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Downtown Seattle New Condo Prices Down 2% in May

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Downtown Seattle new condo prices dropped 2 percent in May from the previous month, but were unchanged compared to the same month in 2014, according to the The Mark Company's Condominium Pricing Index. New construction inventory decreased by 6 percent last month to approximately 489 units, but remains 123 percent higher than it was a year ago. The increase in inventory is due to the recent addition of the North Tower at Insignia (357 units) as well as Luma (168 units).

Resale inventory remains very low in the Downtown, Denny Triangle and Belltown region, with 62 active resale condominium listings. That represents 1.1 months of inventory. As a rule, six months of inventory is considered the equilibrium between a buyer's and a seller's market.
· Condominium Price Index [TMC]