Capitol Hill Condo update - March 2008

Last month exhibited the second consecutive decline in Capitol Hill's median condo price in both month-over-month and year-over-year results. At $313,000, the median price is down 4.3% from the same period last year. Unfortunately, the outlook portends more of the same as Capitol Hill has the highest absorption rate in Seattle at 8.6 months.

The number of active condo listings increased 47% over March 2007 to 336 properties. Additionally, fewer condos are being sold with a 57% drop in the number of pending sales, compared to March of last year.