June's statistics reflect our changing market. The median price of an Eastside Single Family Residence (SFR) dropped slightly to $1,610,000 (not surprising given the increase in inventory and market times). However, the median price of a condo on the Eastside increased 7% to $780,000. In Seattle, the median price of a SFR rose nearly 7% to an all-time high of $1,079,950! The Seattle condo median price increased a more modest 2.7% to $589,000. My theory is that buyers seeking value and affordability are turning toward Eastside condos and Seattle homes.
In case you haven’t heard, the new state laws mandating higher density have gone into effect in most areas. What does that mean to you? If you own a single family residence (or land) in a community of more than 25,000 residents, it’s likely you can build an additional dwelling unit (ADU) or two or split up your lot. In an effort to build more housing and increase affordability, 4 – 6 homes can now be put on a single lot, as long as setbacks and other requirements are met. This includes duplexes, triplexes, rowhouses, townhomes, etc., as well as ADU’s and Detached ADU’s (DADUs).
I took advantage of the new laws myself recently when we “condominiumized” our home and the DADU behind it. Now we can sell either our home or the DADU (or both), giving us maximum flexibility. The process was relatively straightforward, fairly quick and economical. Curious if you can do something similar? Give me a call and I’ll walk you through the process.
I’m always happy to discuss our market or anything I can do to help you make a decision about your next move – just text, call or email me.
