The Seattle Times recently had an interesting graph on the availability of entry-level condos over the past 15 years. The last few years have seen a drastic decrease in sub $200,000 properties.
The majority of buyers that my team and I work with are first-time homebuyers and we definitely feel the squeeze. In fact, under the $250,000 level we still encounter multiple offers.
The article focused on condos providing a ray of hope for first-time homebuyers. Though, while condo affordability is decreasing, as a whole they are often less expensive than single family homes. But as the article states that’s mostly due to the smaller size of condos and often the price per square foot exceed single family homes. A good example is Moda which sold out within a week. The new Belltown project featured homes priced from the mid-$100,000s to the low-$400,000s. But, they were small and the price per square foot averaged around $500, comparable to other newer Belltown properties.
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June 12th, 2007 at 8:08 pm
Wow, what a dramatic decline. Is this just urban condos or in your outlying areas as well?
June 13th, 2007 at 10:46 am
It includes the outlying areas as well. Though, most of the new developments are in the urban areas (Seattle, Bellevue).