Compared with March of 2018, the condo market in March of 2019 was much more of a buyer’s market. This represents an important change and should come as very welcome news for prospective condo buyers in the Seattle area. The condo market in Seattle appears to have cooled down according to multiple indices. In this post, we will go over these indices and get a better glimpse of what’s currently going on in the Seattle condo market.
Greater Supply & Longer Time on the Market
Across the nation, condo prices dropped by approximately 7% in the year between March of 2018 and 2019. This decline was seen in the Greater Seattle area. The reasons for the decline in price vary according to region. In the Seattle area, an increase in supply can be identified as one contributing factor. Many new condo projects are currently under construction, and these projects have been accompanied by plenty of presale opportunities. Compared with last year, condo shoppers have approximately 3 times as many options to choose from. And condos are staying on the market for longer periods as well, a big change from the hectic market of the previous year.
A Quick Look at the Numbers
Let’s look at the numbers. In terms of closed sales, approximately 12.6% fewer condo sales took place in March of 2019 than in 2018. Median prices also dropped by 6.6%, very close to the 7% decline witnessed on the national level. These numbers apply to the Seattle area generally; different numbers apply to the Eastside and to specific subareas within Seattle.
These numbers represent a significant drop and a dramatic change in the market. In fact, this is the second largest dip since the market bottomed-out in 2012.
Bottom line: if you’re considering buying a condo in either the Seattle area or the Eastside, you may want to pull the trigger. It’s very likely that the kind of deal you’ll receive today will be superior to one you’d receive on a given property in the not-too-distant future.
Image credit: chascow