Condo Market Rebounds

Posted: November 15th, 2013 by Brad

At least one segment of the new construction market shows signs of rebounding: condominiums.

“Most residential developers went into hibernation during the real estate bear market of the past five years, but this past month heralded a bullish resurgence of several developments,” said John Deely, a member of the Northwest MLS board of directors. Last month was like spring in the South Lake Union neighborhood, he reported.

Past chairman of the Northwest MLS board of directors Dick Beeson also commented on upticks in condo activity.  He said some condo developers who placed units in the rental pool during the 2008-2010 downturn are converting them back to for-sale housing and trying to sell them in today’s improved market. “The price points have still not returned to 2006-2007 levels but the chance to move some product now exists,” he added.

MLS brokers added more than 1,000 new listings to condo inventory last month, a jump of 24.3 percent from a year ago. Total inventory is 9.1 percent higher than at this time last year. Closed sales during October jumped 15.3 percent, with prices rising about 5.3 percent.

Condos that closed during October had a median price of $200,000. In King County, which accounted for about two-thirds of those sales, the median price was $234,000.

NWREporter contributed to this report.

Leave a Reply

justrealseattle metropolitan Seattle Real Estate
FirstLast
Helps us to help you by knowing your neighborhood.
image description
Receive a
complimentary
Just Real Seattle

Home Packet.
Selling PacketBuying Packet
Yes, I'd like to receive your newsletter.

We strongly disapprove of spam. Please know that your
email address and information will be used with the utmost respect.

Close
justrealseattle top five deals
FirstLast
image description
Receive a
complimentary
Just Real Seattle

Interested in knowing what the last five top
residential real estate deals were in a specific neighborhood? Just specify your neighborhod of choice and we'll send you a complimentary report.

Yes, I'd like to recieve your newsletter.

We strongly dissaprove of spam. Please know that your
email address and information will be used with the utmost respect.

Close
justrealseattle metropolitan real estate stats
FirstLast
Helps us to know your neighborhood.
image description
Receive a
complimentary
Just Real Seattle
Real Estate
Stats Report.

We pride ourselves on being your "local economists." Providing you with current inventory and pricing data to help you make an educated and informed decision about the selling or purchasing your home.

Yes, I'd like to recieve your newsletter.

We strongly dissaprove of spam. Please know that your
email address and information will be used with the utmost respect.

Close
justrealseattle newsletter

Info you can use... Local Real Estate news,
lending info, home tips, property profiles, neighborhood happenings, local culture and more!

Close