Seattle – Downtown Seattle new condominium prices remain unchanged in June, according to the Condominium Pricing Index released today by The Mark Company, a leading urban residential marketing and sales firm.
The Mark Company Condominium Pricing Index for June was $770 per square foot, with no change from last month, but a 3 percent increase from one year ago. New construction inventory decreased by 18 percent last month to approximately 402 available units, but remains 73 percent higher than one year ago.
“We have seen recent growth in new construction inventory, which is attributed to the release of Insignia’s North Tower as well as the most recent addition of 168 units at Luma in First Hill. There are now 402 new condominiums for sale in Downtown Seattle,” said Erin Kennelly, senior director of research, The Mark Company.
Meanwhile, the Trend Sheet reported that new construction absorption, the estimated number of new condominiums put into contract in Downtown Seattle for the month prior, totaled 86 units during June. These numbers represent the highest monthly absorption rate since 2012, which is largely credited to brisk pace of sales at Insignia and Luma.
Resale condominiums price per square foot in Downtown Seattle reached $623, marking a 6 percent increase from last month and 4 percent increase from one year ago. Downtown Seattle had 58 reported resales in June, which is a 5 percent increase from last month, and a 21 percent increase from one year ago.
“Resale condominium inventory remains very low in Downtown Seattle. There are currently 55 active resale listings in the area, representing less than one month of inventory. Six months of inventory is considered the equilibrium between a buyer’s and a seller’s market,” added Kennelly.
The Condominium Pricing Index, part of the firm’s monthly Trend Sheet (available at www.themarkcompany.com), represents the price per square foot of a new 10th floor, 1,000-square-foot condominium. It is based on recent sales data, and uses a proprietary quantitative method to measure trends in market demand. It tracks the value of a new construction condominium without the volatility of inventory changes.
The Mark Company has also released the June San Francisco Trend Sheet as well as the June Downtown Los Angeles Trend Sheet. Both are available for download at www.themarkcompany.com.
About The Mark Company:
The Mark Company is one of the nation’s premier urban residential marketing and sales firms. Founded by Alan Mark, The Mark Company provides a full range of core consulting services including analytics, design, marketing and sales for urban high-rises and suburban attached properties throughout the Western United States. The firm is a trusted partner to leading residential developers and financial institutions such as Tishman Speyer, CIM Group and Bosa Development. Since 1997, The Mark Company has represented more than 10,000 residences and generated over $5 billion in sales for some of the nation’s most notable and successful developments including 300 Ivy in San Francisco, Spire in Denver, Evo in Los Angeles, and The Martin in Las Vegas. Current projects include 181 Fremont Residences in San Francisco, Turnberry Towers in Las Vegas and SL70 in Los Angeles. For more information, visit www.TheMarkCompany.com.