The release of April reports on the Puget Sound Real Estate Market reveal accurate predictions as made in the #NoPlaceLikeOwn campaign last year. “The surrounding media coverage about our downtown Seattle market is shaping up we anticipated a year ago in ‘The Manhattanization of Seattle,’” said Dean Jones, President & CEO of Realogics Sotheby’s International Realty. “These updates make the arrival of NEXUS timely, with reservations beginning June 4th.”
As “The Manhattanization of Seattle” feature outlined, Seattle’s urban core is mainly comprised of millennial tech workers who want to live near their workplaces and city amenities. Jones predicted that the lack of new development would create a supply and demand imbalance, “especially at moderate price points,” which posits the NEXUS project as a solution for millennials looking to find homeownership in a downtown Seattle condo.
Reacting to April 2016 market statistics, the Puget Sound Business Journal‘s Marc Stiles writes that “the temperature of the condo market remains torrid, especially in King and Kitsap counties. In King, where inventory fell nearly 27 percent, the median sales price was up 19 percent. Downtown Seattle condo prices jumped 37 percent even as inventory remained about the same.”
And bad news for renters, as Curbed Seattle says that while Seattle remained at 10th among rent prices for major cities in Zumper’s monthly national report, “that finally changed with the May report which moves Seattle up to 9th overall in terms of media one-bedroom rent” which is currently at “$1,770/month.” Sean Keeleyalso reports that Seattle “came in ninth overall on ApartmentList.com’s list of ten cities with the highest rent. According to them, Seattle’s median 2-BR rent checks in at $2,280/month, putting it ahead of Miami in that aspect.”
“Downtown Seattle condo sales in April 2016 were 49 with a median of $625,000 compared with 47 closings in 2015 and a median price of $454,000” added Jones. “That’s a 37% increase year-over-year that certainly favors the NEXUS condominium project, where units are expected to start in the $300,000s with low down payment options and mortgage payments that are comparable to prevailing rents.”