Downtown Seattle Condos In September, Median Price Increases %11.1
We poured over our sales stats this weekend and the Seattle condo market continues to show strength heading into the fall. During the month of September, the median sales price rose 11.2% over the month of August. The average cost per square foot also expanded from $795psf to $809psf. According to the Seattle Times in a article released over the weekend, the median price for a home in King Country increase over 16% in one year. Just in case you didn’t want to read the entire article, we grab a few of the headlines for you:
More and more homes are edging above the $1 million mark, which used to denote a luxury home but now might just mean a regular house in a desirable location. More than 3,700 homes have sold for seven figures so far this year in King County, a 42 percent increase from a year prior and nearly double the total from two years ago.
The shortage of homes for sale continues to help drive up prices. Inventory across the county was down 16 percent from a year ago and has been dropping nonstop for several years now.
We like to focus on 4 sub-markets to give you guys more of a specific hyper-localized perspective on the condo market in Seattle. Here are a few take-aways from the month of September
- Median price expanded 11.1%
- The average time on market is just 22 days
- The most expensive condo sold during the month was at 1521 Second Avenue – $4,600,000 (it sold in just 2 days at 1,730 per square foot)
- Bellevue saw a tremendous gain in their median price per unit. In the month of August it was just $562,540, in September that number rose to $753,400 (34%)
- The cheapest condo sold in the Downtown Bellevue condo market was $315,000
- The average time it takes to sell a condo in Bellevue is just 20 days
- Sellers are getting nearly 3% more than their asking price
CAPITOL HILL (SEATTLE)
- The median price of a Capitol Hill condo rose 4.1%
- The average days on market actually slowed from 11 days to 22
- Capitol Hill condo sellers received almost 8% more than their asking price on average
QUEEN ANNE (SEATTLE)
- Queen Anne was the only market out of the 4 that we track where the median price declined- albeit small at 2%
- The average days on market for a Queen Anne condo was 14. It was just 12 days on market in August
- Certainly the most affordable market last month, Queen Anne had 15 sales under $500,000
Overall, the market is showing a strong advantage to Sellers. Until we see inventory climb or demand start to slow, we have to expect the prices will continue to climb. Affordable is a hot topic in the city right now. I don’t expect that to change anytime soon.