Downtown Seattle condo sale prices up 48% over last year

Seattle real estate prices keep going up, including condos. Urban Condo Spaces (UCS) pulled statistics for Downtown condos from both January 2017 and January 2016, and found a 48 increase in median condo price, with a 47 percent increase in average price, year over year.

Urban Condo Spaces

A jump in price hasn’t slowed the market down—sales in the area are up 11 percent.

So what does that increase in price look like? The median sale price last month was $668,000—so a downtown condo is not that far off from the citywide median for single-family homes nearly a year ago.

Some high-priced condos throw the average sale price a little bit, which stretches to nearly a full million at $978,427.

According to MLS data cited by UCS, 33 condos priced at more than $2 million sold last year, including a $4.9 million condo in Madison Tower last July. Despite overall prices going up, that same condo sold again in January for $4 million.

Meanwhile, as condo sales increase, the rate of home ownership in Seattle stays mostly steady, hovering between 41.9 and 42.4 percent since 2011, according to a recent report by Abodo.

• Downtown Seattle condo prices surge in January [UCS]
• $4.9M Madison Tower penthouse sale is Seattle's biggest since 2013 [CS]
• 42% of Seattleites are renters, report says [CS]