Zip Code 98121 (mostly Belltown) for past 15 months; condominiums with a maximum of 599 square feet (55.6 square meters)

The following graphs show market statistics for the greater Belltown neighborhood. The statistics include new condos and resale condos.

This graph indicates that although it is still a buyer’s market, sales activity increased in January. Even so, more new listings came on the market than were sold. The red, Pended line indicates properties that are under contract but have not yet closed escrow – pending sales are up 33.3% from a year ago.

Average CDOM is “cumulative days on market” – the average number of days it takes for a property to sell. The blue line indicates what average percentage of the original asking price was actually received. Keep in mind that in January of this year only 9 properties closed escrow, so even though the average was 94% of the original price, individual properties percentage can vary widely. 

The falling median price in this case indicates that the lower priced units are what are selling, not that prices are necessarily falling.

 Again, prices are not dropping precipitously although they are still declining, but rather the lower price range is what is selling.

Months of inventory is an indicator that tells how many months it would take to sell the current inventory of properties if no other properties came on the market, and based on the number of pending sales – anything over 6 months is considered a buyer’s market.

 In sum, it is a buyers’ market in general. However, most active buyers are looking for the same characteristics so certain properties – those with somewhat of a view, natural light, in good condition, and priced well – will sell quickly and for a dramatically better price than those that lack those characteristics.

 Below are the combined statistics represented by the charts and graphs  

 *All reports are published Feb. 2010, based on data available at the end of Jan. 2010.
This representation is based in whole or in part on data supplied by the NWMLS. Neither the Board or its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Board or its MLS may not reflect all real estate activity in the market. Report reflects activity by all brokers participated in the MLS.