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SeattlebyDesign | Condos & Lofts, Houseboats, Waterfront, & Residential Real EstateSeattlebyDesign | Condos & Lofts, Houseboats, Waterfront, & Residential Real Estate

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What a Difference A Year Makes: Downtown Seattle Condominium Market Values Swell 28% in 2016

Seattle downtown skyline and Mt. Rainier at sunset. WA from Kerry park.

Eager homebuyers rallied during the first half of 2016 increasing unit absorption and median home prices by 48% and 28%, respectively according to analysis of Northwest Multiple Listing Service data released as of June 30th. The typical condominium is selling in just over a month with a median home value of $575,000. However, a closer look reveals that 135 of the 381 condominium closings so far this year were in the INSIGNIA condominium tower, a new construction development (and one remaining developer-owned unit in the Four Seasons Private Residences) whereas there were effectively no new construction deliveries or closings during the same term in 2015. When removing this spike of higher-priced, new inventory in the overall resale market still expanded by 22% year-over-year but total resale closings actually decreased 5% with 246 homes in 2016 (including a few resales at INSIGNIA) against closings of 258 units in the first half of 2015.
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Posted in: Market Update Tagged: 425 Business Magazine, Downtown Seattle, Insignia, NEXUS, NEXUS Seattle, NWMLS, PSBJ, realogics sotheby's international realty, seattle, Seattle Magazine, seattlebydesign, The Puget Sound Business Journal

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