With 2014 half over, I wanted to recap our June condo numbers here in Seattle.
On a city wide basis, the number of condo sales is up both on a month over month basis throughout this year, as well as year over year compared to same time periods in 2013. We are also seeing a trend finally starting to show the number of listings increasing.
However because our Seattle condo market is so hyper local, this means that each neighborhood will have it's own set of specific numbers for sales, prices and listings.
As in the past, we have broken them down between the four areas with the largest concentration of condominiums and those are Capitol Hill (known as area 390 in our MLS), Downtown/Belltown (srea 701) Queen Anne/Magnolia (area 700), and Ballard/Fremont (area 705).
Overall, the condo market in Seattle is still favoring sellers due to the lower level of inventory in most of our condo neighborhoods but Belltown/Downtown did curiously take a small dip in average sale prices in June and is also slightly lower on it's year-over-year prices compared to 2013, where most other areas saw an increase during those same time frames. My suspicion is the widespread active construction of several new buildings in Belltown, Denny Triangle and South Lake Union may have put a bit of a concern in buyers minds with likely view obstructions coming. There have also been several new projects announced in the last couple of months in the same areas. As these buildings come out of the ground it becomes more apparent where loss of views will be happening, and frankly it's affecting quite a few of our condo buildings in one way or another. As time goes on, I feel this will be less of factor once all the buildings are completed and people know what their views actually are, but in the meantime, it's the "unknown" that can slow things down for buyers sometimes.
By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.