Seattle Condo June 2007 Market Update

Seattle’s condo market continued to show growth through June. Compared to a year ago, city-wide median prices for condos increased 9.9% to $301,950 along with a 6.5% increase in closed unit sales. Queen Anne, Capitol Hill, North Seattle and West Seattle realized a double-digit increase in median price over the prior year.

While the year-over-year figures do show a robust market, the trend is showing a softening of the market. Compared to the prior month, city-wide, the number of active listings increased 14.3% while closed sales reflected a 3.4% decrease. Median prices, for the most part, remained stagnant.

With the exception of Northwest Seattle, most areas realized fewer closed sales compared to the prior month. However, the spike in the Northwest Seattle figures likely include a recently completed condo project and conversions.

Source: Information obtained from but not compiled by the NWMLS. Data based on closed sales information reported as of July 7, 2007. Information deemed reliable but not guaranteed.

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