2007 Condo Highlights from the NWMLS

The NWMLS just released its Brokers Report on 2007 home sales. Here are some highlights pertaining to condos in the Seattle / King County area:

• The NWMLS reported $32.3 billion in total home sales in its 19 county territory. Just about one-half of that dollar volume, $16.5 billion, was realized in King County. And, of the $16.5 billion, $13.4 billion were single family homes sales and $3.1 billion were condominiums sales.

• Condominium prices jumped 10.6 percent from 2006 to 2007. The 19 county area-wide median price rose from $235,000 to $260,000.

• King County’s condo median price ($285,400) was up 12.35% over the prior year, but the number of units sold (9,420) was down 2.83% from 2006.

• NWMLS members sold more than 15,000 condominiums, about the same number as the previous year (15,038 in 2007 compared to 15,318 in 2006).

• 62.6% of all condo sales in the NWMLS territory were in King County.

• Condos represented 28.5% of all residential sales in King County.

• 1,115 condos sold for more than $500,000 of which 125 were priced over $1 million.

• Of the 1,115 condos high-end condos, 507 were in Seattle with 201 in Belltown alone.

The NWMLS press release can be viewed here. Note, some of the information above was obtained from the actual report which may not be reflected in the press release.

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