Uncategorized April 6, 2017

Affordable Downtown Seattle condos are getting competitive

Affordable Downtown Seattle condos are getting competitive

The units going the most above asking in 2017 were listed at below $400K


Downtown Seattle’s condo market is heating up in a big way. 2017 kicked off with 46 percent higher condo sale prices, and just last week, 75 percent of the Nexus to sell out two years in advance.

As Seattle residents are scrambling for more affordable housing options, more affordable condos could be at the forefront of that demand.

Data compiled by Urban Condo Spaces (UCS) found that in 2017 so far, the five condos in the greater downtown area driven the most above asking were all listed at below $400,000. Most of them were listed at below $300,000.

The condo driven most above asking listed at $299,900, sold for $370,000—a full 23 percent above asking.

 On average, Downtown Seattle condos are going for about 2 percent above asking.

“The story that seems to developing is not just an inventory issue but an affordability issue,” Jeff J. Reynolds of Urban Condo Spaces tells us. “These are all small units with very affordable price points, which has more buyers driving the prices up.”

He notes that there are only two available units downtown under $400,000 right now, plus four in Queen Anne and seven in Capitol Hill.

 The transition from renting to owning can get difficult—in addition to needing money on hand for a down payment, the more affordable units are in shorter and shorter supply.

The inventory problem isn’t isolated to affordable units, though. At the time that the last unit in the Insignia sold earlier this month, Downtown condos were experiencing a 57 percent decline year over year.