It may seem counter intuitive given our current marketplace – the Seattle condo median sales price increased last month. The headlines and the NWMLS’ published condo stats show a decrease, but not’s not the complete picture. However, unit sales plummeted and the number listings increased in May.

Condo Selling Prices Rise…really

According to the NWMLS May statistics, the Seattle citywide condo median sales price was $566,500. That reflected a year-over-year (YOY) and a month-over-month (MOM) decrease of 1.2% and 1.5%, respectively.

However, that is based on the NWMLS’ overly broad categorization of condominiums. It presently include property types that are not commonly associated with condos, which due to their number and higher price points impact Seattle condo statistics.

These non-traditional condos include single-family dwellings that have been “condoized”, accessory dwelling units (ADU), detached accessory dwelling units (DADUs) and townhomes, which generally are larger, newer and more expensive. Other non-traditional condos include storage units, parking spaces and boat moorage. These comprised 29.2% of condo sales and had a median sales price of $799,000 in May, reflecting a one-year decrease of 3.2%, but a 16.6% increase from the previous month.

Excluding these non-traditional condos, the median sales price of the typical condo unit in a multi-unit building or complex in Seattle was $480,000 last month.

Traditional condo units exhibited a 2.9% YOY and a 2.1% MOM increase in their median sales price.

Will that last, probably not. But, it provides clarity to the traditional condo marketplace.

For NWMLS neighborhood activity and sales results, please see the table at the end of the post or click here.

Listing Inventory Climbs

Seattle condo inventory increased as expected given our seasonal marketplace. Seattle ended the month with 1,144 units in the NWMLS listed for sale. That’s 7.2% more than the prior month and 5.6% more than the same period last year. Though, the true number is a little higher since new developments only list a couple of units at a time rather than all the units available in the project.

Yet, there were actually fewer new listings coming to market in May. We started the month with 1,067 units and sellers added an additional 492 units throughout the month for a total of 1,559. The number of new listings coming to market was down 10.2% compared to last May and 6.5% from the prior month.

Of the 1,559 units available in May, 415 came off the market due to sales, being cancelled or expired, were rented out instead, or for other reasons. That left 1,144 at month’s end.

Overall, the increase in inventory had less to do with new listings (as they decreased) but mostly due to the lack of sales. That impacted the inventory supply rate which pushed up to 5.1-month’s of supply based on pending transactions, the highest it’s been since July 2011. And, I suspect, it may continue to rise.

The inventory supply rate categorizes the current market environment. A rate of less than 4-month of supply is considered a seller’s market. A rate between 4 to 7-months is a normal or balanced market. And, a rate more than 7-months would be a buyer’s market.

With that said, Seattle is comprised of micro-markets. Thus, a buyer or seller’s experince will vary based on location / neighborhood, type of property and price point. For example, the Ballard market (Northwest Seattle) had a 2.6-month supply rate last month, which technically, is a seller’s market. Downtown / Belltown had a 9.3-month rate, placing it firmly in a buyer’s market.

Although not great, it’s not the doom and gloom as portrayed in news outlets and social media posts. Rather, it’s returning to normalcy with a balanced marketplace. Seattle, on paper, has predominantly been in a seller’s market since 2012 so we had become accustomed to low inventory and rising prices. So, it’ll take time adjusting to the challenges and opportunities it presents for sellers and buyers alike.

Non-traditional condo listings currently comprise 18.9% of the inventory as of this writing.

Condo Sales Go a Tumbling

One of the primary factors for the rising inventory was the slump in condo sales in May. Compared to last May, condo sales (pending transactions) dropped 17.8% to 226 units. That also reflected a one-month decrease of 7.8% from the previous month. Fewer sellers listed in May, but then even fewer buyers bought.

Take your pick on the pressures impacting the market – mortgage interest rate, tougher condo mortgage underwriting requirements, instability in the workforce (especially the tech sector that fuel condo sales), and national and global political affairs. Faced with uncertainty some buyers have taken a pause.

Fewer pending sales transactions mean fewer closings. Seattle had 208 closing in May, a 3.3% one-year and 2.3% one-month decrease. This will continue to trend downwards unless buyers return to the market.

In Summary

Seattle’s condo marketplace and activity statistics are misrepresented given the way the NWMLS broadly defines condominiums. Sellers and buyers looking at a studio, one- or two-bedroom condo should not rely on the published statistics that are increasing skewed with the inclusion of single family houses and high-end townhomes.

Based on the published numbers in May, reports indicate the Seattle condo market is challenged. And, it is. However, looking at traditional condos, the market faired a little better last month with improvements in median selling prices. But, that is unlikely to be a trend and as we head into the second half of the year when the market cyclically softens.

Going forward, sellers will encounter differing dynamics based on price level and location. Outlying neighborhoods where there are fewer traditional condos and limited supply, will fair better. They may experience shorter selling times and better selling price to list price ratios. On the other hand, sellers around the downtown core may need to buckle in for longer selling time and fluctuating prices.

Buyers have a great opportunity to take advantage of the current marketplace. They presently have more choices and a stronger negotiating position, but don’t expect fire sale deals. The market is dependent on price level and location.

Seattle Condo Market Statistics May 2026

Source: Northwest Multiple Listing Service. Some figures were independently compiled by Seattle Condos And Lofts and were not published by the NWMLS.
© SeattleCondosAndLofts.com

The post May 2026 Seattle Condo Market Recap first appeared on Seattle Condos and Lofts.

MLS# 2537794

Welcome home to this charming one-bedroom condo in the heart of Belltown! With a smart, well-thought-out layout and beautiful views of downtown Seattle, this home makes city living easy and enjoyable. The well-conceived design maximizes every square foot, creating a seamless flow between living, dining, and sleeping spaces. Large windows showcase the vibrant Seattle skyline, while the balcony provides ample outside space to enjoy a morning coffee and a peek of Elliott Bay.

The contemporary kitchen features granite tile counters, stainless steel appliances, a gas range and lots of storage. Enjoy the convenience of an in-unit washer and dryer, dedicated parking, and a storage unit – a must for city living. Building amenities include a community lounge, fitness center, guest suite and a rooftop deck with sweeping views of Puget Sound, Mt. Rainier, the Olympic Mountains, the downtown skyline and the Space Needle.

Step outside and explore some of Seattle’s favorite cafes, restaurants, and attractions. You’ll enjoy easy access to South Lake Union, Pike Place Market, Seattle Center, the Olympic Sculpture Park, the stadiums and the city’s thriving cultural scene. Whether you’re seeking a sophisticated primary residence or a stylish urban retreat, this Belltown gem delivers the quintessential Seattle lifestyle. Avenue One is pet-friendly with no rental cap.

Features include:

• 521 sq feet
• In-unit W/D
• Parking space
• Large extra storage unit
• Walkscore of 96 and a 92 Transitscore.
• Low $537 HOA dues – includes on-site staff, gas, water, sewer, garbage, recycling, earthquake insurance, common area maintenance and security

This modern condo home is offered at $365,000.

For more information and photos, visit Avenue One #809.

Learn more about this property! Drop us a note or inquire about this property or for a private showing at Veer Lofts.

The post Spotlight Listing – Belltown 1-BD at Avenue One first appeared on Seattle Condos and Lofts.

MLS# 2522009

This is the one you’ve been looking for – true two-story lofts are a rarity in Seattle, and more so in the South Lake Union district.

Veer Lofts is one of a dozen or so condominiums featuring full two-level loft living. This end unit offers something the others simply can’t: extra windows flooding the space with natural light, seventeen-foot ceilings that make every room feel expansive, and a dramatic wall of floor-to-ceiling windows creating a seamless connection between inside and out.

Rich bamboo floors warm the space, striking the perfect balance between modern edge and everyday comfort. Upstairs, a spacious lofted suite bigger than any comparable unit in the building offers a private retreat with a custom walk-in closet and primary ensuite. Downstairs, a versatile den with its own closet adapts to your lifestyle. Office, guest space, yoga studio, or flex use—you decide. Outside, your private patio is framed by lush greenery, making it the perfect spot to unwind and recharge.

When you’re ready to explore, everything is right at your doorstep. Steps from Amazon’s campus, South Lake Union’s incredible restaurant scene, and Lake Union’s waterfront kayaking, weekend strolls, and evenings at the Space Needle are all part of the package.

Unit and building amenities include:

• 975 square feet
• 1-bedroom + den, 2-baths
• Parking
• Extra storage
• Bike storage
• Pet washing station
• BBQ courtyard

This modern condo home is offered at $560,000.

For more information and photos, visit Veer Lofts #112

Learn more about this property! Drop us a note or inquire about this property or for a private showing at Veer Lofts.

The post Spotlight Listing: Veer Lofts #112 first appeared on Seattle Condos and Lofts.

It seems Seattle’s condo market aligned with the damp and dreary half of Seattle’s Spring season last month. While the number of condo listings blossomed, unit sales and selling prices withered.

Selling Prices Soften

Per the NWMLS, the overall Seattle citywide median selling price dropped to $575,000 in April, reflecting a year-over-year (YoY) and month-over-month (MoM) decrease of 3.9% and 4.6%, respectively. This is for all properties classified as a condominium in the NWMLS and was the 4th consecutive YoY decrease compared to 2025.

Breaking these out by traditional condos (e.g. individual units in a large building / complex) and non-traditional condos (everything else), traditional condos faired slightly better. The median sales price for traditional condos was $469,950. That reflected a one-year decline of 13.2% but only a 1.1% dip from March. Non-traditional condos had a median sales price of $685,000, which exhibited a YoY and MoM drop of 16.9% and 12.2%, respectively.

Non-traditional condos include single family houses, townhomes, accessory dwelling units (ADU), detached accessory dwelling units (DADU), boat moorage and deeded parking spaces. They accounted for 32.7% of all Seattle condo sales in April.

Even though Seattle as a whole reflected depressed selling prices, there were positive movement as well. For instance, YoY median sale prices rose in South Seattle (+23.1%), Downtown / Belltown (+17.1%), Southeast Seattle (+6.1%) and West Seattle (+6%).

On the other hand, Northeast Seattle (-40.8%), Queen Anne / Magnolia (-10.8%), Northwest Seattle (-5.5%) and Capitol Hill / Central (-4.9%) experienced falling selling values. Keep in mind, these neighborhood figures are a one-month snapshot, heavily influenced by townhome & DADU sales, and based on small sample sizes. View complete neighborhood area results here.

Seattle Condos Listings Spring in Abundance

Seattle condo listings continued to rise. We ended April with 1,067 units for sale listed in the NWMLS. That reflected a 10% increase over the same period last year and 14% more than we had in the prior month.

We started the month with 936 listings. Sellers added another 526 new listings to market over the month for a total of 1,462 units. However, that 526 new listings were 10 fewer than the previous April, a drop of 1.9% compared to 2025. Thus, fewer sellers decided to sell…albeit just by 10.

Of the 1,462 total listings in April, 395 listings came off the market, which left 1,067 at month end. These came off the market due to sales, listing cancellations and expirations, being rented out or for other reasons.

With more listings overall combined with slower sales activity, the Seattle condo inventory supply rate rose to 4.4-months of supply based on pending sales and 5-months based on closed sales. This effectively moves Seattle into a normal or balanced real estate market.

The inventory supply rate categorizes the current market environment. A rate of less than 4-month of supply is considered a seller’s market. A rate between 4 to 7-months is a normal or balanced market. And, a rate more than 7-months would be a buyer’s market.

Like median selling prices noted above, the supply rate and the environment sellers and buyers find themselves in are influenced by area. Seattle’s real estate is comprised of neighborhood micro markets that are impacted by condo density and desirability.

For example, the condo-dense Downtown / Belltown area has a supply rate of 8.5-months, firmly placing it in a buyer’s market. Though, ironically, it also exhibited a 17.1% increase in selling prices last month, which was affected by high-end luxury sales shifting the median mid-point upwards. Conversely, Northwest Seattle and West Seattle have supply rates under 3-months, reflecting a seller’s market.

Sales Activity Pleateau

There were 245 pending sales transactions in April. That was an improvement of 2.1% over the prior month, but was 0.4%, or 1 sale, less than a year ago. Fortunately, sales are trending upwards as we’d anticipate for the Spring season.

Interest rates jumped last month, which could have dampened sales. The condo market is shaped by its predominate buyer pool (the technology and medical segments based around downtown). Tech employment layoffs, fluctuating financial markets and 401K balances, and general uncertainty both locally and globally all impact Seattle’s condo market.

The number of closed condo sales improved over March by 3.4% to 213 units. However, that was 9% fewer closing than a year ago. Closings lag pending by a month, so the decent number of pendings in April will hopefully result in solid showing for May closings.

In Summary,

Seattle’s real estate market is historically cyclical — we experience the same trends year after year. The Spring season is the most active period with more listings, more buyers and a greater number of sales and higher prices. For the most part, Seattle is still holding to its selling cycle, but continues to lag behind and underperform 2025.

For qualified buyers, this presents opportunities. Although mortgage interest rates fluctuate, they have been fairly stable, hovering around the low-to-mid 6s. There hasn’t been dramatic spikes. The abundant supply provides lots of options to chose from and has tempered prices around the condo-dense downtown core.

Seller’s experience may largely be based on location. Outlying neighborhoods where there are fewer traditional condos and limited supply, will fair better. Sellers may experience shorter selling times and better selling price to list price ratios. Sellers around the downtown core may need to buckle in for longer selling time and softer prices.

Seattle Condo Market Statistics April 2026

Source: Northwest Multiple Listing Service. Some figures were independently compiled by Seattle Condos And Lofts and were not published by the NWMLS.
© SeattleCondosAndLofts.com

The post April 2026 Seattle Condo Market Recap first appeared on Seattle Condos and Lofts.

New condominium developments get a helping hand from the state legislature.  That’s the hope anyway.

To many people Seattle offers an abundance of condominium properties.  And, for buyers, that may be the case with a considerable number of listings to choose from right now. No matter what part of the city you’re looking in, there seems to be an endless supply of Seattle condos for sale.

But, that is not necessarily the case entirely.  Most of the traditional condominium units have been resale units and are older stock. Except for the downtown Seattle area, there have been very few new condominiums built in Seattle over the past 7-8 years.  And, those new condo builds have been limited to luxury high-rise buildings in downtown and First Hill, as well as a couple of pricey buildings along Alki. 

Seattle has seen an explosion of townhomes, accessory dwelling units (ADU) and detached accessory dwelling units (DADU), which are technically and legally classified as a “condominium”, so they are included in the Northwest MLS as condos. Though, these are more akin to houses rather than the classic, traditional condo properties that are composed of smaller units in a multiunit building. They are also much larger, more expensive and make up a quarter of Seattle’s condo listings. 

Besides townhomes, ADU, DADUs and luxury downtown condo buildings, very few new smaller and less expensive condominiums have been built or converted to condos over the past 10 years.  According to Seattle Agent Magazine, since 2010 93% of Seattle’s multifamily units were rentals or not-for-sale properties. This has created a scarcity of affordable homeownership opportunities for the average Seattleite.  

There are several reasons contributing to this and they have a common denominator – financial. One of the biggest factors is construction expenses with rising labor and material costs. Condos have higher construction standards and finish levels compared to apartments. Along with that is the limited availability and the cost of condominium construction loans.  The downpayment and interest rates are higher than apartments and lenders typically require a large percentage of pre-sales before approval of the construction loan.  

Another major factor has been Washington’s notorious condominium act, the liability for, and the exposure and cost of litigation for developers. As a result, except for expensive luxury high-rise, developers have shied away from condos and opted to construct apartments instead. It’s less expensive to build, more easily financed, and has reduced liability for developers. 

With few traditional condominiums built over the past decade inventory stock remained stagnant. This “missing middle” of condominiums has resulted in scarcity and higher prices, thus reducing options for affordable homeownership in Seattle. 

The state legislature has taken several steps to address this issue.  In 2025 they passed HB1403, to help ease the constraint developers faced with the state’s implied warranty liability statute. HB1403 clarified the law’s vague language and created an insurance alternative, an express warranty for smaller scale developments, that reduce liability exposure and litigation. 

However, the HB1403 was essentially limited to townhomes, ADUs and DADUs.  Specifically, limited to developments with fewer than 12 units and 2-stories, or 3-stories if one level was utilized for parking or commercial use. At that scale, building new affordable condos remained financially unfeasible.

This year the legislature addressed that with HB2304, which was recently signed into law. HB2304 amends HB1403 by expanding the definition of small condo projects qualifying for the express warranty alternative. Now projects up to 4-stories and less than 12-units are included. 

Potentially, this provides the opportunity for developers to build smaller, affordable condo buildings rather than focusing on townhomes.  The median price for Seattle townhomes was $779,000 last month compared to $475,000 for traditional condo units.  That may still seem high but the hope is with the encouragement of new condo development, thus increasing inventory, prices will become more affordable for first-time homebuyers.

Its true impact will most likely be realized in other parts of the state outside Seattle. Though, longer term, with the legislature taking small steps to provide alternatives from the state’s condominium act, that could spur more development within Seattle proper.

The post Legislature Helps Spur Small Affordable Condos first appeared on Seattle Condos and Lofts.

MLS# 2498029

Welcome to Trace North, one of Capitol Hill’s Premier, Green-Certified buildings. Located in the heart of Capitol Hill’s vibrant Pike/Pine District, this beautifully designed open one-bedroom, one-bathroom home delivers the perfect blend of modern style and everyday livability.

Soaring ceilings and an abundance of natural light fill the home for an airy, inviting space with sleek finishes throughout. The kitchen offers generous counter and cabinet space, stainless steel appliances, and a gas cooktop. Additional highlights include cork floors, full-size washer/dryer, newer hot water heater, secure parking spot, and ample in-unit storage.

Trace North’s newly renovated rooftop deck offers BBQs and sweeping sunset views, that’s perfect for spring and summer entertaining. Everything Capitol Hill has to offer is at your doorstep: dining, local coffee shops, retail, parks, and light rail access. With a near-perfect Walk Score of 99 – no car needed. Pet friendly, no rental cap with a min 30-day min rental for flexibility!

• One-bedroom, one-bath
• 671 square foot
• In-unit full-sized washer & dryer
• Garage parking
• Walk-Score of 99/100

This modern condo home is offered at $420,000.

For more information and photos, visit Trace North Unit #406

Learn more about this property! Drop us a note or inquire about this property or for a private showing at Trace North Condominium.

The post Spotlight Listing: Capitol Hill Gem at Trace North first appeared on Seattle Condos and Lofts.

The sunnier weather had a tepid effect as March showers soaked Seattle’s condo market. The warmth of Spring brought out the sellers, but buyers remained cool. The number of listings shot up while condo sales and selling prices mellowed out last month.

Selling Prices Hold Stead

The Seattle citywide condo median sales price in March came in at $602,750. That reflected a slight one-month improvement of 1.1% over February. Though, that also exhibited a 4% drop year-over-year, marking three consecutive months of underperformance compared to last year.

That said, while the graph below looks unimpressive, the March 2026 median selling price was the 5th highest on record.

The median sales price is based on all properties classified as a condominium in the Northwest MLS, which has a broad definition that includes townhomes, condoized houses, accessory dwelling units (ADUs), detached accessory dwelling units (DADUs), boat moorage and deeded parking spaces. These are typically newer, larger and higher valued than the traditional condo unit in a multiple unit building. As a result, they skew the median upwards.

Looking at just traditional condo sales, the median sales price was $475,000 last month. That reflected a one-month and a one-year decrease of 2.5% and 2.1%, respectively. Traditional condo sales accounted for 63% of all condo sales in March.

Non-traditional condos had a median sales price of $779,950, a 5.5% drop from the prior month and a 2.5% dip from the same period last year. They represented 37% of all condo sales in March.

By NWMLS neighborhood area, the condo-dense areas saw decreased median sales prices. Capitol Hill / Central (-25%) lead the way and was followed by Queen Anne / Magnolia (-13.9%) and Downtown / Belltown (-12.4%). On the other hand, in the South end, small sample sizes and townhome sales propped up selling prices in South Seattle (+17.7%) and Southeast Seattle (+7.2%). View all neighborhood results.

Condo Listings Bloom

The Spring season is Seattle’s peak period for real estate, and this year is no exception. Sellers raced to take advantage bringing on an increasing number of units for sale. Seattle ended March with 936 condo listings, which was 17.3% more year-over-year and 12% more than the prior month.

We started March with 836 listings and sellers brought another 481 new listings to market throughout the month for a total of 1,317. The number of new listings in March exceeded the number sellers brought on last year by 11.9%, as well as February by 25.9%.

Of the total listings in March, 381 came off the market leaving 936 at month end. Listings came off the market due to unit sales, cancellations or expirations, being rented out or for other reasons.

As expected with more listings for sale, Seattle’s condo inventory supply rate rose to 3.9-months of supply. This places Seattle in a balanced / normal market environment.

The inventory supply rate categorizes the current market condition. A rate of less than 4-month of supply is considered a seller’s market. A rate between 4 to 7-months is a normal or balanced market. And, a rate more than 7-months would be a buyer’s market. We use pending transactions when calculating the supply rate, though closed sales is also used.

Seattle is comprised of neighborhood micro markets with varying supply and demand levels. For instance, Downtown / Belltown has a supply rate of 8.2-months of supply, which is firmly in a buyer’s market.

On the other hand, Northwest Seattle and West Seattle have supply rates of just 2.4-months and 2.5-months, respectively. That is typically indicative of a tighter market.

However, the type of properties have differing conditions as well. For instance, in Northwest Seattle, traditional condos are reflective of a balance market with 4.8-months of supply, while non-traditional condos (e.g. townhomes, DADUs) reflect a tighter, seller’s market at 1.9-months. Thus, condo buyer may encounter more favorable terms and pricing while townhomes will favor sellers.

Condo Sales Spring Forward

Condo sales improved over February by 7.6% with 240 units under contract in pending status, which is what we’d expect with the spring market. However, that also exhibited 10.5% fewer sales compared to last March.

The bump in mortgage interest rates in March may have impacted sales along with the current uncertainty with tech sector employment and global issues impacting the financial markets.

There were 206 closed condo sales in March, noting a one-month improvement of 14.4% over February and a year-over-year reduction of 16.9%. Closings lag behind pendings by a month or so, thus this should increase in April.

In Summary

Seattle’s condo real estate market is holding true to our cyclical pattern. Sales activity and selling prices blossom during the Spring season and March results bare that out. While that’s good news for a healthy marketplace, we’re underperforming 2025 levels across the board with the exception of the number of listings.

Factors such as the bump in mortgage interest rates in March, tech layoffs, global issues and financial volatility have impacted buyers decisions.

For traditional condo buyers, this presents opportunities with more inventory choices, tempered pricing levels, better purchase terms and negotiating position. This may be less true with small development townhomes and DADUs where the market is a bit tighter.

For Seattle condo sellers, the Spring season has always been the prime time for selling. While there is more competition from other sellers, the Spring season historically exhibits higher sales volume and higher selling prices compared to other times during the calendar year. Yes, you might experience longer selling times and even price reductions, but they are still typically higher than selling in the Fall.

Seattle Condo Market Statistics March 2026

Source: Northwest Multiple Listing Service. Some figures were independently compiled by Seattle Condos And Lofts and were not published by the NWMLS.
© SeattleCondosAndLofts.com

The post Seattle Condo Market March 2026 Recap first appeared on Seattle Condos and Lofts.

MLS #2497638

Live above it all! Come home to this spacious one-bedroom top floor, end unit view condo. This unit sits in the heart of one of Seattle’s most sought after in-city neighborhoods with a beloved local bakery literally at your doorstep.

Soak in stunning views of the city and mountains from your light-filled home or large rooftop deck with BBQ. With no rental cap and short-term rentals allowed, it’s perfect for investors or anyone seeking flexibility or rental income. This condo boasts a Walk Score of 98; Live among many Wallingford shops, restaurants and more.

• One-bedroom, one-bath
• 781 square foot
• Top-floor end unit
• In-unit washer & dryer
• Garage parking
• Extra storage

This modern condo home is offered at $475,000.

For more information and photos, visit Wallingford 45 Condo Unit 411

Learn more about this property! Drop us a note or inquire about this property or for a private showing at Wallingford 45 Condominium.

The post Spotlight Listing: Wallingford View Condo first appeared on Seattle Condos and Lofts.

MLS #2404860

Welcome home to your sanctuary in the heart of the city at this Southeast corner overlooking a tree-lined street at 2200 Westlake Condominium.

This large 858 square foot one-bedroom unit offers floor-to-ceiling windows, gas fireplace, a private balcony with streetscape views. The island kitchen features granite countertops, stainless appliances and ample storage. Work from home with the fully functional built-in desk workspace.

The 2200 Westlake offers top-tier amenities including a fitness center, sauna, community lounge, movie theater, game room, BBQ terrace, pet area, concierge, secured Amazon lockers and more. Plus, Whole Foods is just an elevator ride away—urban living at its best!

• Hardwood & plush carpet flooring
• In-unit washer & dryer
• Garage parking
• Extra storage
• HOA dues include central hot water, natural gas, water / sewer / garage, concierge and common area maintenance.

This wonderful condo home is offered at $529,950.

For more information and photos, visit The 2200 Westlake Condominum #S403

Learn more about this property! Drop us a note or inquire about this property or for a private showing at the 2200 Westlake Condominium.

The post Spolight Listing: South Lake Union Sanctuary first appeared on Seattle Condos and Lofts.

February turned out to be fairly typical for Seattle’s condo market based on historic trends. Overall, progressing through the new year, Seattle condos reflected higher selling prices and increased sales activity. However, the market underperformed compared last February.

Prices Trend Upwards, But Below 2025 Levels

The Seattle citywide condo median sales price in February was $596,275. That reflected one-month increase of 7.1% over January. But, also, a year-over-year (YOY) decrease of 4.6% from last February.

By NWMLS neighborhood area, South Seattle (+49.5%), Southeast Seattle (+14%) and Northeast Seattle (+5.3%) were the only areas to realize increases in their selling prices in February. On the other end, Queen Anne / Magnolia (-26.8%) and Downtown / Belltown (-14.2%) led areas with declining values with double-digit decreases. Click here to view the complete neighborhood area statistics for February 2026.

This reflects the selling prices of all condominium-classified properties in Seattle. The NWMLS commingles various types of properties under its “condominium” category. It includes properties we normally consider to be non-traditional condos such as townhomes, condoized single family houses, accessory dwelling units (ADU), detached accessory dwelling units (DADU), boat moorage and deeded parking spaces. Typically, these are newer, larger and more expensive.

Selling prices were pretty solid when we break out the numbers between traditional and non-traditional condos. Traditional condos had a median sales price of $487,500 in February. That reflected a one-month increase of 9.6% and a YOY drop of 0.5%.

Non-traditional condos had a median sales price of $825,000, exhibiting both a YOY and MOM increase of 6.5%. They also comprised 35.3% of all condo sales in Seattle, essentially 1 in every 3 condos sales were non-traditional and they were predominately new townhomes.

Listings Increased at a Decreasing Pace

The number of listings increased as we’d anticipate transitioning from winter towards the spring. Cyclically, Seattle condo listings rapidly rise throughout the first quarter as we leave the dreary fall season behind with improving weather and renewal.

That said, the number of condo listings increased last month, but at a decreasing pace. Seattle ended February with 836 active listings for sale. That’s 19.6% more than last February and 9.3% more than the prior month.

We started the month with 765 listings and sellers added another 382 new listings for a total of 1,147 units. But, the 382 new listings in February reflected 14.5% fewer new listings compared to January and only 0.5% more YOY. While we have more listings for sale overall, sellers brought fewer listings to market. The increase in net listings for the month was mostly due to sluggish sales.

Of the 1,147 listings available for sale throughout the month, 311 came off the market for various reasons — pended and under contract, had quick closings, been expired or cancelled, rented out or for other reasons — leaving 836 remaining at month’s end.

As of the date of this post, Seattle’s active condo inventory is comprised of 77% traditional condos and 23% non-traditional condos.

The Seattle condo inventory supply rate held steady at 3.7-months of supply, which kept Seattle on the cusp between a seller’s market and a normal market. This is an improvement over last February when the market had slid into a tighter seller’s market.

The inventory supply rate is a metric categorizing the current market condition. A rate of less than 4-month of supply is considered a seller’s market. A rate between 4 to 7-months is a normal or balanced market. And, a rate more than 7-months would be a buyer’s market. We use pending transactions when calculating the supply rate, though closed sales is also used.

Seattle is comprised of neighborhood and price point micro-markets. Neighborhoods with a dense concentration of condos like downtown, Queen Anne and Capitol Hill, are reflective of a balanced market with more than 4-months of supply. In areas with fewer condos such as North Seattle and West Seattle, they’re reflective of a seller’s market with under 3-months of supply.

Condo Sales Improve, Sluggishly

One of the reasons we have more listings and a decent inventory supply rate was due to softer condo sales in February. There were 223 pending transactions (listings under contract in escrow). That was an improvement over January by 8.8%, but sales velocity underperformed the same period last year by 16.5%. Sales are trending upwards, just not at the rate we experienced a year ago.

Buyers are buying, though many still remain on the fence. Lower mortgage interest rates, more choices, better values and contract terms have spurred some buyers. However, anecdotally we’re hearing buyers with concerns about tech sector layoffs, financial markets & investment balances, and global events, keeping them on the sidelines for now.

There were 180 closed condo sales in February, reflecting a one-year decline of 9.6%. It also exhibited a one-month jump of 26.8%, which were likely closing lags from December’s pending transactions. Usually, closings lag behind pendings by a month, though it looks like number of December sales had extended closings into February.

In Summary…

February exhibited a fairly typical month for Seattle’s condo market as we progress through the new year. Sales activity and selling prices rose, though at a lower rate than we experienced in February 2025.

Interestingly, even though the number of condo listings available increased, fewer sellers brought new listings to market in February. That should change, I expect we’ll see more listings as we move on towards spring.

For Seattle condo sellers, spring is the prime season for Seattle’s real estate market. Historically, it’s the most active period with the highest number of condo sales and selling prices. There are more buyers in the market place, but also more competition from other sellers.

For condo buyers, they’ll usually encounter higher selling prices and competition from other buyers in certain neighborhoods. However, the market is sluggish overall and has been underperforming so they may have the upper hand, especially in condo dense neighborhoods around the downtown core.

Seattle Condo Market Statistics February 2026

Source: Northwest Multiple Listing Service. Some figures were independently compiled by Seattle Condos And Lofts and were not published by the NWMLS.
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