Y-O-Y Condo Sales Result in 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.”