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August 9, 2015 - August 15, 2015

This Weeks High and Low and Everything in Between

Each week we are going to highlight the highest priced condo and lowest priced condo to sell in Seattle during the previous week, not including distressed (bank owned or short sale) properties. We will also give you the averages for everything in between that sold in Seattle that week.

Here is the high, the low and everything in between for the week of August 3rd through August 9th.

The High:
#2501 at One Pacific Tower – 2000 1st Ave in Belltown
High 8.3.15

  • List Price: $1,625,000
  • Sold Price: $1,595,000
  • 2bd 1.75ba
  • 1,523 square feet
  • Price/Sq Ft: $1,047.28
  • Built 1994
  • Days on market: 50

The Low:
Division 3 Condos - 10617 Glen Acres Dr S in Glen Acres
Low 8.3.15

  • List Price: $199,000
  • Sold Price: $150,000
  • 2bd 2.25ba
  • 1,371 square feet
  • Price/Sq Ft: $109.41
  • Built 1972
  • Days on Market: 58

Everything in between:

  • 68 condos sold in Seattle
  • Average List Price: $546,140
  • Average Sold Price: $547,825
  • Average Square Footage: 1,021
  • Average Price/Sq Ft: $539.70
  • Average Days on Market: 18

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.

Home Prices Fall in July – Is the Market Cooling?

MedianSalePrice_715You may, or may not, have read the two articles recently published last week, one by The Seattle Times, and the other by The Puget Sound Business Journal, regarding July home prices falling and a cooling of the market.  One article states that the market is cooling and the other says those figures don’t necessarily mean that the market is cooling.  We have been getting questions about this from our clients and readers, so I thought I would add my perspective.

Why do we bring up these contradicting articles? It is always good to remember that all data can be interpreted differently and it is important to dig into it to see what the numbers really mean to you specifically.  Also important to evaluate, is whether or not the numbers are talking about single family homes, condos, or is it a combination of both? Also are the numbers an average of King County as a whole or specifically here in Seattle?

Both articles contend that sales prices declined between June to July in the Puget Sound Region. Which is true from a month to month comparison, but median closed prices are still up 5.9% percent for single family homes over last July in Seattle, with condo prices being up 34% over last July in Seattle.      

There may be a “cooling” in closed prices in some segments of the market when comparing July to June this summer, but the velocity of sales and the number of sales increasing over last year,  also indicates that there is still a shortage of inventory, which will still drive pricing up over the long term. After the summer months come and go, I anticipate a “warming” back up until the holidays where prices may ebb again.  This is especially true, if feel, in the Seattle condo market, where the heating up is just really starting with Insignia just recently starting it’s closings of the first phase of condos in July.  These will set a new bench mark for condo prices downtown and possibly create some inventory movement caused by move up buyers who have purchased in Insignia and therefore need to sell their current condos (or single family homes) in the city.  

*chart above is the median home prices for 13 months for both Condominium and Residential
listing data throughout NWMLS’s coverage area in Washington State but is representative of the overall pricing trends

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.