Ben over at Seattle Condos and Lofts did a short update on the condo market in Seattle. Ben reports that April brought sales of 304 condos in the Seattle area with a median price of $320,000 and an average price of $367,700.
First of all, our market is tiny compared to the number of condos in the rainy metropolis to the West. We actually had ZERO condo sales in the month of April. Instead I am using the Year to Date numbers.
Three condos have closed in Leavenworth this year, which doesn't give us much data to look at. The average sales price was $261,000 but the median was $218,000.
Anyone who searches online for condos in Leavenworth can see that the current asking prices are somewhere else. There are 57 listings for an average price of $387,700. What is going on?
This goes back to my earlier article. In Leavenworth, zoning is everything. Two of the three sold condos are not zoned commercial which means they can't be rented on a nightly/ weekly basis as vacation rentals. These were also older units and most of what is on the market now is being finished as we speak.
But what about supply? Why are people building if no one is buying.
That leads us to the pending sales. Currently, there are 16 pending sales. The average price of these condominium units is $286,600 and the median price is $289,900.
As we head into the prime real estate season, I think the demand for condos in Leavenworth will remain high and we will see sold prices continue their march upward.
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