*Synced from Seattle and Real Estate Blog Seattle condo prices are taking their time to bounce back from the housing bubble in comparison to single family home prices. With condo prices down, the market has presented a unique opportunity for renters who haven’t been able to save for a down-payment to purchase a single family home. In some of the suburbs around Seattle, condo listing prices are still well below recovery prices, and low prices paired with low interest rates means more and more renters have the opportunity to be new homeowners.
According to the Seattle Times, out of the 30 suburbs throughout King County listed by the NWMLS, all but 3 (Bellevue, Kirkland, and downtown Seattle) have not seen the median home price surpass the 2007 market peak. In 19 of the 36 markets listed in King and Snohomish County, median home prices are still 20% below the market peak. Seattle has seen the cost in rent and single family homes continuously rise, while condo prices have stayed consistent, or even dropped in some areas. While there are a number of reasons that a condo market can suffer during a market recession, many singles, small families and people looking to downsize are turning to condos for an affordable option towards homeownership. If you’re interested in learning more about the Seattle condo market, contact your local real estate agent today.
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Seattle condo prices are still sitting below what used to be the market peak, so the whole housing picture feels kind of interesting. For buyers, this can mean you get a bit more bargaining space, not exactly like back at those high points of the last few years. It also kind of underscores how market trends matter for financial choices, the same way you might look for dependable accounting assignment help when you need academic support.
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