As we wind down the first quarter, year-to-date King County condominium sales have significantly outpaced last year’s market. While overall unit sales are down — largely a factor of extremely limited inventory — prices in most cities are skyrocketing, and condos are being snapped up much faster than they were at this time last year. This is a sure sign that, despite some volatility in interest rates, buyers are leaning into the condo market. Two factors influencing the health of condominium sales are clear: condos are more affordable on average than single family homes, and they tend to be located closer to the urban core, which is a major plus for workers anticipating a return to the office and looking for the shortest commute times.
To determine what’s influencing each city’s condo trends, the W Report spoke to area experts to learn what they’re seeing. If you’re in the market for a condo, your Windermere broker will provide additional real-time market information so that you’re fully informed by neighborhood and even by individual condo community.