Per the January 2007 NWMLS market release:
That condominiums are becoming an attractive option for more buyers is underscored by some of the statistics:
- In King County, condos accounted for more than 29 percent of last month’s pending sales.
- The median price for January’s closed sales of condos in King County was $274,900, up $45,000 (19.6 percent) compared to twelve months ago.
Bacon attributes the rising popularity to amenities featured on conversions, resales and newly built condos, along with location. Baby boomers are downsizing to condo style living and prefer closer in urban communities, while “Gen X” buyers weigh quality of life issues in their search and consider the cost of gas and time spent commuting, he stated.
Seattle saw more condo unit sales in addition to the increase in median price compared to January 2006.
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February 9th, 2007 at 10:11 am
My first home was a condo. Most people I new always aspired to having a house. I loved the condo. While they were painting I was fishing, while they were cutting the lawn I was fishing, less maintenance more freedom. The biggest drawback was when my upstairs neighbor got hardwood floors installed. We could hear then walk all over the place. It is nothing a few area rugs couldn’t have solved. But besides that I would never have moved, except for having kids, work and my wife…if it weren’t for all those things I never would have moved. I think condos are a great started home and I may well retire in one. Hopefully near fishing.