Seattle Condo Market Update

Posted: August 10th, 2011 by Just Real Seattle

July was a challenging month for Seattle’s condo market with downward pressure on prices despite improved sales.

The median citywide sales price of $255,000 reflected a 12.07% decline compared to last July, but increased 3.7% over June. While most neighborhoods saw double-digit decreases, the downtown / Belltown area fared the best with only a 0.7% dip, less than a percent. Median sale prices over the past few months have been in line with 2005 price levels.

The number of active listings continued to hover around the 1,100 mark. That’s approximately 30% fewer available listings for sale compared to the same period last year. At this rate and contemplating seasonal factors, we may hit pre-construction boom inventory levels by Fall.

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