Overall, the trends are for fewer listings and increased asking prices and selling prices with single family homes. Sellers are becoming more confident and as the median prices rise, they are increasingly exploring a move. Some percentage of these sellers will desire downsizing into a condominium, which increases the demand and increases the price trending.
This chart illustrates robust condominium and single family markets in past cycles. Clearly the Greater Seattle Area began its recovery in 2012 and average price appreciation appears to be accelerating. At the same time, the market fundamentals that were largely responsible for the 2008 economic downturn are not present at this time, suggesting the current trending could be sustained into the foreseeable future, especially knowing that much of the housing stock being constructed is for rent.