If living and buying a condo in Seattle tickles your fancy, but you don’t know the cost, you are welcome to read this article. Lately, the cost of condos in Seattle has been unstable, leaving buyers in doubt about the actual cost of purchase.
Our team of real estate experts will discuss the current Seattle condo price trends.
Cost of Condos in Seattle
Although the growth of the real estate market globally slowed down in 2020, the market surprisingly strengthened in Seattle.
Condo median prices in Seattle citywide rose 9.76% year-over-year to about $494,000, while areas like West Seattle witnessed a 10.03% rise year-over-year. This contrasts with the 2019 and early 2020 weak market conditions where condos were sold for far lesser prices.
The jump in prices suggests that the condo sales in Seattle have bounced back from the previous year and 2019. With the prices up, purchasing a condo is now relatively more expensive than before.
Demand for Condos in the Emerald City
The demand for condos in Seattle has never stopped increasing, considering the huge number of people moving into the city for employment, schools, etc.
However, supply is still somewhat low to meet the ever-increasing demand, even with ongoing new constructions.
For example, the housing inventory as of October 2020 was 3.0 months, signifying that the market is unbalanced and a seller’s market. The inventory supply rate may still be maintained throughout 2021 and later on.
Housing listings are relatively low and not enough to meet the volume of buyers. With low inventory and lack of house listings, supply won’t meet demand — one reason why condo prices may continue to skyrocket.
Development and Inventory of Condos in the City
While condos prices will less likely drop, the ongoing new constructions and higher housing inventory will increase supply . In January, condo inventory rose by 95.9%, and our housing experts expect the inventory to continue to rise throughout the year. This means that there would be more condos available for homeowners to buy.
However, if sales begin to outpace new listings, as we have started observing so far, it means that the condo market will become ultra-competitive, further driving the Seattle condo prices up. While this is good for sellers, it results in the low availability of condos.
Owing to the pandemic, the competitiveness, and the cost of single-family homes, our real estate experts forecast that more people will opt for condos as an alternative. This is because they will love to have access and enjoy amenities like a pool, gym — something that they didn’t have access to during the pandemic because of the lockdown.
Pros and Cons of Owning a Condo In Seattle
Purchasing a condo in Seattle is a great way to become a homeowner without spending a fortune, considering the high cost of owning a single-family home. In addition to that, condo owners can take advantage of the shared amenities to enjoy their living.
Purchasing a condo has numerous benefits. Below are the pros of buying a condo in Seattle.
When you purchase a condo, the maintenance cost will low compared to single-family homes. The homeowners association handles your condo’s exterior maintenance, such as hallways, elevators, amenities, landscaping.
This reduces the overall cost of maintenance and, above all, saves you time and energy.
As a condo owner, you only have to take care of the interior, such as the windows, doors, appliances, etc. Generally, you are to ensure that your home’s interior is safe and secure.
Condo buildings in Seattle have better security than single-family homes. There is so much security staff guarding the whole building complex, its perimeters, common areas, and garage, looking for non-residents who may be on the loose.
Seeing these high numbers of staff moving around the clock can be comforting and guarantee peace of mind.
When you buy a condo, you get access to the world-class amenities built inside, such as a swimming pool, gyms, etc. The beauty of this is you get to only pay a fraction of the total cost, alongside other residents, to enjoy them.
However, not all condo communities will have the amenities you want, so you need to be careful when choosing.
With the rise in new project construction, inventories will also go up. The science behind this is with new constructions, there will be more selections, which competitively forces condo prices to be lower.
Close to Action
Living in a condo gives you more access to nearby places. If you want to be close to a restaurant, theater, parks, offices, and train station, you should consider buying a condo. All these are walkable locations from a condo community.
While buying a condo has numerous benefits, it’s not without its cons. Some people wouldn’t want to opt for buying a condo because of the following factors.
One of the significant reasons that drive people from buying a condo is the rules set aside by the homeowners association. HOA rules regulate everything you do in your condo unit, including how many pets you can have, items you can keep on the patio, etc. These restrictive rules give you little freedom to do the things that you deem fit.
With condos, paying monthly dues is inevitable. These dues can add up to thousands of dollars every year. Even when an upgrade or replacement is needed to be done, you will be asked to pay a special fee to cover the costs of running the equipment.
Condo vs House in Seattle
In Seattle, you will find several condos and houses. Sometimes, you may ask yourself if buying a condo or a house is the right option. Let’s examine their key differences.
Purchasing a condo is far less expensive than a house, considering the high inventory rate of condos vs the low inventory rate of houses.
The responsibilities of maintaining your home fall solely on the owner. As a condo owner, on the other hand, the homeowners association takes care of maintenance responsibilities.
As a house owner, you have no business paying homeowners association fees to cover the cost of running the building, as the whole building belongs to you. This is different for Seattle condo owners.
Condos Available In Seattle
With new constructions continuing, the availability of condos in Seattle remain high. Our team expects these constructions to keep going unless being hit by unfavorable economic circumstances.
How much does a condo cost in Seattle?
A condo cost approximately $434,000 around the countywide and about $492,000 in Seattle. The average costs are still more affordable than a single-family home that costs about $752,000 in Seattle.
Seattle condo prices may be on the rise, but it’s still affordable compared to single-family houses. According to our team, there will be more available condos in Seattle in the future, meaning you have the opportunity to purchase your desired unit.