All eyes have been on Downtown Seattle’s condo values in recent months as Luma opened it’s doors and Nexus began pre-sales. We saw reports of dropping prices in June but according to Urban Condo Spaces, downtown prices just shot through the friggin’ roof.
According to their numbers, they saw the average downtown condo sale price jump from $755,828 in July to $993,320. That’s a 16 percent hike in cost per square foot (from $700 to $814) and a 31 percent jump in overall sale price per unit.
Thirty. One. Percent.
UCS counted 147 condo sales in total. 57 unit sales over $1 million, ten sales over $2 million and a 39th-floor unit in Insignia Towers that went for $2.82M. Insignia is also the prime reason for this price jump in general with 97 total units sold, most of which were north of $1M.
The August 2016 number is also 29 percent higher than August 2015, when average selling price was $772K. There were slightly more sales in this August (147 to 139) but it takes slightly longer for a condo to sell in 2016 (17 days) than it did in 2015 (16 days).
The lesson is, as always, that developers aren’t going to stop building new condos anytime soon.