Home sales for Seattle condo market came in at -9.6% compared to a year ago with 113 homes closed this January (-6% from last month). With no more tax credit incentives, many expect to see a lower sales level for the first few months of this year compared to the same period last year.
Total inventory in Seattle was at 1,041 units, a dip of 13.39% from twelve months ago and an increase of 5.1% from previous month. If we compared January 2011 numbers with the the same period for the last 3 years, this is the lowest level of inventory ever seen (however, it is still 32.4% higher than January 2007).
On the bright side, MLS reported 175 pending sales for the month of January, up by 42.2% from the previous month. Median prices were up by ~16% from the previous month. A year ago, we had voluminous condo unit supply of 9.6 for pending sales and 6.3 months inventory based on closed sales. Condo supply has now contracted to 9.2 and 5.9 months inventory, respectively.
In summary, all across the board, we saw a dip in active inventory, pending sales, closed sales, and median price versus twelve months prior. However, if we compare January to the previous month, both pending sales and median price had pretty good gains.
2010 Seattle Condo Market in Review
Seattle Condo Market Update- November 2010
Seattle Condo Market Update- October 2010
Seattle Condo Market Update: September 2010
Seattle Condo Market Update: August 2010