Wow, looking at sales statistics available to agents through a service called "Realist", I'm surprised. In King County, there have been 12,551 condos sold in 2006 (NOT including December), compared to 10,709 in 2005. So with more condos being sold, maybe that means prices have leveled off or gone down?
No! The median price has gone from $217,000 in 2005 to $260,000 in 2006 YTD. That's almost a 20% increase.
It's no wonder that so many condo conversions are happening. Seems like every decent apartment complex is converting into an upscale condominium with stainless steel, granite, and all the fixins.
And condo sales are probably taking away from the sales of single family residences. Especially as people downsize their homes and look to get rid of yard work and excess space. In King County, there were 36,089 homes sold in 2005, versus 32,742 in the first 11 months of 2006. Unless 4,000 homes sold in December (which likely won't happen since December tends to be a slower month), 2006 will be a down year.
However, median prices for single family homes have gone from $360,000 in 2005 to $414,950 in 2006 YTD. Still, it's a respectable 15% increase.
Again, the source for this information is a real estate service called Realist. I'm not sure if it's available to the public, but I can access it from NWMLS.
2 comments:
Those numbers are shocking. A 20% ROI is great for those who can invest, especially if you can get a loan for 5-7% on that condo property.
In light of my parents selling their condo, the appreciation is great news but I fear if nothing levels off anytime soon, I wont be able to afford to live there in the future.
Well, at least you're starting young.
Post a Comment