Good News for Condo Buyers In King County!
Are you a condominium buyer in King County? According to the Seattle Times there’s some good news for you!
“ King County condo shoppers who tentatively reentered the market when it began to slacken in the spring have more reason to celebrate: A trend of falling prices and rising inventory solidified as spring turned into summer, according to monthly real-estate data released Monday.
Median condo prices across the county are down 3.4% year over year, to $400,000 in July. Condos are staying on the market for almost a month. And active listings are up by 39% over last year. That means buyers can afford to cool their heels before making an offer, said Windermere condo broker Jeff Reynolds, who runs the urbancondospaces.com blog.
The July glut in the resale market is sparked, in part, by sellers who are finding “it’s harder to be a landlord in Seattle than it used to be” because of regulatory changes and pressure from falling rents, said Seattle Redfin agent Jessie Culbert, who specializes in condos.
A June 2018 report from the University of Washington found that nearly 40% of Seattle owners who rent out their condos have sold or planned to sell their units in response to city regulations, including limits on move-in fees and criminal background checks. Another city ordinance unpopular with landlords, mandating that leases go to the first qualified tenant, was struck down by a judge last year.
In Seattle’s downtown core, it’s a slightly different story. Here, the condo market has been picking up. Downtown condo resales are up 18% over last year, and presales for new developments are also gaining speed.
Three years ago, the market was so overheated that buyers waited in line to buy units. We’re not back in those days, by a long shot. But the new sales figures indicate that at least downtown, some buyers are striking before the iron is hot.
“This is probably one of the better windows for a buyer than we’ve seen in eight years,” Reynolds said. Buyers have been able to negotiate for more price reductions than last year, Reynolds said, even in neighborhoods where sales are increasing.
Luxury condos hustle to attract buyers
Meanwhile, new luxury condo developments in Seattle are working hard to entice buyers with a slew of bonuses and financing options.
To get a list of condos for sale in your neighborhood text CONDO to 206-294-9994 today!