The Seattle Times article, Condo Prices Climbing Even Faster than Houses, indicated that both home and condo prices saw gains in August but condo prices climbed at a higher rate than homes.
According to NWMLS data, in King County median condo prices increased almost 20% year over year in August. In Seattle specifically, median condo prices rose 32% over last year. Pretty incredible numbers. Though these numbers are likely heavily influenced by all of the closings that took place in August at Insignia in Belltown, the new construction tower. There were 101 closings in Insignia in August, which accounted for 31% of all closed condo sales in Seattle in August. The median price of Insignia closings was $710,200, whereas the median sales price of all sold condos in Seattle was $395,000.
Seattle also showed a 37% increase in closed condo sales and a 35% decrease in listed inventory in August, year over year, pointing to the type of demand that is brewing.
Why the increase in prices and demand? The same old reasons, migration of workers into our region, super low inventory, and the fear that interest rates will soon increase.
By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.