Seattle Condo Market – May 2025
Northwest MLS Condo Market
When most people think of a Seattle condo they think of the high rises in downtown Seattle and Belltown. However, Seattle condos include much more than that. Zoning is changing again, but many places where a single family home once stood is now three condos. In addition, Capitol Hill and Queen Anne traditionally have a lot of condos, but so does Ballard, Madison Park, and essentially every other Seattle neighborhood. Across the Northwest MLS, Kirkland and Bellevue have a ton of condos as well. Thus, King county makes up nearly 2/3 of the the entire condo market. For example, this May King County had 2,064 active listings compared to 3,323 condo listings across the NWMLS. Both are up quite considerably over last year (1,317 active condo listings in King and 2,071 in NWMLS last May). Further stats across the NWMLS show this May there were 903 condos sold for an average price of just under $620,000 across the entire NWMLS. In comparison, May 2024 had 974 condos sold for an average of almost $618,000.
Downtown Seattle Condo Market
The Downtown Seattle condo market, span from the base of Queen Anne to the Stadium District where the Seahawks, Mainers and Sounders play. Furthermore, it covers 3 ZIP codes: 98121, 98101, and 98104.
Downtown Seattle Condo Market
This May there were 33 condos that sold for an average price of $737,000 in downtown Seattle. In addition, the average days on market was 76 days which is much longer than a single family home (17 days). In contrast, last May (2024), there were 50 condo sales for an average of nearly $894,000. Days on market were 57 days. Now, in small sample sizes a few big sales can cause a large swing in average prices (see Seattle Luxury Condo section below), so prices are not down as much as that average price indicates, but things have changed. These changes are indicated by the shift in all three of those categories. In addition, Seattle condo inventory is up as well. For instance, King county condo inventory is 2,064 at the end of May compared to 1,317 the year before. Thus, it is a good time to be a Seattle condo buyer.
Luxury Condos
There were 6 condos sold for over $1 million in May 2025 versus 13 last May. Thus, luxury condo sales decreased as compared to last year. The highest sale this year was the only sale over $2 million. A condo in the Insignia building sold for $2.5 million. Last May, there was a Seattle luxury condo that sold for $4.175 million in 98 Union building. Furthermore, there were two more sales of over $2 million. Both at the Four Season Private Residence.
These luxury sales were the main reason for the large swing in the average price. Average price went from $894,000 last May to $737,000 this May. Ironically, for those Seattle condos listed, the median price actually increased this May ($621,125 vs $610,000 last year).
Is Seattle Condo Market Slowing Down?
The Seattle condo market has slowed somewhat: inventory and days on market are both up, while the number of sales are down, and prices are showing mixed signals. Thus, it is a good time to be a condo buyer, but sellers should not panic because other than a few less luxury sales, prices are relatively stable.
Every real estate market is different. To navigate the current issues, contact one of Ewing and Clark’s real estate brokers. Ewing and Clark has provided exceptional real estate service to to Seattle condo buyers. With an office in the hear of Belltown, we are always knowledgeable about the condo market.
For this blog the information and statistics were derived from the Northwest Multiple Listing Service.
