pending) and more new listings are coming onto to take their place.
For the past 7 days, we had 11 new listings come onto the market.
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 47 Pending listings (up 4) (new purchase contracts between buyer and seller which have not yet closed, free from Inspection contingency) with an average of 66 Cumulative Days (down 7) 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): 5 PI listings (down 2) with an average of just 12 CDOM (down 13).
– We are seeing more “young” (CDOM) listings go into Pending Inspection status.
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,16 SOLD listings (up 8) crossed the finish line with an average of 78 (up 41) CDOM. There were 4 very old (319,300,295 and 133 CDOM) listings in this data set that definitely skewed the average much higher.
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 97.44% (vs 97.17%) SP%OLP.
– This is slightly higher than last week’s chart, showing that these group of SOLD listings transacted at a slightly higher sale price to purchase price ratio, which could indicate that the market 30-ish days ago was improving in favor of sellers. This upward trend continues.
See you next week!
