Much like the Downtown Seattle condo market, the number condos sold in Capitol Hill skyrocketed in April over March. In fact, it was a 46% increase in units sold. It is remarkable to see the number of full price and multiple offer bidding as well. 33 of the 38 sales were full price or above asking. It doesn’t stop there – many of the condos sold were well above the asking price. One sale in particular sold for 38% above the original price. The unit was listed at $210,000 and sold for $289,000. This market continues to surprise to the upside. Even though April and May are some of the best months of the year, this is an obvious indicator that rising rents, income and employment are boosting sales city wide. We haven’t released our Queen Anne or Downtown Bellevue stats yet, but it will be interesting to see where those numbers come in.
Here are a few storylines for the month of April on Capitol Hill:
31 Sales With Multiple Offers
This is an amazing stat. 31 sales in the month of April went above the asking price – with 33 of the 38 sales getting a minimum of full price offers. We need to remind everyone that this will not last forever, but while its here, Seattle sellers should take advantage. The demand for affordable 1 bedroom units on Capitol Hill is staggering.
16 Sales Increased 9% or More Above The Asking Price
There were 16 condo sales that went 9% or more above the asking price! (Example) A Capitol Hill condo hits the market at $300,000 and the buyer pays $327,000 or more.
20 Condos Sold for $400,000 or Less
While Downtown experiences a higher cost per unit ($772,410), Capitol Hill still has a number of affordable units for buyers looking for their first condo. 20 of the 38 sales last month were $400,000 or less with 6 sales less than $300,000.