Image: Sounder Bruce
Downtown Seattle condominium prices decreased in September according to The Mark Company's Condominium Pricing Index. Prices fell 2 percent to $779 per-square-foot, but that's still 9 percent higher compared to the same month in 2014. New construction inventory also declined 8 percent in September and now stands at 303 units, the majority of which are contained within Insignia (161 units) and Luma (138 units). Average resale condo prices also dropped by 5 percent last month to $583 per-square-foot, but that's still 13 percent higher YOY. There was a total of 35 resales in September, which was up 25 percent from August. Resale inventory remains low at 75 active listings in Downtown Seattle, equating to 2.1 months of inventory at the current pace of sales. A balanced market is considered to be six months of inventory.
· The Mark Company [TMC]