The Mark Company released it's monthly Condominium Pricing Index for September and new Downtown Seattle condo prices are up 2% from August. The rising price probably has a lot to do with the fact that new construction inventory was down 8% from last month, and 54% lower than September 2013, with approximately 181 units now available.
So while things still sound expensive and exclusive near downtown, it's worth noting that if you're willing to step away from the center of Seattle, you can find some affordable condos all over.
The Seattle Times noted this week that overall condo prices haven't bounced back from the housing bubble's collapse quite as quickly as homes and that's creating opportunities all over King County.
Across the 30 submarkets in King County tracked by the MLS, only three — downtown Seattle, Bellevue and the Kirkland area, all major job centers — have seen the median price of condos surpass their respective peak medians during the boom. None of the six submarkets in Snohomish County have, either. In 19 of those 36 King and Snohomish submarkets, median prices are still more than 20 percent below the peak.
Their interactive map shows just how far the median price of condos sold in the first nine months of this year is below the market peak during the housing boom. Areas in yellow (less than 15%), orange (15-30%) and red (more than 30%) showcase where condo affordability still exists, if you're willing to go looking for it.
· The Mark Company [TMC]
· Too-hot housing market? Not for condos [ST]
· Condos are still digging out from the bust [ST]