There were fewer closed sales reported last year than in 2018 according to the NWMLS 2019 Annual Stats Report. Although there were fewer sales, the dollar volume bested 2018 by more than $1.8 billion. In total, the sales of single family homes and condominiums in 2019 were valued at just over $49 billion.
Of last year’s completed sales: 87.3 percent were single family homes, 12.7 percent were condos, and about 13 percent were new construction.
Area-wide, the median for single family homes increased 6.1 percent to $435,000 while condo prices rose less than one percent from $352,000 to $355,000. More than 55 percent of the condo sales were in King County.
In the luxury condo market sales declined by 11.4 percent. A total of 2,951 condos sold for $500,000 or more compared to 3,332 in 2018. There were 391 condos that sold over $1 million, with the most expensive selling for nearly $4.7 million in downtown Seattle.
Despite a slower condo market, new condos entering the market sold for more than new single family homes. The median for the 10,944 single family homes sold was $550,000 while the median for the 979 new condos sold was $629,950.
Over the next few years we can look forward to the a number of new condos opening in downtown Seattle including, Nexus, The Emerald, Spire, First Light, and Koda, to name a few.
As a team we are proud to have wrapped up 2019 by ranking #1 for listing representations in downtown Seattle.
Thinking of selling or purchasing in Seattle? Contact us today: email@example.com.