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New Seattle condo prices drops in June as sales come back down

New condo sales come back to Earth and prices slink down a bit

The Mark Company Trend Sheet for June is out and one month after jumping six percent, Downtown Seattle new condo prices hit a snag and dropped two percent.

New condo prices now stand at $26 per square foot, still up seven percent year-over-year. Only 21 unit sales were recorded over the month which is a 30 percent drop from the previous month and a 76 percent drop-off from a year ago. That big drop could have to do with the after-effects of a big Luma bump last time.

The new Nexus project is officially being charted by TMC now which means inventory just went up 169 percent from the previous month. Of course 75 percent of those units have been reserved for sale already.

Four Seasons Residences continues to have one outstanding unit for sale while Gridiron Condos saw two sales, Insignia saw eight sales, and Luma saw 11.

One area that saw solid growth in June was condo resales, which rose 30 percent from May and were up three percent on the year.