The competitive real estate market of Seattle has taken a turn for the better for buyers—at least in one corner of the condominium market.
Known for its historic architecture, community atmosphere, and proximity to downtown, the Queen Anne neighborhood of Seattle is a desirable area for residents. For years, the real estate market in Seattle has been tight, pushing prices ever upward. As many homeowners hold low-interest rates, they are unwilling to move and take on a mortgage at a much higher rate. This has reinforced the low inventory and rising prices.
However, the condominium market in the 98109 ZIP code area (east Queen Anne) has seen a dramatic jump in condos for sale, pushing the market out beyond the buyer’s market and balanced market ranges into the territory of a seller’s market. In general, 1-3 months of inventory is a buyer’s market, 4-6 is balanced, and 7 or more is a seller’s market. The condo inventory for 98109 is currently 7.8 months.
Markets continuously fluctuate, particularly when looking at a particular segment in a small area. As the graph above shows, inventory has spiked steeply four other times since January 2019. The previous peak was December 2023. This current peak may be simply fluctuating noise in the market or it may be an emerging trend. Only time will tell!
Copyright notices:
- Map: Copyrights by MapLibre, MapTiler, and OpenStreetMap contributors;
- Inventory graph: Copyright © 2024 NWMLS. All rights reserved.
