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New Seattle condo prices shot up six percent in May

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New condo prices now stand at $845 per square foot, up ten percent year-over-year

The Mark Company Trend Sheet for May is out and while resale prices flattened out, Downtown Seattle-area new condo prices shot up six percent in one of the biggest monthly gains we’ve seen in a while.

New condo prices now stand at $845 per square foot, up ten percent year-over-year. Thirty new units were sold in Seattle in May, which is a 20 percent boost from the previous month, likely thanks to the emergence of Luma in the marketplace.

As you might have guessed, inventory continues to be low. With approximately 209 new units available, that’s a 13 percent drop from the previous month and down 57 percent from last May.

Slow and steady growth seems to be going on with Gridiron, Insignia and Luma. Their respective units sold in April were 15, 628, and 92.

As mentioned earlier, resale unit prices leveled off a month after seeing growth. Even so, the 43 resale units sold marks eight percent monthly growth and 22 percent growth from last year.