In an industry report by Polaris Pacific, a San Francisco-based research and marketing firm that operates throughout the western United States, the data points to a similar conclusion. Across the board for all condo types, the price per square foot for condos has increased dramatically year-over-year, a trajectory that demonstrates a combination of increased demand and short supply of condominiums in the Puget Sound region. As of November 2017, the price per square foot of low-rise buildings (4 stories or less) was $663, an annual change increase of 16.5 percent. The price per square foot for mid-rise buildings (5-12 stories) was $709, representing a 23.6 percent increase from the previous year. Finally, the price per square foot for high-rise buildings (13 stories or more) was $788, up 17.5 percent from the previous year. Longitudinally, from November 2016 to November 2017, the median price increased 40.7 percent to $550,000, which is also up considerably from the median price of $400,000 posted in 2008.
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