June proved to be a turning point for the condo market in Seattle's Queen Anne neighborhood. For most of the year, the Queen Anne condo market has been stagnant, both in terms of units sold and median prices. Last month the market rebounded with a 13.5% increase in median price to $339,950 compared to the prior year. Additionally, the month-over-month results show respectable median price increase of 6.7% compared to May 2007. Closed unit sales also reflected a modest increase.
Of all of Seattle's neighborhoods, Queen Anne has been showing signs of softening throughout the year, so June's results, even if it turns out to be an anomaly, is certainly good news for condo-owners.