New Construction Absorption Rose 73 Percent from Previous Month With 45 Units Sold in August According to The Mark Company Trend Sheet
Seattle – September 15, 2015 – Downtown Seattle condominium prices increased sharply in August, rising 5 percent to $794 per square foot, and is now 13 percent higher compared to the same month one year ago, according to the Condominium Pricing Index released today by The Mark Company, a leading urban residential marketing and sales firm.
“Strong economic conditions and low inventory levels are driving new condominium price increases in Downtown Seattle,” said Erin Kennelly, senior director of research, The Mark Company. “New construction absorption, a reliable indicator of buyer demand, was also positive, rising 73 percent with 45 units sold in August.”
New construction inventory now stands at 331 units, the majority of which are at Insignia, with 186 units, and Luma with 141 units currently available.
”Now that Insignia has begun welcoming its first residents, buyers now have a new construction option with an immediate move-in,” noted Kennelly.
Average resale condominium prices decreased by 3% last month to $613 per square foot, but remain 7% higher than the same month one year ago. There has been a total of 28 resales in August.
There are currently 64 active resale condominium listings in Downtown Seattle, representing 2.3 months of inventory. Six months is considered the equilibrium between a buyer’s and a seller’s market.
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 August San Francisco Trend Sheet, the August Downtown Los Angeles Trend Sheet, and the debut of the Downtown San Diego Trend Sheet. All 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.