2nd Quarter 2007 Condo Update
With the exception of Northeast Seattle, the 2nd quarter 2007 figures exhibit an active condo market and healthy growth rate, compared to the same period last year. City-wide, the median price increased 8.4% with a 23.2% increase in units sold.
However, not reflected in the figures below was a 46% increase in city-wide new listings for the 2nd quarter 2007 (1,923) compared to the 2nd quarter 2006 (1,317). The increase can be attributed to new construction listings in the MLS, a plethora of conversions hitting the market, investor flips and resales.
While I did not include 1st quarter 2007 figures in the chart, compared to previously posted 1st quarter results, the 2nd quarter showed an increase in sales activity but a decrease in median prices, reflecting the overall softening of the market.
Source: NWMLS, information obtained from but not compiled by the NWMLS. Data based on closed sales information reported as of July 9, 2007. Information deemed reliable but not guaranteed.
