🏠 10 months of inventory?! (What’s actually happening with Seattle condos)
The Real Story Behind the Condo Numbers
Last week, we talked single-family homes, but this week, condos are taking center stage. And honestly? Like Seattle’s single-family home market the data is telling one story, but the "vibe" on the street is telling another.
🏙️ Downtown Seattle Condos: A Bit of a Head-Scratcher
The stats say the median price is $665K, up from $612K in April and up 7% year-over-year. But if you talk to any of our sellers right now, they’ll tell you it definitely feels like prices are down because demand is down.
And frankly, the inventory backs up that feeling. We are sitting at 10 months of supply. To put that into perspective:
- We haven't seen inventory this high since the pandemic.
- Before that, you have to go back to the Great Recession era (2007–2011), when supply peaked at 18 months in September 2009.
- Right now, 3.7 new listings hit the market every day, but only about 1 goes pending.
My Take: With only about 30 sales a month, take that median price with a grain of salt. If you look at the price-per-square-foot trend, it has been steadily pointing downward since 2022.
🌆 Downtown Bellevue Condos: High Supply, Flat Growth
Bellevue isn't quite as oversupplied as Seattle, but it’s still sitting on 8 months of supply.
- About 1.5 condos hit the market daily, while only 1 goes pending every 3 days.
- Overall, prices have been down while price per square foot has remained relatively flat over the last six years.
- The exception? Premium luxury is still moving. Case in point: Park Row has quietly racked up "nearly" $100M in sales. (Have you watched our Park Row video yet?)
🌊 On the Water & On the Move: Recent Wins
It has been a wild, water-themed couple of weeks for our team.
- The 9-Day Miracle: On May 28th, I took the boat over to show a condo at Union Harbor (the only condo building built directly over Lake Union). My clients fell in love, we put it under contract immediately, and we just closed yesterday! A 9-day condo close is practically unheard of, but the HOA was very responsive. We even managed to squeeze in a full inspection and resale certificate review. Some condos do pending in a day or two! Shoutout to newsletter reader D for the insider info on the building.
- Floating Home Flashback: On Friday, we helped a client lock up a unique floating home for just $320K (the catch: you don’t own the slip, you rent it). Fun twist, we sold this floating home back in 2024!
⛴️ Crazy Offer Story of the Week
Land ferried over to Vashon Island to show an absolutely amazing waterfront “cottage”. It was custom-designed by the owner, Tim Pfeiffer, and even featured on HBO's Beach Cottage Chronicles. The market noticed, too; by Monday, it was swimming in 7 offers!
Don’t be shy, hit reply with what you’re seeing out there.
🏠 Listings that caught our eye last week
- Most expensive pending: Clyde Hill home with over an acre at $7.8M
- Highest % over asking sale: Enatai bungalow for 17% over
- Most expensive sale: Medina estate, The Gables, for $11.5M
- Least expensive sale: Yesler Terrace condo for $250K
- Most popular Seattle listing on Redfin: View Ridge Cape Cod for $1.65M (already pending)
📰 Must-read real estate news
- Luxury motor and yacht club planned for former industrial site on Salmon Bay (PSBJ)
- Seattle Mariners catcher sells Bellevue home for $3 million (PSBJ)
- Seattle’s daily light rail ridership jumps to No. 1 in U.S (Seattle Times)
- Local pizza titans sell century-old Medina mansion for $11.6M (Seattle Times)
- Foreclosures are spiking nationally, but the picture is mixed in the Seattle area (PSBJ)
- Why more than 10K people want to rent in the Seattle building (Seattle Times)
- A nonprofit developer has proposed a ‘legacy project’ in Bellevue’s Wilburton neighborhood that would span more than 8 acres (PSBJ)
Buyers saw a good number of new listings last week
Seattle: 375 new listings last week, up 4.2% w-o-w
Eastside: 300 new listings last week, down 8.8% w-o-w
And they put a good number under contract
Seattle: 220 pending last week, up 41% w-o-w
Eastside: 142 pending last week, up 21.4% w-o-w
🔥 The hottest new listings
$2.6M Kirkland midcentury modern
$1.65M Vashon beach house (already pending!)
Check out last week’s market update, The Seattle market is doing something weird right now...
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