Condos increase in popularity among homebuyers

Real estate in Seattle offers a variety of opportunities for those homebuyers considering purchasing condos. High-rise condos in the downtown area are quickly becoming a hot commodity amongst buyers.

The sales of existing condos indicate increased turnover rates in the Seattle-Bellevue area. According to DataQuick, there were 441 resale condos that closed escrow in January 2012. In contrast, only 389 sold in January 2011, which resulted in a 13.4 percent year-over-year change. The median sale price for these condos in January 2012 was $176,354 – down from January 2011’s $214,250, a 17.7 percent drop in price.

Condos are an ideal housing solution for those buyers who do not want the traditional responsibilities of owning a home, yet want the financial investment of owning. They are typically a popular option for young adults and seniors.

The current reduction in prices and increased inventory levels allow consumers to shop around and find the unit they wish to call home for the foreseeable future. Often located in lively neighborhoods, a condo unit may be the ideal living solution for someone with an active lifestyle who wishes to be located near the action.