Median list price in Seattle proper is now almost $730,000. Just think, last year around this time median list price was around $550,000. For all you non-math majors out there, that's a 32.72% increase year over year. Good grief.
Despite the ridiculous appreciation rates over the last couple years, Zillow still ranks Seattle as being in the top 10 for home-ownership nationwide.
Yet despite the appreciation rates of single family residences in Seattle, condos have not appreciated at the same rate over the last year, and therefore there are opportunities for new homeowners to stake their claim in the Seattle housing market. If you've driven around Seattle lately you know that there are plenty of new apartment buildings going up to accommodate the influx of tech transplants. With all the apartments being built, condo prices have remained a little more in check than single family homes. Reason being: The cost to purchase a condo needs to be similar to the cost of renting, because renting an apartment and buying a condo essentially provide the same standard of living. Given this, you cannot have skyrocketing rents and declining condo pricing, or vice versa. Single Family Homes are making all the headlines, but for those of you just looking to make a place your own, check out a condo...not quite the same story in the condo market as the SFR market.
Today's blog courtesy of Kyle Bergquist, Guild Mortgage