A Tale Of Two Markets

If you’re looking for a good deal, it’s the best of times for condo buyers in Seattle. It’s a different story if you’re looking for a single-family house, especially in North Seattle.

It’s a tough time to be selling a condo in Seattle: buyers know there’s a lot of units for sale and they’re negotiating big discounts off the list prices. Trevor Smith, one of the top buyers’ agents in the area, has been working with a lot of condo buyers:

If you’re looking for a deal, check out condos in the $350,000 – $500,000 range that have been on the market for 90+ days. I recently worked with clients who purchased a condo in Queen Anne for $440,000, $35,000 under the list price. The same unit sold for $675,000 two years ago.

Anyone looking at condos should know about the upcoming auctions at the Brix and Gallery condos. Check out the nice post on urbnlivn discussing some of the implications of the auctions.

Houses Are Going Fast

Things couldn’t be more different for buyers looking at single-family homes in Wallingford, Phinney, Fremont and Ballard. In these areas, most homes in the $400,000 – $550,000 price range are getting two to three offers and selling just above list price soon after they come on the market.

In August, our Seattle agents presented 140 bids on homes for sale and 29 of them, or 21%, were on homes with at least one other offer. Many of these were located between the ship canal and NW 85th.

For more numbers, download the spreadsheet with the data on what happened in August.

What are you seeing in the market right now?