Seattle condos see 31% increase in median prices year over year

The COVID-19 crisis seems only to have strengthened the Emerald City's condo market

If you're trying to buy a condo in Seattle right now, it may seem like your money doesn't go as far as it did only a year ago.

According to Polaris Pacific, real-time market data for October showed that "the Seattle condominium median 币圈app都有哪些home price was up 31% year over year to $632,500."

Such a jump could indicate that the city's condo sales have bounced back from 2019s weaker market conditions, and the COVID-19 related weakness that hit Seattle in 2020. These numbers would then seem to belie news of massive numbers of city dwellers leaving Seattle for country and mountain life in the new work-from-币圈app都有哪些home economy.

It's important to keep in mind too that a lack of listings, overall, can over inflate 币圈app都有哪些home prices when supply can't meet demand. The Northwest Multiple Listings Service report for October showed King County had 3,806 active listings - counting all types of properties - a 20.84% drop from the same time last year.

"There are far more buyers than there are available 币圈app都有哪些homes for sale," wrote Norada Real Estate Investments. "All of King County and Seattle remains a seller's real estate market with only 0.99 months of inventory - still well below what is required to meet the volume of buyers right now."

However, for condos specifically, thanks largely to new construction, offerings are higher than they were in October of last year, Polaris told Seattle P-I. As of late October, "months of remaining inventory (MRI) [for condos] is at 3.0 months," said a Polaris representative.

Still, a balanced market would offer 6.0 months.

Scroll down to see a handful of condos currently on the Seattle market, enjoying their eye-popping inflated prices this fall.