Seattle Condo Inventory Slowly Returning To Normal Levels
I’m back guys. In 90 days, I sold a house, bought a house and had a baby. More on that later. Now I’m back.
Have you noticed that Seattle Condo inventory is slowly returning to pre-pandemic levels? If you guys have followed my charts since April – you would have noticed that in late April there were 154 units for sale. Inventory started to climb over the summer – especially while Seattle condo owners fled the city for 2nd home locations like Suncadia, Hood Canal and Camano Island. Some condo buyers simple moved to the suburbs. This created glut of inventory and as you can see below, the pandemic high was 355 condos for sale. As of Monday morning, there were 169 units for sale. What is even more important and frankly remarkable is the Active/Pending ratio (See below)
Watching the active to pending ratio is important because it a direct indication of sales velocity. When I woke up on Monday and saw that there were 31 pending sales week over week and only 6 new listings I was pleasantly surprised. To me, this is just another indication that the Seattle condo market is starting to heal.
There are a number of things that I will be watching in the coming months. How is new construction inventory being absorbed? How will Amazon, Nordstrom, Starbucks and others returning to work move the Downtown market? Who will be Seattle’s next mayor? Will they pay attention to the details and work on a plan for the future?
