You may have noticed a few weeks back that I posted the two (2) year history of Downtown Bellevue Condo pricing. I thought it was an interesting chart when considering the turbulence in our economy since 2007.
In light of comparison, I thought it would be useful to evaluate the Seattle Chart as well.
Here is a basic breakdown on what the chart is showing us:
Median price in December of 2008 was approximately $349,000 per unit
Now, that same unit has a median price of approximately $272,000!
In December of 2008, inventory was at about 1,765 units, dropping as low as 1,625 during the momentum of the tax credit extension, peaking at 2,438 in late July 2010, and now sits at about 2,175 condos on the market. As you will notice, the inventory in August 2010 started to move down & that will continue through the holiday season. I’m anxious to see what this chart looks like in March of 2011.
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