The citywide median condo sales price rose 10.58% over last April, the 9th consecutive monthly year-over-year increase, but dipped 1.7% from March to $287,500. Even still, it’s the 2nd highest amount over the past 24-months and we will likely outpace 2012 levels for the reminder of the year.

Closed condo unit sales rose 19.3% over last April and 5.2% over March to 223 properties. However, Seattle’s condo sales velocity slowed a little in April with 278 units going under contract (pending status), a drop of 6.4% from the same period last year and a one-month slide of 9.2%.

We typically see unit sales volume rise through early summer before plateauing so it is a little deviation from the norm this early in the season. Available inventory remains low, which may be contributing to the slower sales pace, as are rising prices and a number of buildings under litigation that limits the pool of buyers and sales opportunities.

For instance, a number of condo developments from the last construction cycle are currently in litigation over warranty/defect claims including Gallery, Parc, Mosler Lofts, Veer Lofts, Trio, Brix and the Cosmopolitan to name a few. A number of others are undergoing significant repairs with special assessments. With both of these situations, lenders tend to be weary about providing purchase loans and thus limits sales in these buildings.

Although inventory remains low, the number of available condos for sale increased last month to 379 units, up 6.5% from the prior month, yet still below 2012 levels by 39.4%.

The rise in actives listings combined with a dip in sales velocity resulted in a slight bump in the Seattle condo inventory supply rate from 1.2 to 1.4-months of supply. However, that is still reflective of a very tight seller’s market, which is not likely to ease anytime soon.

What does this mean for buyers? In this market buyers will need to have patience for the right property to come available, and when it does, they may need to be prepared for multiple offers from competing buyers, which may well raise the price over list. It will be more difficult, though not impossible, to find bargains. Cash buyers may have leverage, particularly for condos under litigation, where sellers will be challenged to find other qualified buyers.

What does this mean for sellers? If you are selling a unit in an unencumbered building, the ball is in your court. Priced accurately, staged and in good condition, your condo will no doubt sell quickly and probably at a premium. On the other hand, if your building has the challenge of litigation or facing a large assessment, you’ll need to adjust your expectations for a quick sale and a bidding war. You’re either looking at a cash or high down payment buyer reducing your pool of potential buyers.

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© Seattle Condos And Lofts

The Pontedera Condominium, just south of downtown Seattle, has now passed the 75% sold level with 73 units closed or under contract. This year alone the Pontedera closed on 22 units with an additional 8 more sales in the past month, leaving 21 new homes and 3 commercials units left for sale.

View Pontedera units listed for sale

Seattle clocked in another double-digit increase in the citywide median condo sales price, which rose to $292,500, a 23.68% increase over last March and a 12.9% one-month improvement. That is also a 24-month high and the 8th consecutive year-over-year increase in sales price. With the exception of NW Seattle, values rose throughout the city with NE Seattle and Queen Anne areas showing the biggest increases of 66.7% and 46.4%, respectively.

The number of active condo listings have tapered off with 356 units for sale last month, well below the number available last year. Normally, we should see a spike in listings in the Spring time, but not this year. The citywide inventory supply rate slid to 1.2-months. That is, if no new listings come on to the market, it would take 1.2 months to sell out the current inventory, which places Seattle in a very strong seller’s market.

It’s now more of the norm for buyers to encounter multiple offer situations and bidding wars. However, as values continue to improve, owners who had been waiting the market out are likely to test the waters. I suspect we’ll eventually see inventory improve, though no where near the levels we had just a few years ago.

The number of pending transactions (properties with accepted offers and contract) improved 25.4% from February to 306 units, though that was down slightly from March of last year by 1.6%. Nevertheless, the number of pending transactions in March reflected a 10-month high reflecting robust sales velocity.

The number of closed condo sales increased significantly last month to 212 units. That’s a 35% year-over-year increase and 36.8% jump over February. Nearly 55% of the properties sold within 30 days of being on market and at 100% of the list price compared to last March where only 46.5% sold within 30 days at a discount of nearly 2% of the list price. Though, buyers can expect to see some relief on properties that have been sitting for awhile (over 30 days) by approximately 2-3%.

For potential sellers, it is an opportune time to sell your condo with inventory shortages, rising condo values, low interest rates and a strong local economy and employment base.

For buyers, we’ll likely be in a seller’s market for some time to come so be prepared for a more competitive environment.

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© SeattleCondosAndLofts.com

This stunning NW-facing corner unit at The LUXE offers a blend of modern design and natural elegance. Enjoy plenty of natural light and views of Elliot Bay and the Olympic Mountains. This condo features:

• High-end stainless steel appliances
• Gourmet kitchen with Caesarstone quartz counter
• Cork & marble floors
• Italian glass shower tiles
• A/C and low energy heating
• In-unit washer & dryer
• Two decks
• Garage parking space & storage unit

The ideal lower Queen Anne location on a dead end street has a Walkscore of 86 that provides easy access to shops, restaurants as well as downtown, bus lines and freeways.

This condo is offered at $339,950.

View photos and details.

Questions about this property? Feel free to drop us a note or inquire for a private showing.

Listing information and photos are courtesy of Gerald Overbeck, Keller Williams Greater Seattle.

Bellevue Towers announced that 483 of its 539 units, or 90 percent, are now sold. 180 condominium homes were sold in 2012 alone.

“We are pleased with the excitement for Bellevue Towers seen from brokers and prospective buyers, due in part to the enthusiasm spreading word of mouth through existing residents in the Bellevue community,” said Todd Prendergast, principal with Realty Trust, the brokerage firm that represents Bellevue Towers.

The 56 remaining homes include one studio and one one-bedroom; all other units range from two-bedroom to penthouse, with average price between $850,000 and $999,000.

The sleek twin tower development located in downtown Bellevue is LEED Gold certified.

View available Bellevue Towers homes for sale

When your prospective buyer plans an inspection of your condo, their inspector will be checking out all of the condo’s major systems, just like in a home inspection on a freestanding home. But, in a condo inspection, things are just a bit trickier, and you must be prepared to answer some questions that don’t come up in inspections on single-family dwellings.

Continue reading this article on the Key Inspection Services blog

Farren West is a contributing writer and preferred inspector of Seattle Condos and Lofts. Key Inspection Services does not receive remuneration for their contribution.

One of Seattle’s most prestigious luxury condominium high-rises, 1521 Second, is down to its final home for sale. 1521 Second is a distinctive 38-story condominium in the downtown skyline, rising over the Pike Place Market. Most homes are valued over $1 million.

The last developer unit available, unit #3402, is situated in the SE corner high above the hustle and bustle of downtown. This breathtaking two bedroom, two bathroom home boasts 1,734 sq. ft. of living space and dramatic views of downtown Seattle’s skyline and vistas of Elliott Bay .

This stylish home is offered at $1,765,000.

With 1521 Second virtually sold out, the remaining new construction options for discerning buyers are the Four Seasons Private Residences Seattle, Olive 8 and Escala. And, those homes are selling quickly.

View Downtown Seattle Condos.

The Seattle citywide median price rose a whopping 28.22% over the same period last year to $259,000 which also represented a 7% one-month gain. With last month’s results, the Seattle condo market has now realized year-over-year gains in value over 9 of the past 10 months. That’s good news for condo owners who are finally seeing some improvement on their investment.

With the exception of the downtown area, there were double digit increases to the median sale prices throughout the city.

After four months of declining inventory we finally saw a turn around in the number of available condo listings, though only slightly, up just 10 units over January, but still significantly below 2012 levels by 47.5%.

If there was a negative aspect to February’s stats it’s the dip in the number of pending transactions (properties with accepted offers) to 244 units. That’s down 3.9% from January and 3.2% from a year ago. The dearth of available properties combined with rising prices may be contributing factors to the drop in sales last month. Bucking that trend, however, were the Queen Anne / Magnolia, Capitol Hill and Northeast Seattle neighborhoods that realized increased pending sales volume in February.

On the other hand, the number of closed sales rose 21.1% year-over-year and 131% over January to 155 units.

The inventory supply rate rose slightly from 1.3-months of supply in January to 1.4-months in February, yet still reflective of a strong seller’s market environment. We will continue to experience this low level of inventory supply for the foreseeable future, and with that limited selection and an increasing number of multiple offer situations. Buyers be prepared, read our tips for buying in a tight condo market.

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© Seattle Condos And Lofts

Live in the heart of Seattle’s hottest neighborhood, South Lake Union! This rare south-facing loft unit features stunning views of Downtown Seattle and Space Needle, concrete floors and exposed wooden beam ceilings, and large outdoor terrace! Great flex-space in the upstairs loft area, suitable for sleeping/TV room/office/storage. One parking space and extra storage unit included.

Veer Lofts is a pet-friendly, LEED certified bldg just steps to Amazon HQ, Lake Union Park, five Tom Douglas restaurants, a number of local cafes, Whole Foods and the Streetcar.

This loft is available at $325,000.

View photos and details.

Questions about this property? Feel free to drop us a note or inquire for a private showing.

Listing information and photos are courtesy of Gerald Overbeck, Keller Williams Greater Seattle.

So, how do you go about finding a home inspector for your condo? The best place to start is with your Realtor. Since Realtors work with home inspections all the time, he or she will likely maintain a list of home inspectors they have found to be reputable.

If your Realtor doesn’t have a list, check out online reviews of inspectors in your area to see who has earned a good reputation in the field. This is not a good time to seek out the help of the yellow pages. It’s also not a good time to seek help from the condo association or building management. If they have something to hide, they will not point you in the direction of someone who will help their secrets come out.

Be sure to remember to have your condo inspection completed during your due diligence period. Having the inspection done in a timely manner is critical to being able to get any problems with the condo addressed as well as being able to back out of the contract if you choose.

Editorial Disclaimer: Farren West is a contributing writer and preferred inspector of Seattle Condos and Lofts. Key Inspection Services does not receive remuneration for their contribution.