DAY 178 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 186 Active listings (down 2) on the market with an average of 100 cumulative days (up 2) on the market (CDOM).
– This week we saw Cumulative Days on Market (CDOM) rise by 2 days. 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 21 new listings come onto the market…. up by 4 from the previous week. The past 6 week average is 17 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 51 Cumulative Days (same as last week) on Market. Yep…I double checked… new Pending and it matches last week…. and the week before.
– 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 (up 1) with an average of 73 CDOM (a big jump…up 65).
– This week we saw a group of older (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,10 SOLD listings (par with previous week) crossed the finish line with an average of 19 (down 61) CDOM.
Showing us the historical heat of the market… that being how competitive the market is… we look at Sale Price to Original Listing Price ratio. For these recent sales… we see 99.59% (vs 97.14%) SP%OLP.
– This is slightly higher than last week’s chart, showing that these group of SOLD listings transacted at a slightly better sale price to purchase price ratio.
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.
This chart below, 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.
If you would like to see more graphs in these reports (picture = 1000 words), please comment, and let me know your thoughts.
Each week we strive to improve this report to make it as valuable as possible to you.
Gratitude!
See you next week!
