Q3 2017 REVIEW
The Q3 median sale price increased a mere 0.6% in Seattle and 24.4% on the Eastside over Q3 2016. While Eastside condos were truly a hotbed of activity, Seattle condos fared better than the numbers appear. This is because a few ultra-high sales and high-end new construction significantly skewed the Q3 2016 median price higher than in any other quarter of 2016. That anomaly aside, Seattle condos have continued to appreciate at a brisk pace.
The total number of condo sales on the Eastside increased to 853 from 785 in Q3 2016, while the number of units sold is Seattle (809) was down 33% from its peak in Q3 of last year. Fewer desirable units available for sale in Seattle continues to be the biggest contributing factor. The Eastside, with plentiful condos for sale, has benefitted from Seattle’s short supply.
In Q3, East Lake Sammamish had the newest condos with an average year built of 1999. The largest 2-bedroom condos, with an average of 1,412 square feet, were in the Downtown/Belltown area. The most affordable condos, with 2-bedroom units sold for an average of $275,000, can be found in the Lake Forest Park-Kenmore neighborhood. The highest priced condos were in Downtown Seattle-Belltown condos sold for an average sale price of $987,000.
This report contains information on condo sales by neighborhood for the entire Seattle-Eastside region. The data includes average sale prices; typical size, bedroom count and age of condo buildings in each area; the number of units sold annually; and the average cost per square foot. While every condo building is unique unto itself, looking at overall prices within a region can show general growth trends.
Check out all of these factoids and more in the full condo report.
© Copyright 2017, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing service.