Condo prices drop in Seattle area

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Local condo prices skyrocketed even faster than single-family home costs or apartment rents in recent years, but now a shifting condo market is offering a welcome reprieve for fatigued buyers.

Across King County, condo shoppers have nearly three times as many units on sale to choose from than when the market peaked last year. They’re getting about six weeks on average to look around and complete their due diligence before buying a condo, up from just a single week in last year’s hectic market. Bidding wars have all but disappeared. The typical condo even now sells for below list price, which was unheard of in recent years.

Condo prices countywide dropped 7% in March compared to a year prior, according to monthly real-estate data released Friday. (The numbers also show more cooling in the single-family home market — more on that in a bit.)

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