There have been 930 condominium homes listed for sale on in the Downtown Seattle Core, the area defined as area 701 by the Northwest Multiple Listing Service, during the past year. Of those, 296 are currently on the market. Below is a breakdown by price range and absorption rates as well as the monthly supply extrapolated from the past year’s sales activity. Attached is the raw data used for the analysis.
Current Absorption
The overall absorption rate for single level condominium homes downtown Seattle is 52.83 condominium homes per month. Over sixty percent of the homes sold are below $500,000. The market for product above $500,000 represents 37% of the market.
The monthly absorption rate for condominium homes priced between $500,000 & $700,000 in downtown Seattle is 10.75 homes per month. The rate increases to 33.8 per month for condominium homes priced below $500,000.
Current Supply
Based on the absorption rate of the past 12 months there are currently 5.6 months worth of inventory available. In the 500,000 to 700,000 market there is currently 5.77 months worth of inventory. Based on last year's absorption, there is currently 12 months worth of inventory for condominiums priced above $700,000. If you want to sell in this price range, it is time to market condominiums rather than simply list them. Can you say "CondoCompare.com"
Based on the absorption rate of the past 12 months there are currently 5.6 months worth of inventory available. In the 500,000 to 700,000 market there is currently 5.77 months worth of inventory. Based on last year's absorption, there is currently 12 months worth of inventory for condominiums priced above $700,000. If you want to sell in this price range, it is time to market condominiums rather than simply list them. Can you say "CondoCompare.com"
Brett Frosaker
Columbia Real Estate
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