Tag

downtown seattle condos

Browsing

Seattle CondoThe Downtown Seattle condo market in 2016 was strong as it was in 2015, and in fact, had increases in several key statistics.  The average Downtown Seattle condo sales price was up ($781,310 vs $667,959), price per square foot was up ($702 vs $626), and the days on market was less (29 vs 39 days).  So Downtown Seattle condos sold faster and for more money.  In addition, more of these Seattle condos sold in 2016 (934) than in 2015 (790).  While the numbers improved, sales in both years were dominated by the Belltown condo project, Insignia, on 5th and Battery.  In 2015, there were 299 Insignia sales and in 2016 it accounted for 406 sales.  That increase in sales at Insignia (107) accounts for 74% of the difference of the number of total sales of Downtown Seattle Condos (934 sales – 790 sales = 144 increase).  Insignia has been the exception, not the rule.  It is the only major downtown condo project in the last couple years, mainly because of the risk of lawsuits condo builders face and because the Seattle rental market has improved, making apartments the preferred choice for developers.  With limited new condo inventory and the improved overall Seattle real estate market, Seattle condos have seen increased in their prices.

The overall real estate market in the region (area covered by Northwest Multiple Listing Service which serves 23 Washington State counties) saw an 8.1 increase of sales in 2016 when compared to 2015 with inventory at a record low for most of the year. For the 23 counties, the median sales price increased 8.9 percent from $310,000 in 2015 to $337,500 in 2016. Condos, which make up a smaller share of the market, were up 12.6% while single family homes increased 8.7%.

Inventory was tight throughout the year, there was an average of 1.86 months of inventory in 2016, compared to 2.4 months in 2015. King County was the tightest with only 1.1 months of supply. A balanced market is generally considered to be between 4 and 6 months of inventory.

The luxury real estate market was strong in 2016, with over 3,251 home sales over $ 1 million compared to 2,676 in 2015: over a 21 percent increase. The number of condos over $500,000 also increased with 1,711 sold in 2016 versus 1,459 half-million dollar sales in 2015: also over a 21 percent increase.

2017 seems to be taking over where 2016 left off.  As always, to maneuver the Seattle condo market, reach out to your local real estate broker to navigating the Seattle real estate market.

These statistics were gathered from the Northwest Multiple Listing Service, but were not compiled or published by that organization.

2000 1st Ave.

The new owners of this Belltown condo will have the pleasure of watching ferries come and go on the waterfront, the Great Wheel spinning, and of course every spectacular sunset over the Puget Sound and Olympic Mountains. Sold for $1,100,000, this condo is in a prime downtown location and was remodeled to take advantage of the stunning 180-degree views.

This two-bedroom, two-bath unit features hardwood floors throughout; a sharp kitchen with granite-slab counter tops, stainless steel appliances and custom cabinets; a luxurious master suite with a walk-in closet and a view even from the bathtub; and resort-style amenities. A covered view terrace is the icing on the cake.

If you are interested in purchasing a condo in the Belltown area, contact your local real estate agent today!

Downtown Living just got easier; according to the Seattle Daily Journal of Commerce, a new grocery store plans to move in downtown to support the downtown residents. H Mart, is a New Jersey based grocery chain, that hopes to attract more folks to live in the downtown condos and apartments to it’s 20,000 sf store in the Broadacres Building at 2nd & Pine Street, in the old Nordstrom Rack location. The store also hopes to attract passersby, and tourists to it’s storefront. The grocery store will sell Asian products, and offer cooking tips from a display kitchen. There will also be some parking in the back of the building, and an escalator for those coming off the street to the below ground store. grocery

The downtown H Mart will actually be an H Mart Express, a smaller version of their standard stores. If you’d like to get a sneak peek at what an H Mart is like, you can go to their opening of one of the chain’s stores in Lakewood tomorrow; a bigger version of the one going in downtown, at 43,000 sf. Construction on the store is scheduled to begin this October, and completed April of 2014.