benkjls' Blog: Condo Market Data

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…

The good news about Seattle’s condominium market is that market values continue to reflect a strong increase over 2006. City-wide, the median sold price in October was $318,500, an 11.4% increase over October 2006. Queen Anne and Capitol Hill also reflected double-digit median price increases over the prior year as well. As has been the case all year, values have been increasing while the number of sales decline and the available inventory grows. In the course of 2007 we’ve moved from a seller’s market towards a normal market, based on the absorption rate. As the last two months are usually the slowest it’s not unreasonable to think that we’ll inch over towards a buyer’s market by the end of the year.

Although the overall market is teetering towards a…

While "gloom" is the adjective used to describe the country's housing market, Seattle, notably Seattle's condo market has been performing admirably well.  In the 3rd quarter 2007, city-wide results show an increase in unit sales of 4.9% and a very respectable 7.7% increase in median price compared to the same period a year ago.  The median price for a Seattle condo now stands at $323,000.

A closer look will show varying results by neighborhood with the more affordable Northwest Seattle region outperforming the rest of the city with 107% increase in unit sales.

Continue reading for charts and additional information on the Seattle condo market >>> Read Full Post

With the exception of Northeast Seattle, the 2nd quarter 2007 figures exhibit an active condo market and healthy growth rate, compared to the same period last year. City-wide, the median price increased 8.4% with a 23.2% increase in units sold.

However, not reflected in the figures below was a 46% increase in city-wide new listings for the 2nd quarter 2007 (1,923) compared to the 2nd quarter 2006 (1,317). The increase can be attributed to new construction listings in the MLS, a plethora of conversions hitting the market, investor flips and resales.

While I did not include 1st quarter 2007 figures in the chart, compared to previously posted 1st quarter results, the 2nd quarter showed an increase in sales activity but a decrease in median prices,…

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…

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…

February rebounded from a slow January start with condos in Seattle’s core neighborhoods realizing healthy increases, based on median sold prices. Though, average sold prices did take a tumble.

Source: NWMLS - information deemed accurate but not guaranteed. 

For more information about Seattle Condos please visit SeattleCondosAndLofts.com.

Here’s some information readers may find useful. I’ve highlighted market trend activity for three core neighborhoods - Downtown, Capitol Hill and Queen Anne - as this is were the bulk of condos and lofts are located. Click on link below.

There are three graphs for each neighborhood:

• Condos for Sale, Sold & Pending
• Average Price For Sale vs. Sold
• Average Price Per Square Foot