Seattle Condo Prices Still Below Market Peak

*Synced from Seattle and Real Estate Blog
Seattle condo prices are taking their time to bounce back from the housing bubble in comparison to single family home prices. With condo prices down, the market has presented a unique opportunity for renters who haven’t been able to save for a down-payment to purchase a single family home. In some of the suburbs around Seattle, condo listing prices are still well below recovery prices, and low prices paired with low interest rates means more and more renters have the opportunity to be new homeowners.
According to the Seattle Times, out of the 30 suburbs throughout King County listed by the NWMLS, all but 3 (Bellevue, Kirkland, and downtown Seattle) have not seen the median home price surpass the 2007 market peak. In 19 of the 36 markets listed in King and Snohomish County, median home prices are still 20% below the market peak. Seattle has seen the cost in rent and single family homes continuously rise, while condo prices have stayed consistent, or even dropped in some areas. While there are a number of reasons that a condo market can suffer during a market recession, many singles, small families and people looking to downsize are turning to condos for an affordable option towards homeownership. If you’re interested in learning more about the Seattle condo market, contact your local real estate agent today.

For Rent: Laurelhurst Waterfront Home

This Jim Olson designed waterfront home in the Laurelhurst neighborhood has stunning architectural craftsmanship with strong horizontal lines, steel detailing and huge walls of glass. The home has a stunning entryway, with high ceilings and an open floor plan. The lower level of the house has a wonderful walk out to the Lake Washington waterfront, with your own brand new teak dock out to the jet-ski lifts, and boat dock area. This home is located near Laurelhurst Park, Seattle Children’s Hospital and Union Bay. For more information on this Laurelhurst listing with Western exposure, click here.

Status:	For Rent
Bed/Bath:	4/3.25
List Price:	$16,000

Seattle Rentals on the Rise

According to Bloomberg.com, U.S. apartment and rental vacancies have decreased over the last few months, which have allowed landlords and apartment buildings to increase their rental rates. There has been an increase in the number of families relocating to Seattle with companies such as Amazon, Fred Hutchinson, local hospitals, and other companies going through hiring frenzies. Many of these families aren't in a hurry to purchase, since they aren’t familiar with the Seattle neighborhoods, and aren't sure which would best suit their needs; almost all also have the luxury of temporary housing.  Larger companies tend to offer temporary housing which allows tenants the time to learn more about which neighborhoods they would prefer to live in, while simultaneously leading to a decrease in Seattle apartment vacancies. Owners of single family rental homes throughout the Puget Sound area have benefiting from those wishing to find their dream home, and opting for a house instead of an apartment. These owners benefit due to a lack of inventory and a large amount of people searching, which consequently has allowed landlords to obtain higher rental rates. To find more about Seattle Rentals, check out some current listings here.