Posts tagged Condominiums
First Quarter 2018 Resale Volumes of Downtown Seattle Condominiums Shrinks While Median Home Prices Skyrocket to $700,000; Brokers Cite a Mounting Affordability Crisis

Downtown Seattle witnessed fewer condominium resales during the first quarter of 2018 compared with that of the first quarter of 2017, largely because there were fewer homes to choose from. And the lack of available supply is raising further concerns about an affordability crisis. Currently, there are only 44 resale homes available for sale in an urban center of more than 80,000 residents but there are more priced above $1 million than there are at lower price points. Meanwhile, median home prices in Seattle are rising at 19-percent per year, according to analysis of first quarter 2018 data compared to the prior year.

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Home Prices Locally & Nationwide Rise While Inventory Falls; Seattle Leads for 17 Months

As of January 2018, single-family home prices in the Puget Sound region were 12.86 percent higher than 12 months before, and prices were 0.73 percent ahead of those in December. On a monthly basis, home prices in San Diego grew slightly faster, at 0.76 percent. Yet year over year, Seattle’s nearest West Coast competitor was San Francisco, where home prices are up by 10.2 percent since January 2017. Further inland, Las Vegas home sellers saw prices 11.1 percent higher than this time last year.

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Seattle's New Era of Condos

As a recent Realogics Sotheby’s International Realty feature entitled “Seattle’s New Era of Condos” proclaims, the Emerald City is definitively in the midst of a condo comeback; the population is growing, residents are fueling additional in-city attractions, and millennials are transitioning from renting to homeownership. Today, thousands are reading the latest Seattle trends, as the special feature, which was originally included in Portrait of Seattle Magazine, was hand delivered to 1,500 broker mailboxes throughout the Seattle area, and was included in select copies of Puget Sound Business JournalWall Street JournalMadison Park TimesCapitol Hill TimesQueen Anne & Magnolia Times, Magnolia News, City Living Seattle, The Monroe Monitor, Valley News, Eatonville Dispatch and Marketplace.

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On Top Nationwide for 13 Months, Seattle-Area Monthly Home Price Growth Takes a Holiday

Upon last month’s release of the CoreLogic Case Shiller Home Price Indices for August 2017, Realogics Sotheby’s International Realty predicted“Should the trend since April continue on the back side of the peak home-buying season, it is possible that Seattle’s monthly home price trend could actually turn negative.” This in fact is exactly what happened, with the Seattle index slipping by 0.28 percent monthly in September.

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