Seattle Condo Snapshot, July 13th, More Luxury Sales
This weeks condo numbers are in. If you haven’t seen these weekly updates from us yet, the concept is to help you become an expert in the Downtown Seattle condo market. The snapshot of stats show new listings, listings under contract and sold listings on a week-by-week basis. As you may have noticed in last weeks post, we are also rolling out detailed monthly stats as well for Capitol Hill, Queen Anne and the Bellevue condo market.
ACTIVE (NEW) SEATTLE CONDOS
Insignia Towers and Nexus had a large share of the new listings – accounting for 10 of the 24 new Seattle condos listings. For those looking in the one bedroom category, you might check out 910 Lenora St #S404 at 2200 Westlake. If you are looking for a 2 bedroom unit, there is a west facing unit at 1521 Second and this cool corner unit at Nexus – 1808 Minor Ave Unit #2208. Don’t forget we just put on a unit at Nexus (unit #3005) and Enso (PH – 1805) as well.
PENDING SALES (UNDER CONTRACT) URBAN TO SUBURBAN
I was happy to see that pending sales continued this week amidst all the noise around Downtown Seattle politics, Covid-19 and articles suggesting that many residents in the urban core are flooding to the suburbs. CNBC released an article this morning that is worth noting – Homebuilders just saw the strongest June sales since the last housing boom, as pandemic pushes more buyers to the suburbs. He is an excerpt that really stood out to me:
“The anecdotal evidence is overwhelming. Sales in the distant commuter areas are the most robust,” said John Burns, founder and CEO of JBRC. “I believe a lot of computer-oriented people have proven to their co-workers that they can be productive from home, and have sensed, or officially been given the green light, to work from home at least a significant portion of the time after a vaccine has been found.”
That sentiment was mirrored in a survey by Arizona-based builder Taylor Morrison, which reported a 94% annual jump in June home sales. High-tech homes, and additional rooms for working and home schooling, topped the list of consumer demands.
This trend form Urban to Suburban is one to keep our eye on. Is this trend permanent or temporary? Time will tell.
SOLD (CLOSED) SEATTLE CONDO UNITS
Finally, sold units in the Downtown Seattle core rose to 12 total sales this last week. As we continue to see an increase in pending sales, the number of sold or closed condos will continue to rise over the next 30 – 60 days. The most notable sales for the week include this $2.35M penthouse at Nexus and this 2 bedroom at Olive 8 that sold in just 2 days on market.
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