DAY 157 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 (up 20) on the market with an average of 95 cumulative days (down 9) on the market (CDOM).
– This week we saw Cumulative Days on Market (CDOM) drop by 9 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 31 new listings come onto the market; five of these listings were re-listed with new prices. This is a ~400% jump new listings in the same period for the previous week, without any one address dominating the surge.
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 46 Pending listings (up 3) (new purchase contracts between buyer and seller which have not yet closed, free from Inspection contingency) with an average of 73 Cumulative Days (par with last week) on Market.
46 Pending Sales is equal to about 24% of the available inventory… which is a measure of a very healthy market.
The condo market seems to be heating up.
– 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 25 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, 10 SOLD listings (up 2) crossed the finish line with an average of 37 (down 46) 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 98.36% (vs 99.49%) 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 original listing price ratio, which could indicate that the market 30-ish days ago was mildly decreasing in favor of sellers.
See you next week!
