Y-O-Y Condo Sales Result in Low Inventory

Considered one of the strongest housing markets in the country, Seattle has recorded unprecedented gains in the condo market with increasing median sale prices and low inventory.

Nasvik says as Seattle leads in job and population growth, demand for new housing will accelerate.

SEATTLE—Considered one of the strongest housing markets in the country, Seattle has recorded unprecedented gains, with the condominium median sale price increasing 16.3% year-over-year to $610,500. High-rise prices have reached $1,010 per square foot, up 23.8% since this time last year, according to Polaris Pacific’s July 2018 Seattle condo data report.

“The condominium market in Seattle is primed for tremendous growth and we firmly believe that this is just the beginning of what will be a long-term thriving condo market,” Josh Nasvik, vice president, regional manager at Polaris Pacific, tells GlobeSt.com. “The oversupply of apartments has led to a dearth of for-sale activity, which has led to an incredible amount of pent-up demand that is now being answered by a handful of new condominium towers either planned or underway throughout downtown Seattle and Bellevue.”

According to the report, Seattle has just 1.4 months of available inventory, far less than what is considered a balanced market of six months of supply. With an average of 12 days on market, demand for condominiums is significantly outpacing supply. At the same time, sales of resale condominiums were up 17.8% from the prior year, with 1,446 sales recorded in the three-month period ending June 30.

In response to this high level of activity, Polaris Pacific has announced its strategic expansion in the Pacific Northwest. The West Coast condominium sales and marketing company will bolster its operations in Seattle by growing its local executive team to support the market’s growth. This is on the heels of the firm being retained to lead sales and marketing for several notable condominium developments across the region.

“As Polaris Pacific continues to expand across the Western United States, the company is focusing its attention on the ever-growing Seattle market. Seattle’s diversified employment base and rapid population growth make the region a prime location for new construction condominium development,” said Garrett Frakes, managing partner. “We are thrilled to partner with our developer clients on some of the most highly anticipated regional projects and look forward to continuing our expansion in a market that is well positioned for long-term growth.”

Polaris Pacific has been enlisted to launch sales and marketing for The Emerald, a 265-residence luxury condominium tower in downtown Seattle set to open its interactive sales gallery early 2019, as well as for Shoresmith, a 113-residence building located in South Lake Union by developer Plus Capital Partners. Caydon USA, the developer behind a 226-residence condominium building located at 8th and Cherry Street in the First Hill neighborhood, has engaged Polaris Pacific for sales and marketing efforts ahead of its sales launch in 2019. Additionally, Polaris Pacific will lead sales for Mira Flats, a 162-residence development located in Bellevue owned by Intracorp, opening in September 2018.

Project director Christina Milovancev and senior marketing manager Dana Van Galder have joined Josh Nasvik, Polaris Pacific’s vice president, regional manager, to assist in managing sales and marketing initiatives for Polaris Pacific’s Pacific Northwest region.

“Given the growth potential we are seeing in the Seattle condo market, welcoming Christina and Dana to our Seattle team is instrumental in continuing to provide exemplary service to our clients,” said Nasvik. “As Seattle leads the Pacific Northwest in job creation and population growth, demand for new construction housing will accelerate at a similar pace.”