Buying a Condo in the PNW: Now, or After the New Rules?
The Puget Sound condo market is soft. Listings are sitting, sellers are cutting prices, and condos are some of the most affordable homes in the area. A statewide rule change is also coming. Here’s a NO BS look at buying now versus waiting.
The market right now
King County condos are at 7.05 months of inventory, with a median price of $496,000, down about 6% from a year ago. That’s heavy buyer’s-market territory. It’s not the same everywhere, though. Snohomish County condos are at 4.59 months, and their median price of $489,950 is up 1.5% from last year. northendhomesnorthendhomes
What’s changing: WUCIOA
WUCIOA is the Washington Uniform Common Interest Ownership Act, the state’s single law for condos and HOAs. Here’s the timeline:
January 1, 2026: older communities started following a short list of WUCIOA rules. governingdocs
January 1, 2028: every existing condo, co-op and HOA in Washington will be governed by WUCIOA. stoel
For associations, that means real work. Governing documents written under the old laws become noncompliant on the changeover date unless they’re amended, and amending them typically takes a 2/3 vote of the total voting power. Law firms are advising associations to start budgeting now for the cost of reviewing and revising their documents. wabarnewscsdlaw
For buyers, the effect is less clear. There’s no certainty that WUCIOA will push condo prices up or down. What it can change is how a particular building is run, and what that costs.
New construction is changing too. HB 2304 took effect June 11, 2026. It lets developers of small projects offer a limited “2-10” express warranty covering material and craftsmanship defects for one year, delivery systems for two years and structural issues for 10 years. It applies to buildings with 12 or fewer units and four or fewer stories. The goal is to bring more condo building back to Washington. HB 2304 Washington State Legislature +2
Buying now vs. after 2028
Buying now: pros
Leverage. More choice, more time and more room to negotiate on price, credits and repairs.
Lower entry price. On average, condos are the most affordable homes in the area.
You can ask the questions. Each association’s answers about WUCIOA prep tell you a lot about how it’s run.
Rate flexibility. If rates fall, you can refinance. If prices fall, you can’t un-buy at today’s price.
Buying now: cons
Prices may keep falling. With listings sitting, a lower price next year is possible.
Associations may still be catching up. Documents and budgets may not be ready for the new law.
Possible dues or assessments. Associations may raise dues to cover legal and compliance costs. Likely case by case, so ask.
Financing can be harder. Lenders review the building’s finances, and some projects don’t qualify for certain loans.
Waiting until after 2028: pros
More clarity. You can see how associations actually handle the transition.
More consistent documents. Updated documents should line up with the state law.
More supply. New small-condo projects with the express warranty option could add choices.
Waiting: cons
That’s over a year away. Today’s pricing and leverage may well not last.
Spring competition. Buyers tend to return in the new year.
Waiting for a law is a different decision from waiting for the market. The law’s effect on prices is unclear.
The long-term health of the decision
Whether a condo is a good purchase depends more on the building than on the calendar. Before you buy, ask for:
The association budget and reserve study. Are reserves healthy? Is the budget current?
WUCIOA preparation. Has the board started updating the governing documents or voted to opt in? Have they budgeted for it?
The resale certificate and meeting minutes. The board must provide a resale certificate when a unit is sold. Look for special assessments or disputes. kcba
Dues history. Have they risen recently, or are increases planned?
Insurance coverage and recent premium changes.
The owner-occupancy rate and rental rules. More owner-occupants can mean easier financing.
Any pending or past litigation, including construction defects.
The building’s age and major repairs coming up (roof, siding, elevators).
Plan to stay long enough to ride out a market cycle. Five years or more is a common rule of thumb, but it depends on your situation.
My advice
When possible, look to newer condo buildings where everything is in good condition. A newer building shouldn’t have systems concerns like plumbing / electrical and has modern siding fit for the PNW. Typically, replacement of expensive things like roofs, or repaving parking lots takes 15-25 years. So look to buildings that even when you go to sell years later, are likely to be in very good condition and still have low HOA fees.
Bottom line
Condos offer real leverage right now, but a good price on a poorly run building is not a deal. Buy the building, not just the unit. If you’d like me to look over a condo’s paperwork before you make an offer, call or text me at 206-931-8706.
General information only, not legal or financial advice.
© 2026 Fletch Newland Real Estate – Spire One Realty – Mount Lake Terrace, WA.