Polaris Pacific has checked in with their latest report on the Seattle condo market. According to them, during the three-month period ending January 31, the median price for Seattle condos increased 0.9 percent from the prior year to $317,833 while total volume of resales decreased 2.3 percent. That continues the market rebound from 2012 for prices, though resales remain well off 2007 heights.
The area that saw the most positive growth in terms of year-over-year price and sales was Northeast Seattle, which saw a 75.8 percent price increase and 55.2 percent sales increase. West Seattle was the next-best Seattle area for price with a 9.5 percent gain. In terms of sales, Central Seattle (54.8 percent) and West Seattle (30 percent) saw big growth. Outside of Seattle, Redmond saw a big price increase (29.9 percent) but that was in part due to a 3.2 percent drop in sales.
According to the report, there are only 748 condo currently under construction in the region but there are 5,839 apartment units under construction and 4,736 apartment units approved. Bellevue (1,547), Downtown Seattle (1,009) and West Seattle (815) will be home to a bulk of them.