The Mark Company Condominium Pricing Index has released their report for August and according to their numbers, new Downtown Seattle condo prices decreased 3% in August 2014 over the previous month. At $701 per square foot, that pricing is still up 2% from August 2013.
Also down was new contraction inventory, which was 6% lower in August than in July. Insignia probably has something to do with that as in-development residential complex just surpassed the 50% sold mark (179 units) of its Phase One tower. Phase One features 350 residences ranging from 1-to-2 BRs, with prices from the high $400,000s to approximately $2M.
Even with the slower month, new construction inventory is still over 350% higher than it was in August 2013, thanks to properties such as Insignia and Carbon 56.
· The Mark Company Trend Sheet August 2014 [TMC]