Polaris Pacific is back with their latest report on the Seattle condo market and during the three-month period ending February 28, the median price increased a modest 1.3 percent to $320,000, up from 0.9 percent in the previous report. The median price has rebounded from 2012 and is expected to appreciate even further. Meanwhile, resale closings did see a 1.6 percent drop while the average number of days on market (48) was a 7.5% drop.
In terms of annual percentage changes in median price and total sales, most areas in Seattle experienced both an increase in median price and number of resales. The most notable year-over-year price increase occurred in the Bellevue area (29.9%) and the most notable year-over-year sales increase occurred in Northeast Seattle (79.2%).
In terms of apartment construction, there are 5,839 units currently under construction (mostly in Bellevue & West Seattle) and 4,736 units approved (mostly in Bellevue and Downtown Seattle). The point is, if it hasn't been made clear already, that Bellevue continues to boom.
· Seattle Condominium Market March 2015 [PP]
· Seattle-Area Median Condo Prices & Resales Keep Climbing [CS]