Seattle Condo Inventory and Sales Numbers
OK...this is what I have been seeing. With the overall Seattle Condo Sales noted as being down 11.3% MOM from June to July I feel that this number is actually understated in a sense. With numerous pre-sale condos closing these drive the numbers up however there are a number either back on the market by the specuvestors (for rent or sale) on both the MLS and CL which in my mind is inventory that still needs to be absorbed somehow.
Many now seem to say that the owner always intended to move into the unit but plans changed...blah blah blah. I can only surmise that this is because of the negative press that "flippers" have gotten in the MSM as of late and they do not want to appear like they are out to make a quick buck...just a guess...who really knows.
I'm pretty sure that the sales numbers will waver being primarily dependent on the completion/closing dates on pre-sale condos but I anticipate seeing a large number of investors in the buildings that are coming on line soon due to what I have seen with 2200, Cosmo and new construction in Ballard.
With regards to inventory, I feel that we will see moderate rises in inventory due to the people that need to "flip it quick" and have no choice but to advertise it somewhere even if FSBO. However...the true inventory that is out there is much higher due to the builders not listing all their unsold units and people pulling their units off the market temporarily. The Cosmopolitan pulled all it's penthouses from the MLS for example and there are far more keyboxes here at 2200 than there are condos listed on the MLS (40 keyboxes vs. 30 units on the MLS). Plenty left at all the pre-sales that are already under construction yet not listed...such as the Vulcan Projects.
Even with all of the "sleuthing" I do, I feel that I would even underestimate the *true* inventory of empty (and soon to be empty upon project completion) units out there. It's far "uglier" IMO than the numbers would lead you to believe.
Well...that's what I'm noticing FWIW.
Many now seem to say that the owner always intended to move into the unit but plans changed...blah blah blah. I can only surmise that this is because of the negative press that "flippers" have gotten in the MSM as of late and they do not want to appear like they are out to make a quick buck...just a guess...who really knows.
I'm pretty sure that the sales numbers will waver being primarily dependent on the completion/closing dates on pre-sale condos but I anticipate seeing a large number of investors in the buildings that are coming on line soon due to what I have seen with 2200, Cosmo and new construction in Ballard.
With regards to inventory, I feel that we will see moderate rises in inventory due to the people that need to "flip it quick" and have no choice but to advertise it somewhere even if FSBO. However...the true inventory that is out there is much higher due to the builders not listing all their unsold units and people pulling their units off the market temporarily. The Cosmopolitan pulled all it's penthouses from the MLS for example and there are far more keyboxes here at 2200 than there are condos listed on the MLS (40 keyboxes vs. 30 units on the MLS). Plenty left at all the pre-sales that are already under construction yet not listed...such as the Vulcan Projects.
Even with all of the "sleuthing" I do, I feel that I would even underestimate the *true* inventory of empty (and soon to be empty upon project completion) units out there. It's far "uglier" IMO than the numbers would lead you to believe.
Well...that's what I'm noticing FWIW.
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GOOD LUCK!