Condo Market is Bright

According to the Seattle Times article written by Elizabeth Rhodes, Condos are a bright spot in the housing market.

Condominiums in the Seattle area market are appreciating at higher rates then single family homes, at almost 8% more appreciation year over year. Glenn Crellin, director of Washington State University's Center for Real Estate Research, thinks that condo sales of both new construction and resale will outperform single family homes. This is partially due to the fact that the median price for a condo is 1/3 that of a single family home. Condos can be a solution for first time home buyers and others that could not afford the pricier single family homes in the Seattle area.

Another factor keeping our condo market looking up is the fact that unlike Florida, Nevada, and California, investors only make up about 20% of condo buyers. This insulates our area from large price falls due to fleeing investors. When the markets soured in the above mentioned states, the near 40% of buyers who were investors simply walked away from their purchases leaving an overabundance of inventory driving the prices down even further.

The moral of the story, condos in the Seattle market are still a great investment.