Keller Williams Greater Seattle, Ben Kakimoto, Seattle Condo Agent

First quarter 2009 condo market update

The first quarter results confirm what most people already know about Seattle’s condo market – it continues to struggle. Citywide, the number of closed sales are down about 46% from first quarter of last year while values have decreased 9.7%.

Most areas of the city reflected falling sales and median prices with the exception of downtown and the south end. Though, were it not for new construction closings I suspect downtown’s median price would have been lower as well. Capitol Hill, on the other hand, exhibited the largest decline in median price, nearly 19% for the quarter. I anticipate the market will remain depressed for the remainder of the year, but that’s not necessarily a negative. With declining prices, combined with low interest rates and incentives, buyers are beginning to realize greater values in the market.

Seattle condo results Q1 2009

Source: NWMLS. Data provided but not compiled by the NWMLS.

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About the Author

About the Author: Ben Kakimoto is a Seattle condo and urban real estate marketing & listing specialist. Contact Ben to learn more about the Seattle condo and loft real estate market or about buying or selling a Seattle area condo. Find Ben on Google+, Twitter and Facebook. .

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