Condo buildings are like neighborhoods all unto their own. Each has its own unique characteristics that make up the flavor of the individual units that reside there. Be it modern and edgy or traditional and quaint, fresh-looking or dated, well-maintained or in need of a little TLC, the condominium association and its members together decide what their “neighborhood” will look and feel like. Couple that with reserve studies, savings for capital improvements, usage restrictions, and lending regulations which decide which condos will be approved for financing and which won’t, it’s easy to see why a broad overview of data and appreciation rates might miss the mark. Some condo neighborhoods with favorable conditions and amenities will be a hotbed of activity while other may sit stagnant for months.
Looking at prices from the thousand-foot level, Seattle area condos appreciated 16.1% from Q2 of 2015 to Q2 of 2016 while Eastside condos rose 9.7% during the same period. The Seattle communities of Beacon Hill, Leschi, Mount Baker, Seward Park and Lake Forest Park-Kenmore were hotbeds of activity and saw prices increase 30% or more overall (keeping in mind that some buildings faired far better than others). On the Eastside, the South Bellevue, Issaquah, Lakemont, Juanita and Woodinville areas all had sale prices that were 28-30% higher than those of Q2 2015.
Madison Park, Capitol Hill, Richland, and Shoreline had the smallest increase in average sale price in Seattle while Redmond-Carnation and Kirkland-Bridle Trails had the smallest increase on the Eastside for Q2.
Downtown Seattle-Belltown led the pack with 270 closed sales for the quarter, followed by Madison Park-Capitol Hill (203) and East Lake Sammamish (183). Overall, the newest condos can be found in Ballard-Greenlake and East Lake Sammamish while the largest ones can be found in West Bellevue and Downtown-Belltown. Looking for a small studio? You’re most likely to find one in Madison Park or Capitol Hill. Want to stretch out into a spacious 3-bedroom floor plan? East of Lake Sammamish is where the largest units can be found.
Check out all of these factoids and more in the full condo report.
© Copyright 2011-2016, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed. For questions or comments, email Julie Barrows at firstname.lastname@example.org.