Citywide, the 2008 median price for Seattle condos depreciated by just 0.9%, from $315,000 to $312,000. This is the aggregate of all condos sold within Seattle (MLS Areas 140, 380, 385, 390, 700, 701, 705, 710).
Condo values for most neighborhoods declined in 2008 from the prior year, though several desirable areas realized healthy gains. Alki, Admiral, Junction, Downtown, Fauntleroy and Leschi all posted increases in value, while Lake City and Madison Park remained unchanged.
In previous years, I posted the annual appreciation rates by MLS areas. This year, I broke the results out into neighborhoods that have higher concentrations of condo properties, thus not all neighborhoods are presented as there were too few sales to be statistically relevant.
Update: A caveat regarding the stats. The information is based solely on sales recorded in the Northwest Multiple Listing Service. As such, it does not include all sales transacted last year. For instance, an overwhelming number of new construction sales are never recorded in the NWMLS, therefore, actual sales volume and prices are higher than published. Likewise, inventory numbers are skewed. Additionally, auction (Seventeen07 and Press condos) and private sales are not included, though, they represent a minute fraction of total sales so they’re unlikely to have much of an affect.
The results were compiled independently utilizing the NWMLS database.