A Seattle City Sample of Seven and Change-2010

A few months back I posted the first set of “A City Sample of Seven and Change“.  I thought it would be interesting to see what has changed in the last 9-10 months.  I think you will find it as interesting as I did.

Take a look at the updated list below.  You’ll see what $700,000 and change will get you in the city.  Similar to last time, the sample is within the price range of $700,000 to $800,000.  The lists consists of only 2 bedroom condos and they range geographically, but all of them are in the “downtown Seattle vicinity”.

Belltown  $738,000 2607 Western Ave 1001
Belltown  $795,000 81 Vine St 300
Belltown  $799,990 2621 2nd Ave 1105
SLU         $715,000 820 Blanchard St 1706
SLU         $775,000 900 Lenora St W1101
Denny      $775,000 737 Olive Way 1905
DT           $749,000 98 Union St 1106

A lot of things can happen in 10 months.   As we compare this sample to the last, although it may be stating the obvious, there has been an overall recognition of the market conditions.  In my opinion, the 50-60% decrease in inventory in this price point is reflective of the following:

  • cancellations
  • extended “pending” sales due to short sales
  • A few solds
  • units being rented out
  • foreclosures
  • owners waiting until 2010
  • large price adjustments

I would be curious to get your opinion as well.   Are we seeing better inventory at more affordable pricing?


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