This report does not include condominiums.

Inventory

There are 87 homes on the market in Magnolia and Queen Anne neighborhoods at this time.

Absorption rate

Based on sales within last three months and current inventory within all price ranges combined the absorption rate is as follows: Magnolia 1.6 months; Queen Anne 2.5 months.

Magnolia

Queen Anne

Home sales

65 homes sold in Magnolia & Queen Anne neighborhoods in April 2013.

40 homes sold in Magnolia; 25 homes sold in Queen Anne.

30 out of 40 homes sold at or above asking price in Magnolia.

18 out of 25 homes sold at or above asking price in Queen Anne.

More information about sales will be provided in a different post.

*Absorption rate is an estimate of number of months it would take to sell current inventory at the current pace of the market if there are no changes in the market.

Information based on Northwest Multiple Listing Service data.

Here is the list of just a few.

42nd Annual Northwest Folklife Festival

When: Friday, May 24, 2013 through Monday, May 27, 2013

Where: Seattle Center

Cost: FREE

More information

Seattle International Film Festival

When: now through June 19, 2013

More information

Botanical Exotica Exhibit

When: now through October 11, 2013

Where: Volunteer Park Conservatory

More information

Rain Fest 2013

When: Friday, May 24, 2013 through Sunday, May 26, 2013

Where: Neumos

Cost: $30/single day; $75/3-day pass

More information

The May Day Parade

When: Saturday, May 25, 2013

Where: The Rainier Valley Cultural Center

Cost: visit the website

A Taste of Seattle History

When: Saturday, May 25, 2013

Where: Argosy Cruises

More information

Memorial Day Ceremony

When: Monday, May 27, 2013, 12 – 4 p.m.

Where: Museum of Flight

More information

Grey Gardens

When: now through June 2, 2013

Where: ACT Theatre

More information

Seattle Mariners vs. Texas Rangers

When: Friday, May 24, 2013 – Sunday, May 26, 2013

Where: Safeco Field

More information

Seattle Mariners vs. San Diego Padres

When: Monday, May 27, 2013 – Tuesday, May 28, 2013

Where: Safeco Field

More information

Tours

Savor Seattle

Seattle by Foot

Seattle Bites Food Tours

First let’s see how pending sales have been changing from May 2012 through April 2013.

Downtown Seattle condo pending sales

Downtown Seattle condo sales

I combined studio and 3-bedroom condo sales (there are very few sales as compared to other condos) and 1 & 2-bedroom condo sales

Studio and 3-bedroom condo sales

1- and 2-bedroom condo sales

Change in condo sales

Average and median sale prices

Studio average and median sale prices

There were only 1 or 2 studio sales during certain months therefore average and median sale prices are the same.

1-bedroom condo average and median sale prices

2-bedroom condo average and median sale prices

3-bedroom condo average and median sale prices

There were no 3-bedroom condo sales in June, July, August, October, and November 2012, and in February 2013. The price chart looks interesting to say the least.

Change in condo average sale price

Change in condo median sale price

Information based on Northwest Multiple Listing Service data.

Inventory

Inventory change

Average and median listing prices

Studios

1-bedroom condos

2-bedroom condos

3-bedroom condos

Average listing price change

Median listing price change

Information based on Northwest Multiple Listing Service data.

April 2012 and 2013

Inventory

Downtown Seattle condo inventory was up 16% in April 2013 from April 2012.

Only 3-bedroom condo inventory was up in April 2013.

Listing prices

Downtown Seattle condo average listing price was up 22% from April 2012.

Downtown Seattle condo median listing price was up 14% from April 2012.

Sales

Downtown Seattle condo sales were down 52% in April 2013 from April 2012.

Sale prices

Average sale price was up 8% from April 2012.

Median sale price was up 16%.

Sale prices were affected by huge increase in 3-bedroom condo sale prices.

Year-to-date sales

131 condos sold in Downtown Seattle in from January 2013 through April 2013, up 70% from the same time period last year.

The big increase in sales was influenced by 3-bedroom sales that were up 300% so far this year.

Sale prices

Average sale price was up 52%.

Median sale price was up 57%.

Big difference in sale prices is affected by increase in 3-bedroom condo sale prices.

One shell sold at $6,200,000 in Downtown Seattle in March 2013.

Information based on Northwest Multiple Listing Service data.

I removed 4-bedroom condos and shells from charts because those properties are very few and far between.

Inventory

Condo inventory was up 15% in April 2013 from March 2013.

Listing prices

Condo average listing price was up 1% from March 2013.

There was no change in condo median listing price from March 2013.

Sales

Downtown Seattle condo sales were down 11% in April 2013.

No studio sales in March and April 2013.

Sale prices

Average sale price was down 28% from March 2013.

Median sale price was down 27%.

The difference in sale prices was influenced by 3-bedroom condo sales. Note: only one 3-bedroom condo sold in March and one in April 2013.

Information based on Northwest Multiple Listing Service data.

Inventory

There are 107 condos available in Downtown Seattle.

In addition there is a shell: $8,000,000; 9,876 sq. feet

Condo absorption rate

Based on sales from February through March 2013 and current inventory, absorption rate* is as follows (in all price ranges): studios – 7.5 months; 1-bedroom – 2.2 months; 2-bedroom – 3.1 months; 3-bedroom – 15 months.

Studio absorption rate

Two studios priced at 195,000 and $205,000 sold within last 3 months.

Studio absorption rate is 6 months within $100,000 – $199,999 and 9 months within $200,000 – $299,999 price range.

1-bedroom condo absorption rate

Forty-six 1-bedroom condos priced from $144,950 to $2,500,000 sold within last 3 months.

2-bedroom condo absorption rate

Fifty-seven 2-bedroom condos priced from $284,900 to $2,700,000 sold in within last 3 months.

Absorption rate within $2,000,000 – $2,999,999 price range is 16.5 months.

3-bedroom condo absorption rate

Two 3-bedroom condo priced at $996,000 and $1,824,000 sold within last 3 months.

Absorption rate is 18 months within $1,000,000 – $1,999,999 price range.

A few price points are missing in the charts. That indicates that there are no current listings or there were no sales within last 3 months in that price range.

Sales

35 Downtown Seattle condos sold in April 2013

Sales within $100,000 – $499,999 price range

Sales within $500,000 – $1,999,999 price range

Eighteen 1-bedroom condos sold – from lowest to highest price – at Tobira, Trio, The Klee, 2200 Westlake, Marselle, The Vine (2 sales), The Ellington, Market Court, The Cosmopolitan, Watermark Tower, Cristalla (3 sales), 5th & Madison, and Olive 8 (3 sales).

Sixteen 2-bedroom condos sold – from lowest to highest price – at Florentine, The Klee, Seattle Heights, The Newmark Tower (2 sales), The Vine, Royal Crest, The Cosmopolitan(2 sales), Bay Vista (3 sales), Fifteen-Twenty One, Escala (2 sales), and Continental Place.

One 3-bedroom condo sold at $996,000 at The Meridian.

There were no studio sales in April 2013.

There were a few condos that sold at or above asking price: 9 out of 18 1-bedroom, 6 out of 16 2-bedroom condos, and 1 3-bedroom condo.

If you would like to find out what kind of condo you can purchase in each price range, feel free to contact me.

I will talk more about inventory and sales in a different post.

*Absorption rate is an estimate of number of months it would take to sell current inventory at the current pace of the market if there are no changes in the market.

Absorption rate 0 to 5 months typically indicates that it is seller’s market

Absorption rate 5 to 7 months typically indicates that it is balanced market

Absorption rate 7 + months typically indicates that it is buyer’s market

Information based on Northwest MLS data.

Search for properties here

Luxury areas reported: Downtown Seattle, Magnolia, Queen Anne and surrounding neighborhoods, East Central Seattle, Northeast Seattle, West Bellevue, Kirkland and Mercer Island – condos and homes priced at $1,000,000 and above.

Before looking at the sales statistics, let’s see how luxury condo and home inventory changed within last 12 months.

Inventory

Seattle

Eastside

Luxury condo & home sales

Seattle

Highest amount of sales – 22 in East Central Seattle in April 2013

Luxury condo and home average sale price

Highest average sale price – $2,767,714 in Downtown Seattle in May 2012

Luxury condo and home median sale price

Highest median sale price – $3,300,000 in Downtown Seattle in May 2012

Eastside

The highest amount of sales – 26 in West Bellevue in May and June 2012, and in March 2013

Luxury condo and home average sale price

Highest average sale price – $3,841,800 in Mercer Island in November 2012

Luxury condo & home median sale price

Highest median sale price – $2,320,000 in Mercer Island in December 2012

Information based on Northwest Multiple Listing Service data.

Luxury areas reported: Downtown Seattle, Magnolia, Queen Anne and surrounding neighborhoods, East Central Seattle, Northeast Seattle, West Bellevue, Kirkland and Mercer Island – condos & homes priced at $1,000,000 and above.

April 2012 and 2013

Inventory

There were 404 Seattle luxury condos & homes available in April 2013, up 17% from April 2012.

Listing prices

Average listing price was up 5% from April 2012.

Median listing price was up 2% from April 2012.

Sales

87 luxury condos and home sold in April 2013, up 83% from April 2012.

Sale prices

Average sale price was up 5%.

Median sale price was up 6%.

Year-To-Date sales

249 luxury condos and homes sold from January through April 2013, up 48% from the same time period in 2012.

Sale prices

Luxury condo and home average sale price was down 2%.

Luxury condo and home median sale price was down 1%.

Listing and sale price ratio was 93.53% in 2012; it was 96.35% in 2013.

Homes were on the market on average 191 days before sale in 2012; homes were on the market on average 127 days before sale in 2013.

Information based on Northwest MLS data.

Luxury areas reported: Downtown Seattle; Magnolia, Queen Anne and surrounding neighborhoods; East Central Seattle; Northeast Seattle; West Bellevue; Kirkland and Mercer Island – condos and homes priced at $1,000,000 and above.

Inventory

There were 464 Seattle luxury condos & homes available in April 2013, up 16% from March 2013.

Listing prices

Average listing price was up 2% in all reported areas combined from March 2013.

Median listing price was up 3% from March 2013.

Sales

Luxury condo and home sales were up 29% in all reported areas combined in April 2013.

Sale prices

Luxury condo and home average sale price was up 5% in all reported areas combined.

Luxury condo and home median sale price was up 3% from March 2013.

Information based on Northwest Multiple Listing Service data.