May Seattle Condo update

Posted Jun 8, 2007 @ 2:20 am, Viewed by 508 Visitors, Read 512 Times.

May continued to exhibit an active condo market with double digit increases in units sold city-wide. Interestingly, NE Seattle and West Seattle showed the greatest increase in unit sales, mostly attributable to a robust resale market.

City-wide, condos appreciated approximately 6% based on average sales price. However, across the board, median prices took a tumble from the prior month. Inventory has increased helping to create a buyers market, particularly with high-end properties, though I believe interest rates play a role as well. As rates continue to creep upwards, buying power decreases which move buyers to a lower price point. And, though the market has softened, sellers are receiving +/- 1% of the asking price.

Continuing reading this article at Seattle Condos and Lofts.

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benkjls

benkjls Seattle Real Estate Consultant and condo expert specializing in urban city lifestyle living. Ben maintains Seattle's most popular condo blog (Seattle Condos and Lofts) and also provides content to the Seattle NBC affiliate, King5 TV. Read More

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