Are you a Seattle condo owner?
If so, we think you will enjoy our break down on 2015. We wanted to give Seattle condo owners a glance at how their investment may have done over the course of the year and what they can look forward to in 2016.
Over-all the condo market in the entire Seattle region was very impressive. Values were up significantly, the average time to sell a condo was less than a month and as a whole the region experienced a tremendous shot in the arm with inflows of new empolyment and wage expansion.
We are looking specifically at 3 major condo markets in Seattle – Downtown, Capitol Hill and Queen Anne.
Downtown experienced a great year with 771 units sold. Seller’s benefited from a brisk market with the average sale taking just 43 days. Zillow forecasts a 5.9% increase in value for 2016. Downtown Seattle condo owners have a lot to look forward too. According the Downtown Seattle Association, Downtown Seattle population has grown 8.2% since 2010 – which is roughly 24 near residents per week. That should bode very well for housing growth.
Capitol Hill condo owners experience near perfect selling conditions in 2015. The average time on market was just 22 days and the list to sale ratio was 102.86%. Meaning that condo owners on Capitol Hill on average received more than their asking price. The average square footage was 794sf per unit. Zillow is predicting a 7.2% increase in Capitol Hill condo values for 2016.
Queen Anne condo sellers spent an average of just 28 days on the market when selling their units in 2015. The average cost per square foot was $429 with the average sale price per unit of $400,268. The most expensive sale was a $2,425,000 condo on Highland Drive. Queen Anne sellers received on average 102% of their asking price. Not bad eh?
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