Is Now The Time? 3 Reasons To Believe In The Seattle Condo Market
Good morning guys. As I write this post, I’m in Downtown Vancouver B.C. at the Fairmont Pacific Rim.
If you have followed the blog, you know how passionate I am about Vancouver B.C. Visiting the city as a teenager inspired me to get into condos and I’m forever grateful for that. I love Vancouver. I admire the energy, the skyline and the urban density.
The reason I’m here is condo related. Westbank and their development and sales team invited a select group of 6-7 Seattle brokers to visit with their founder Ian Gillespie. We are touring some of their projects in Vancouver and will also be learning more about First Light in Seattle. It will be Westbank’s first Seattle condo project and the anticipation for it is palpable. I’ll report more on this later.
Before heading up to Vancouver, I wanted to post a video on the Seattle condo market. Over the last 6 months the market has been uncertain. The reasons for the increasing inventory and slower sales can be attributed to the following:
- Oversupply of apartment supply
- US. Midterm Elections
- Rising Rates
- Market Volatility in the Stock Market
- Buyer Confidence
It has been interesting to watch. From what I gather, there is a lot of buyers on the sidelines waiting to see what Seattle condo market is going to do. Personally, I’m a believer in Seattle and the condo market. I think the next 6 months could be the best buying opportunity in the Seattle condo market in the last 10 years. You’ll have to watch the video to get my rational, but I truly believe that an investment in the market, despite all the uncertainty could be payoff immensely over the next 10 years. There a number of reasons to be a believer in the Seattle market but I’m going to highlight just 3 of them.
- Market Fundamentals
- Traffic, Urbanization
- Reversion Of the Mean, Condos are coming
If you take a look at the graphic above, the market has expanded year over year. You’ll see an increase in the price per square foot, the median sales price and the number of transactions. In addition to that, over the last 30 days, there have been 34 sales in the downtown core and over 30 units that have gone pending.
The future in Seattle real estate is bright and despite some relative uncertainty in the stock market, I think the long term picture in the Seattle market is positive. For that reason, I’m a believer and a buyer. More on that soon. Feel free to reach out with questions.
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