Seattle Condo Report – Q3 2022
Washington Condo Market
Condo vs Home Prices
The Washington State and Greater Seattle condo market, unlike the residential market, got hit hard when COVID started. Homeowners wanted more space and was willing to give up central location to get it. After the initial hit, the condo market stabilized and today it continues to increase. For example, as the real estate market begins to cool as it pertains to the number of transactions, price still remain high across the homes and condos. Nevertheless, condo prices have outpaced single family home prices in most months (see chart). For example, in September across the NWMLS condo prices were up 9.2% year-over-year while single family residences were up only 4.8%.
Price Increase YOY for Each Month
| SFH | Condos | |
| July | 6.6% | 8.6% |
| Aug | 4.2% | 3.3% |
| Sept | 4.8% | 9.2% |
Condo Market
During the third quarter of 2022, 3,018 condos sold across the NWMLS, which is down from the previous year when 4,300 condos sold. Despite the 30% reduction in transaction, the average sales price increased to $563,000 from $515,000.
King County is where a majority of condos are sold. 57% of the condos in third quarter of 2022 and 60% of condos sold in quarter three of 2021 where in King County. Furthermore, breaking down King County: Seattle, Bellevue, Kirkland, and Renton had the most condos that sold in during this period in 2022.
During the 2022 third quarter, 734 Seattle Condos sold for an average of $607,000 compared to 1,031 and $595,000 during the same period last year. Although there were 29% less transactions in third quarter of 2022, there were still more Seattle luxury condos sold in 2022 (13 over $2 million) than in 2021 (11). On the other hand, 2021 saw more Seattle condos that sold for the price range of $1 million and $2 million (79) than in 2022 (38).
While Bellevue has less condo transactions than Seattle, Bellevue is more of a luxury condo market. The average Bellevue condo sold for nearly $904,000 (138 transactions) in 2022 and $758,000 (256 transactions) in 2021.
Like Bellevue, Kirkland has a ton of luxury condos. In fact, the most expensive condo sold during the third quarter of 2022 was Kirkland luxury condo that sold off-market for $6.8 million. The 3 bed/3 bath Kirkland waterfront condo featured 3,461 sq ft and 2 fireplaces. On average, Kirkland condos sold $750,000 (129 transactions) in third quarter 2022 and $745,000 (201 transactions) during the same period in 2021.
Renton condos sold $389,000 (101 transactions) in third quarter 2022 and $371,000 (130 transactions) during the same period in 2021.
Is the Greater Seattle Condo Market Slowing Down?
As seen throughout blog, sales are down, but prices remain high. Thus, the Greater Seattle condo market has slowed in number of transactions, but not in sale price. Nevertheless, the future condo market is hard to predict. Every real estate market brings new challenges. To navigate the current issues, contact one of Ewing and Clark’s condo specialists. Ewing and Clark has provided exceptional real estate service to Greater Seattle since 1900. Whether you are looking for a waterfront condo in Leschi, a luxury condo in Bellevue, or your first Seattle condo/home, please contact us