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New Seattle Condo Prices Remained Flat in March, Inventory Dropping

Downtown Seattle condominium prices were unchanged in March from the previous month, remaining at $786 per square foot

After a big dip in February, Downtown Seattle condominium prices were unchanged from the previous month, remaining $786 per square foot. Prices peaked at $853 per square foot set in January but have fallen off since.

New construction inventory declined 37 percent in March to approximately 264 available units, according to The Mark Company Trend Sheet's latest Condominium Pricing Index. A big reason why inventory has plummted is Insignia, which is approaching sellout (89 units left, 609 sold) as the second tower nears completion. Meanwhile only one unit remains available at Four Seasons Residences.

Two places that still have inventory to fill are Gridiron Condos (89 available, 18 sold) and Luma Condos (85 available, 83 sold).

The average resale price per square foot decreased by 6 percent in March to $666 per square foot, but remains 17 percent higher compared to the same month one year ago. Resale inventory also remains extremely low, with 56 condominium units listed for sale in Downtown Seattle, representing only 1.8 months of inventory at the current pace of sales. Six months is considered the balance between a buyer’s and seller’s market.
· The Mark Company Trend Sheet [TMC]
· New Downtown Seattle Condo Inventory & Prices Dip in February [CS]