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Seattle-Area Median Condo Prices Up 8.3% From Last Year

Polaris Pacific has checked in with their latest report on the Seattle condo market. According to them, the median price for Seattle condos in the 2nd quarter was up to $325K, an 8.3% increase from last year. That continues the market rebound that's returned median prices close to the 2007 high, though resales remain far lower. The biggest gains were found in Northwest Seattle (35.2%) and Bellevue (34.6%).

Downtown/Belltown had the highest median price ($442,500), while Northeast Seattle had the lowest ($269,900). Downtown/Belltown (159) and Kirkland (190) experienced the most sales during the quarter.

As for overall condo sales, they're up 3.7% from a year ago. 989 condominiums were sold in Seattle between April and June, the biggest year-over-year increase occurring in West Seattle (43.6%), Redmond (33.8%) and Kirkland (31%). Meanwhile, Bellevue saw a sharp drop in YOY sales (-15.2%), which is what's driving all of the current condo construction.

Finally, average days on market (DOM) was at 35 days, a 1.4% decrease compared to the prior year. That's also the lowest DOM has been at since 2006.

And if you're curious where the future condos are going, it's fairly obvious that developers are focused on the obvious areas: Downtown Seattle, Bellevue and South Lake Union.

· Seattle Condominium Market July 2014 [PPR]