Median Sale Price In The Downtown Seattle Condo Market Rose 23%
Our free condo sales stats are out for February. We release 4 sets of stats each week:
The median sales price is up 23% over this time last year. The storyline in the Downtown Seattle Condo Market has’t changed. Limited supply is putting pressure on competing buyers to “bid up” the price of highly coveted units. In fact, the average list to sale price ratio for February was 4.36%. Meaning that the average condo sold in Downtown Seattle is getting 4.3% more than their asking price. We noted last month that Seattle has led the nation in home price increases for 16th months in a row.
There were some very notable storylines in the month of February:
- There were 10 condos that sold for more than $1,000,000 (25% Increase over last year)
- 3 condos sold for more than $2,500,000
- The cost per square foot rose from $734 per foot to $916psf – a 25% increase
- A condo that sold for $90,000 in 1978, just sold for $1,765,700. That is a total return of 1,862% or $41,892.50 per year over the 40 years of ownership. Not a bad return huh?
- 4 units sold at Escala. Escala famously increased prices in early 2008 during the heart of the recession.
The sale of the month has to be this INCREDIBLE unit above Pike Place Market. It is located in the Pike and Virginia building (87 Virginia). I toured the unit when it hit the market – the view is special. The asking price on the unit was $1,395,000 and the unit sold for $1,765,700. There are just 13 units in the building and the last time this unit sold was in 1978.
We have released our Free Condo Selling Guide:
There is a new condo project that will be breaking ground this summer (see below). We will keep you posted on the details.