Year end 2009 condo market statistics

Here are some interesting condo statistics gleaned from the NWMLS’ 2009 Statistical Review and Highlights report. The NWMLS region covers 21 counties, mostly in western Washington.

• More than 52,000 closed residential sales in 2009 accounting for more than $17 billions in total sales volume, of which 6,800 were condos valued at $1.9 billion in sales.

• King County realized just over 20,200 residential sales valued at $8.6 billion, of which 4,191 were condos (down 18.8% from 2008) with a value of $1.3 billion.

• Only 43% of King County condo sales were located in Seattle.
  

• There were 1,793 condo sales in Seattle (down 15.5% from 2008) valued at $645 million. Condos accounted for 25% of all residential sales in Seattle.

• There were 802 sales of single family homes and 66 sales of condos priced $1 million or greater in 2009. Bellevue had the highest number of $1+ million sales overall, though Seattle accounted for 67% of all $1+ million condo sales (44 units).

• In Seattle, 56% of condo sales were priced under $300,000, 11% were priced above $500,000 and only 2.5% were $1 million or greater. For comparison, in 2008 46% of condo sales were priced under $300,000, 15% were priced above $500,000 and 3.2% were $1 million or greater.

• The median condo price in King County was $255,000; Seattle’s median condo price was $279,000.

Note: The NWMLS database and statistics do not include many new construction pre-sale units, private sales or auction sales.

Source: Data was obtained from the NWMLS press release and 2009 Statistical Review and Highlights report, with the exception of the Seattle statistics, which were compiled independently. Some figures were rounded.