Downtown Seattle Real Estate Market May Be Heating Up
We see more signs that the Seattle real estate market is heating up. Last week we posted the blog of a homeseeker who reported facing multiple buyers and tense confrontations. Today, Realogic Sotheby's International Realty reports that it has sold 18 condos at Olive 8 since March 1, representing $15 million in sales. That project was completed soon after the financial crisis and has struggled to sell its condos.
"The rising tides in the market and strong sales at Olive 8 afford us the opportunity to be selective about what and when we sell moving forward," says David Thyer, President of RC Hedreen Company. "We've sold a quarter of our inventory in the last 60 days so in-city market fundamentals have definitely improved."
Realogic says there are now only 191 unsold new construction homes remaining in the downtown market. That positive news seems to fly in the face of broader trends that have shown price declines in the broader Seattle metro region in recent months. But that may because distressed property sales represent about a half of all sales in the broader metro market compared to about 20 percent in downtown Seattle.