Seattle's real estate market is made up of many mico-markets with different characteristics and performance results.  The best performing area for condos in 2007 was in Seattle's Northwest neighborhoods of Ballard, Greenwood, Green Lake, Fremont, Wallingford and Bitter Lake (MLS Area 705).  The Northwest area realized a fantastic 16.7% appreciation rate in 2007 based on median price, more than double the citywide rate of 7.2%.  Much of the increase was buoyed by new construction projects in Ballard and numerous conversion projects.  

Source: NWMLS.  Appreciated rate based on closed sales reported as of 01/16/08.