Median Home Prices — Blog — Calyx Living

Downtown Seattle Condo Prices Rise in May on Severe Supply & Demand Imbalance

Summer temperatures are heating up and so is demand for downtown Seattle condominiums. So why was there an 8.9-percent decrease in total absorption in downtown Seattle (NWMLS# 701) in May?

Central Seattle

This area comprises a diverse patchwork of both affluent and middle-income neighborhoods northeast of downtown. Some, including Madison Park, Denny Blaine, and Leschi, offer frontage on Lake Washington; but Capitol Hill and Madison Valley are also included. There were $998 million in single-family home sales in Central Seattle in 2017, at a median selling price of $877,000−13.2 percent higher than the 2016 annual median price of $775,000.

Queen Anne/Magnolia

In 2017, the median single-family home price of $946,000 in Queen Anne and Magnolia, highest among all eight areas of Seattle, was just 5.8 percent greater than the 2016 median price of $894,100. Due to comparatively few annual sales in these desirable neighborhoods (772 in 2017), selling volume was $846.2 million—least among the city’s affluent northern areas.

Ballard/Greenlake

There were $1.72 billion in single-family home sales in the Ballard and Green Lake area of Seattle, at a median selling price of $750,000. This was 13.6 percent higher than the 2016 annual median price of $659,950, just short of advancing home prices in neighboring North Seattle.

West Seattle

In 2017, the number of single-family home sales in West Seattle was exactly one more than in 2016, respectively 1,671 to 1,670. Note that some variance will be found among our West Seattle statistics and those obtained directly from the NWMLS.

North Seattle

Single-family home selling volume reached $1.04 billion in North Seattle, at a median selling price of $776,000, 14.1 percent higher than the 2016 annual median price of $680,000.

Southeast Seattle

In 2017, the number of first-quarter single-family home sales in Southeast Seattle was up by 70 percent year over year (163 in 2017 Q1 vs 96 in 2016 Q1, a lackluster quarter). Sales had smoothed out by the end of 2017, which ended with 13.2 percent more sales than 2016 (762 to 673).