DAY 122 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.
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Let’s check out the market’s vitals for this week…
Week over week…
Week over week, we have 166 active listings (up 19) on the market with an average of 109 cumulative days (down 11) on the market (CDOM).
NOTE:
This week we saw Cumulative Days on Market (CDOM) fall by 11 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 28 new listings come onto the market; with three of these listings were re-listed with new prices.
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 33 Pending listings (down 9) (new purchase contracts between buyer and seller which have not yet closed, free from Inspection contingency) with an average of 76 Cumulative Days (up 16) on Market.
NOTE:
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): 3 PI listings (down 1) with an average of 24 CDOM (down 68).
NOTE:
We are seeing more “younger” (lower 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, 19 SOLD listings (up 13) crossed the finish line with an average of 45 (up 4) 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 97.17% (vs 96.99%) 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.
And what especially stands out?
Again, this week the question is what sold the fastest? The measure here is “how many listings sold within the past week with the lowest number of days on the market” (CDOM)? The 9 listings with the lowest days on market (CDOM) in the Pending Listing category
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See you next week!
