The first half of 2014 has proven to be very active in the condo market. The stats for the first 6 months reflect a very active time with successful closings. The number of active listings in the Downtown and Belltown neighborhoods rose each month. There were 91 active listings in these neighborhoods in January. It rose to 107 in February, 113 in March, 116 for the months of April & May and has increased to 130 active listings in June. This shows that Spring is definitely the most popular time to put a home on the market. The number of sales per month also steadily rose over the past 6 months.
There were 23 closed sales in January, 38 in February, 43 in March, 54 in April, 59 in May and then dropped slightly back down to 49 in June. The median sales price in these neighborhoods ranged from $405,000 to $549,500 per month. The highest median sales prices were in February at $549,500. Some would say it is definitely a seller’s market right now. Homes in good condition and priced to sell are going fast! Many units are seeing bidding wars and selling within days of being listed. The comparison of the list price to the sell price was 98.3% in January and was 99% from February thru April. It is important for condo sales to be successful that their HOA is managed well and they are properly funded. For more information on condo sales or condo management please contact your local condo management team today.