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June exhibited a solid month for Seattle’s condo market. Though unchanged from May, the citywide condo median price of $320,000 reflected a 6.7% increase over June of last year, marking the second consecutive year-over-year increase since December. In fact, most neighborhoods recognized value appreciation last month.
Last month’s market performance figures reflected continued confidence in Seattle’s condo market. The city-wide condo median price rose to a high of $329,975, a 4.1% increase over the same period last year, reversing a two month slide. The condo inventory supply, or absorption rate, decreased for the second consecutive month while the number of sales continues to improve.
February performance results expressed the buoyancy of Seattle’s condo market. As we’d expect moving towards Spring the market is beginning to pickup with increases in the number of sales, closings and median price. Compared to January there was a 20.7% increase in the number of properties going under contract (pendings), a sign of buyer’s confidence in the market. As a result, the median price showed an upward movement of 3.1% over January to $314,500.
Looking at year over year figures we get a different picture. In comparison to the same period last year, the market reflected a slight decrease in citywide median price by .9%, the second consecutive month that YoY median price decreased. Most areas of the city underperformed compared to last year’s figures as well.
Farren West is the owner of Key Inspection Services and is a contributor to the Seattle Condo Blog. Farren can be contacted at KeyInspectionServices.com.
One can think of a building envelope as being similar to envelopes used to mail packages through the postal service. A standard package mailing envelope is used to protect the interior contents from moisture, wind and damage while in transit. The building’s envelope acts like a mailing envelope by protecting the structure from rain, sleet or snow…so the saying goes.
A building’s envelope includes the walls, siding, flashing, roof, foundation and so forth. These systems should work together by providing a barrier between the interior of the structure and the exterior environmental elements such as rain and moisture. The installation materials and methods used in the building’s construction will determine how heat, air and moisture travel through the structure.
So, why is this important to me as a condo owner or potential buyer? Well, if the building envelope was not installed property and/or has begun to prematurely fail, it can lead to a whole host of problems including, but not limited to, moisture intrusion, wood rot and fungal growth.
