Seattle Condos on the Rise
Monday, December 14, 2015 at 3:19PM
Bonnie Beddall

According to a recent Zillow survey, Seattle condominiums are appreciating faster than single-family homes. With the market crash of 2007, condos in all around the U.S. took a hard hit, losing an average of one third of their value. Now they are making a long-awaited comeback.


Condominums are Booming

Based on statistics from the Northwest Multiple Listing Service (NWMLS), single-family homes had an 8 percent price increase over this year (2015), compared to a 23 percent for condominiums. In many neighborhoods within the city, condos also saw a much higher appreciation rates.


In Southeast Seattle (Columbia City, Rainier Valley, Seward Park) prices increased by 55 percent, and by 45 percent in both Beacon Hill and the Ballard/Green Lake/Phinney Ridge area. In Downtown and Belltown, which compromises Seattle’s most expensive market, prices for condos rose by 34 percent over the year to a median of $539,000, and Queen Anne condo prices are the highest in a decade.


Why Condominums Are a Great Fit for Seattle Homeowners

Seattle’s expensive single-family market is making the condo market be a lot more attractive than in past years, especially for first- time home buyers. In the real estate market, condos have been known for being more affordable and easy up-keep. They also provide the urban lifestyle that many young professionals are attracted to and look for when they search for a new home.

Svenja Gudell, Zillow’s Chief Economist, said in the survey summary that, “Over the past few years, buying a condo hasn’t always been considered an investment on par with buying a single-family home. Clearly, the most recent data indicate that notion may be due for a second look.”
 

Contact David Bell to Find Your Next Condominium

Whether you are in the market for a new home, condo, apartment or even for an investment property, David Bell at Seattle’s Best Real Estate is alway here to help you. As one of the top real estate agents in Seattle, he can answer any of your questions and address any concerns. Finding the perfect place is not easy, so feel free to call at any time or visit David’s listing and begin your new home search.

Article originally appeared on Seattle's Best Real Estate (http://seattlesbestrealestate.com/).
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