New condo prices might dipped slightly last month but they're still way above where things stood last year at this time. Mostly that's because of inventory and the stark lack thereof. Despite the introduction of places like Insignia, Gridiron, and Luma to the market, it's still barely enough to keep up with demand.
First Hill's Luma, which we recently took a tour of, seems to have realized the market's working in their favor because earlier this week they raised the prices on eight of their units currently on the market (via the eagle-eyed Urbnlivn):
#706 – $549,950 (was $539,950)
#807 – $839,950 (was $829,950)
#906 – $559,950 (was $549,950)
#1403 – $629,950 (was $624,950)
#1607 – $919,950 (was $909,950)
#1803 – $654,950 (was $644,950)
#2103 – $684,950 (was $679,950)
#2107 – $689,950 (was $679,950)
The Mark Company reported that 70 units in Luma were sold as of the end of February, leaving approximately 98 left to go. Square footage-wise, their prices were already lower than Insignia and Gridiron, so this might also be a course-correction on their part as much as anything. We'll have to see if the new prices slow things down, but if the market keeps moving in the same direction, it's not likely.
· Luma Increases Prices [UL]
· Before Luma Opens Its Doors in First Hill, Take a Look Inside [CS]
· New Downtown Seattle Condo Inventory & Prices Dip in February [CS]