- January 2010 was a solid month for the Seattle Condo market. Median prices were were up 21% versus December 2009 (albeit down slightly, 6.3%, versus the same time of year in 2009).
- Pending sales were up 25% versus the same time previous year as well as up over 25% versus the previous month. Supply was flat year-over-year but up 20% versus December 2009.
- Belltown/Downtown saw the most improved activity with a whopping 150% jump in pending sales year-over-year and almost double what we saw the previous month. For those wondering, it doesn't look like another pricing bubble since, Belltown/ Downtown median prices were down 35% year-over-year.
- Queen Anne/Magnolia also saw some strong condo market performance with double the closed sales versus the previous year, 20% higher median prices year over year, and 18% more pending sales year over year.
More good news. I like it.
On another note, is there anything shady about how the inspectors/lawyers handle the “your exterior has water damage, you need to re-side and we can help you sue your developer”? This seems to have become a whole industry and HOAs are totally inexperienced in what and what is not a real problem and the solutions. Are they being taken advantage of?
Interested people are observing real estate market in Seattle. Some professionals predict the bottom to hit soon. Other professionals say it already has hit. And still more think that the market is beginning to rebound. What does this mean for financier? How does the conflicting news affect sellers and buyers? The answer is as difficult as the market itself.