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New Downtown Seattle Condo Inventory & Prices Dip in February

New downtown Seattle condo construction inventory declined seven percent in February to 307 available units

Downtown Seattle condo prices dropped eight percent in February to $784 per square foot, down from the all-time high of $853 per square foot in January, Still, per The Mark Company Condominium Pricing Index, Seattle is still two percent higher than where it was a year ago.

Just to give a sense of how much the condo market has grown in the last year, new construction inventory is down seven perfect in February but that's still 160 percent higher than February 2015. At the moment you'll find approximately 307 new condos for sale in the area, most of which are in SoDo's Gridiron, First Hill's Luma and Denny Triangle's Insignia.

22 new units were placed into contract in February, which was an increase of 69 percent from the previous year.

While new condo prices dropped, resale condo prices went up 16 percent to $707 per square foot and have been rising over the last few months. Part of that is the lack of inventory with only 60 active listings (1.7 months of supply).
· The Mark Company Trend Sheet [TMC]