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The State of the Seattle CONDO Market

By
Real Estate Broker/Owner with Ewing and Clark

2022 started out the year with both historically low interest rates and record low inventory.  This created a very hot (seller’s) market across the NWMLS and the Greater Seattle condo market.  For example, 2021 ended with the Freddie Mac 30 year fixed rate of 3.05% and NWMLS had 0.40 months of housing inventory.  In comparison, at the end of 2022, Freddie Mac 30 year interest rate was 6.42% and inventory was at 2.09 months.  Thus the real estate market changed drastically over the course of the year.  Nevertheless, the condo market had modest increases at year end.  Across the NMWLS, condo prices were up 1.15% in December 2022 compared to December 2021.  In addition, for the year, 2022 median prices finished above the previous year.

Looking at the Seattle condo market, where the vast majority of condo sales occur in the NWMLS, the news is similar.  When including all sales (listed and unlisted condos), the number of sales were down (3,039) but Seattle condo prices ended 2022 with a median price of $516,000.  In comparison, the previous year ended with a condo median price of $495,000 on 3,598 closed sales.  Furthermore, December median prices were up $10,000 from the previous December ($500,000 vs $490,000).  So year over year seasonal prices were also up. 

The Seattle luxury condo market also seemed to be resilient.  Ironically, the exact same number of Luxury Seattle Condos ($2 million and up) sold in 2022 and 2021.  Thirty-six luxury condos sold in each year.  In addition, 2022 saw the highest sale in the two year period.   The most expensive sale in 2022 was a Millennium Tower condo which sold for $7,150,000.  In 2021, the most expensive luxury condo sold for $7 million in Escala. 

The future of the Seattle real estate market is hard to predict.  Every real estate market brings new challenges.  To navigate the current issues, contact one of Ewing and Clark’s real estate brokers. Ewing and Clark has provided exceptional real estate service to Greater Seattle since 1900.  Whether you are looking for a waterfront condo in Madison Park, a luxury Belltown condo, or your first home via a Seattle condo, please contact us

J. Casey Losh
Ewing and Clark - Seattle, WA
CEO

Five Popular Seattle Condo Neighborhoods: https://www.ewingandclark.com/seattle-condo-5-neighborhood-2022/

Jan 23, 2023 05:42 PM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Happy Taco Tuesday and make it a productive day.  Sell a house. Bill

Jan 24, 2023 04:01 AM