Room to breathe for buyers in current Seattle condo market
While buyers looking for condos in Seattle enjoy a bit more selection and lower prices, the market for single-family homes in outlying areas like Thurston County remains hot.
Seattle Times | Katherine Khashimova Long
King County condo shoppers who tentatively reentered the market when it began to slacken in the spring have more reason to celebrate: A trend of falling prices and rising inventory solidified as spring turned into summer, according to monthly real-estate data released Monday.
Median condo prices across the county are down 3.4% year over year, to $400,000 in July. Condos are staying on the market for almost a month. And active listings are up by 39% over last year. That means buyers can afford to cool their heels before making an offer, said Windermere condo broker Jeff Reynolds, who runs the urbancondospaces.com blog.
The July glut in the resale market is sparked, in part, by sellers who are finding “it’s harder to be a landlord in Seattle than it used to be” because of regulatory changes and pressure from falling rents, said Seattle Redfin agent Jessie Culbert, who specializes in condos.
To read the full story, click here: Condo shoppers across King County enjoy a summer of plenty