TEAM NSRG | MARKET INTELLIGENCE
REDMOND, WASHINGTON CONDO MARKET UPDATE
7.9 Months of Inventory • 59 Days on Market • 91.9% of Original List Price
What buyers and sellers need to know about the Redmond condo market right now.
By Jeremy Minor | Team NSRG
REDMOND WA CONDO MARKET: BUYERS ARE GAINING LEVERAGE
It’s a crazy world out there—and the Redmond, Washington condo market is giving both buyers and sellers plenty to think about.
At Team NSRG, we believe real estate decisions should be based on what’s actually happening in the market—not yesterday’s headlines.
So here’s our latest look at Redmond condo market activity, including new listings, price reductions, pending sales, inventory, days on market, and the percentage of asking price sellers are actually receiving.
THE NUMBERS AT A GLANCE
New listings — last 7 days: 7
Back on market: 0
Price reductions — last 7 days: 6
Price increases — last 7 days: 0
Went contingent: 0
Expired: 1
Pending / under contract: 8
Sold: 6
Cancelled: 6
Average days on market: 59
Months of inventory: 7.9
Average % of original list price: 91.9%
THE TEAM NSRG TAKE: THIS IS INCREASINGLY A BUYER’S MARKET
There are plenty of ways to describe the current Redmond WA condo market, but here’s the simplest: Buyers have leverage.
Six condo listings reduced their prices over the last seven days while zero increased their asking price. Six listings were also cancelled, with another listing expiring. Meanwhile, eight properties went pending and six sold.
That’s an important distinction. Buyers aren’t gone. They’re simply becoming more selective.
The properties that are priced correctly and presented well can still attract buyers. But sellers who are testing the market with aggressive pricing may find themselves waiting.
7.9 MONTHS OF CONDO INVENTORY IN REDMOND
Redmond currently has approximately 7.9 months of inventory for previously owned condos, down slightly from 8.3 months in July. For context, the last time Redmond had more than seven months of condo inventory was December 2011.
In simple terms, if no additional condos came onto the market, it would theoretically take about 7.9 months to sell the existing inventory at the current pace of sales. For buyers, that means choices. And choices create negotiating power.
REDMOND CONDOS ARE TAKING LONGER TO SELL
Last month, previously owned Redmond condos that sold averaged 59 days on market. That’s up dramatically from 27 days in July.
For sellers, this is a number worth watching. For buyers, longer market times can create opportunities to negotiate.
WHAT ARE REDMOND CONDO SELLERS ACTUALLY GETTING?
Last month, Redmond condos that closed sold for an average of 91.9% of original list price. That’s down from 95.8% in July.
This is one of the clearest indicators that sellers are having to adjust their expectations. The market ultimately determines value—not the seller, not the neighbor, and not what someone paid three years ago.
WHY ARE WE SEEING SO MANY CANCELLED AND EXPIRED LISTINGS?
We’ve seen sellers fighting the downward trend for months. Some have tried to hold onto higher asking prices, waiting for buyers to meet their expectations.
But today’s Redmond condo market is giving buyers more alternatives. When buyers have choices, an overpriced property can sit. Eventually sellers have to reduce the price, offer concessions, improve the property, wait, cancel, or expire.
MORTGAGE RATES ARE HIGHER—SO WHAT ARE SELLERS DOING?
Yes, mortgage rates are higher. But seller-sponsored mortgage rate buydowns and concessions are another trend worth watching.
Instead of simply reducing the purchase price, sellers may contribute toward a buyer’s closing costs or mortgage rate buydown. For buyers, that matters because the monthly payment can matter just as much as the purchase price.
WHAT THIS MEANS FOR REDMOND CONDO BUYERS
If you’re thinking about buying a condo in Redmond WA, today’s market may offer something buyers haven’t had much of in recent years: time, options, and leverage.
Buyers may have opportunities to negotiate purchase price, closing costs, seller concessions, mortgage rate buydowns, repairs, credits, inspection-related items, and other terms of the transaction.
WHAT THIS MEANS FOR REDMOND CONDO SELLERS
For sellers, the message is equally clear: pricing matters.
In a market with nearly eight months of inventory, initial pricing strategy matters. So do property condition, photography, presentation, HOA financials, building reputation, location, competition, recent comparable sales, and current buyer incentives.
The goal isn’t simply to put your condo on the market. The goal is to position it correctly against the competition.
TEAM NSRG MARKET INTELLIGENCE
Don’t just follow the market. Understand it.
The Redmond condo market is changing. Inventory is elevated. Days on market are increasing. Price reductions are occurring. Sellers are receiving less of their original asking prices. And buyers have more negotiating leverage.
But real estate is local. The 7.9-month inventory number applies to the broader Redmond condo market. An individual building, HOA, neighborhood, condition, price range, and competition can tell a very different story.
FREQUENTLY ASKED QUESTIONS: REDMOND WA CONDO MARKET
Is Redmond WA currently a buyer’s market for condos?
Based on the latest market statistics, Redmond condo buyers currently have significant leverage, with 7.9 months of inventory, longer days on market, frequent price reductions, and an average of 91.9% of original list price received.
How much condo inventory is currently in Redmond WA?
The latest data shows approximately 7.9 months of inventory for previously owned Redmond condos.
How long does it take to sell a condo in Redmond?
Previously owned Redmond condos that sold last month averaged 59 days on market, compared with 27 days in July.
Are Redmond condo prices falling?
The percentage of original list price received fell from 95.8% in July to 91.9% last month, indicating increased pricing pressure. Individual properties can perform very differently.
Can I negotiate when buying a Redmond condo?
The current market provides buyers with more negotiating leverage. Negotiations can involve price, closing costs, seller concessions, mortgage rate buydowns, repairs, and other terms.
Should I sell my Redmond condo right now?
That depends on your specific property and circumstances. With elevated inventory, pricing and positioning are especially important. A building-specific market analysis is much more useful than relying solely on citywide statistics.
Are sellers in Redmond offering mortgage rate buydowns?
Seller-sponsored mortgage rate buydowns and other concessions are increasingly relevant in today’s market. Buyers should evaluate these incentives alongside the purchase price and overall financing terms.
THE BOTTOM LINE FROM TEAM NSRG
The Redmond WA condo market is no longer the market we saw during the peak of the seller’s-market era.
For buyers, that can be a good thing. For sellers, it means strategy matters.
With 7.9 months of inventory, 59 average days on market, and condos closing at an average of 91.9% of their original list price, today’s market is giving buyers considerably more leverage.
But the best opportunities aren’t found by simply looking at headlines. They’re found by understanding the numbers behind the property.
TEAM NSRG REAL ESTATE
Seattle. The Eastside. The Pacific Northwest.
Local knowledge. Real numbers. Straight talk.
Jeremy Minor | Team NSRG
www.TeamNSRG.com
