DAY 171 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 188 Active listings (up 8) on the market with an average of 98 cumulative days (down 1) on the market (CDOM).
– This week we saw Cumulative Days on Market (CDOM) drop by 1 day. 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 14 new listings come onto the market…. down by just 4 from the previous week. The past 6 week average is 16 new listings/week.
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 (par with last week) (new purchase contracts between buyer and seller which have not yet closed, free from Inspection contingency) with an average of 66 Cumulative Days (same as last week) on Market. Yep…I double checked… and both numbers match for last week.
– 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): 4 PI listings (down 2) with an average of just 9 CDOM (down 4).
– 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.
For the past 7 days, 10 SOLD listings (down 6) crossed the finish line with an average of 80 (up 2) 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 97.14% (vs 97.44%) SP%OLP.
– This is slightly lower than last week’s chart, showing that these group of SOLD listings transacted at a slightly lower sale price to purchase price ratio, which shows the continued effects of the aged inventory necessitating price reductions or negotiations below listing price.
For June to date… we have a 4 month supply (based on Pending Sales…188/47 = 4), which is considered a *balanced/neutral market (3-6 month supply). Over the past 5 months, we have been averaging a 3.7 month supply of Downtown Seattle Condominiums, for sale.
*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.
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See you next week!