Condos in King County offer a great option for buyers in a competitive market
The January report from the Northwest Multiple Listing Service is in and – you guessed it – the inventory is still low and the prices are inching up. However, the report which covers 26 counties in the state shows a year over year increase in new listings of single family homes as well as condos – about 5.5%. The median sales price last month was up 14.3% as compared to the same time a year ago – $483,250 vs $422,750. Closings were up as well, about 16% YOY.
As buyers looking for single family homes in the Puget Sound region continue facing intense competition in the market, many believe condos might be a great alternative. There certainly is a lot more to choose from when it comes to that type of housing – 1.67 months of inventory with condos versus just .69 months of single family homes.
Of the 4.432 active listings in the MLS at the end of January, about one in four units was a condominium – around 23.7% – and the remaining 3,381 listings were single family homes. King County is home to 76% of condo inventory system-wide, the median asking price last month was $399,976. While the area-wide median sales price of condos was a little lower ($359,950), single family homes continue to break records, with a median sales price at $509,950 – $150,000 higher than condos.
As you know, we pride ourselves on being condominium experts. We would love to talk to see if condominium ownership might be the right fit for you. Contact us today.Email