The downtown Seattle condo market (downtown, Belltown & Denny Triangle districts) remained stable in June. Compared to June 2006, unit sales increased 10.5% and the median price rose 9.2% to $439,500, dipping into single-digit territory.
However, downtown, like the region as a whole, is starting to show signs of a softening condo market. Compared to the prior month, median price only rose 2.8% and closed sales decreased 8.7%. With the explosion of new condominium development and increased conversions & iflipper re-sales, the downtown market will become more attractive as it transitions to a buyer's market.
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