Want a great example of a hot condo market? Just look at Seattle’s Capitol Hill neighborhood. The numbers are staggering. There are just 16 condos for sale in the entire neighborhood. A population that exceeds 12,000 people. The prices of available units range from $199,000 to $1,995,000. The available inventory includes five (5) 2 bedrooms, ten (10) 1 bedrooms and a studio.
We wouldn’t expect these units to last long. In the last 90 days, there have been 51 condo sales in Capitol Hill. The average market time was 27 days. and 31 of the sold condos were on the market for 10 days or less!