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 Q2 median sale price increased by 14.6% in Seattle and 17.2% on the Eastside over Q2 2016. The total number of condo sales on the Eastside remained about the same (829) while the number of units sold is Seattle (845) was down 17% from Q2 of last year. Fewer units available for sale in Seattle was the biggest contributing factor.
Seattle area condos saw the Q1 median sale price increase by 14.5% over Q1 2016, while Eastside condos rose 17.3%. Both regions continue to experience stronger appreciation in condos than in single-family homes—a clear sign that affordability and in-city living are strong drivers in the local housing market.
Seattle area condos saw the annual median sale price increase by 13.3% over 2015, while Eastside condos rose 16.0%. Both regions experienced stronger appreciation in condos than in single-family homes—an early indicator that affordability is becoming a factor for local home buyers and evidence that millennials have entered the market in force.
While every condo building is unique unto itself, looking at overall prices within a region can show general growth trends. Looking at regional prices, the average sale price of Seattle area condos was 20.6% higher than in Q3 of 2015, and Eastside condos rose 9.5% during the same period.
Looking at prices from the thousand-foot level, Seattle area condos appreciated 16.1% from Q2 of 2015 to Q2 of 2016 while Eastside condos rose 9.7% during the same period. The Seattle communities of Beacon Hill, Leschi, Mount Baker, Seward Park and Lake Forest Park-Kenmore were hotbeds of activity and saw prices increase 30% or more overall (keeping in mind that some buildings faired far better than others). On the Eastside, the South Bellevue, Issaquah, Lakemont, Juanita and Woodinville areas all had sale prices that were 28-30% higher than those of Q2 2015.
The Q1 2016 Condo Report contains information on condo sales by neighborhood for the entire Seattle-Eastside region. The data includes average 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. It is an invaluable resource to utilize in your condo search.