Downtown Seattle Condominium Prices Remain Unchanged in March, Now 3 Percent Lower Than One Year Ago
New Construction Inventory Declined 37 Percent in March to Approximately 264 Available Units, According to The Mark Company Trend Sheet
Seattle – April 12, 2016 – Downtown Seattle condominium prices were unchanged in March from the previous month, remaining at $786 per square foot compared to a peak of $853 per square foot set in January of this year, 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 Downtown Seattle is now 3 percent lower than the same month last year.
“While pricing remained unchanged in March compared to February, this follows four months of successive increases, indicating stabilizing of prices,” said Erin Kennelly, senior director of research, The Mark Company.
As Insignia approaches sellout, inventory in Downtown Seattle is very low. There are currently only 264 new condominiums available for sale, which is 37 percent fewer than the same month one year ago.
The average resale price per square foot decreased by 6 percent in March to $666 per square foot, but remains 17 percent higher compared to the same month one year ago.
Resale inventory also remains extremely low, with 56 condominium units listed for sale in Downtown Seattle, representing only 1.8 months of inventory at the current pace of sales. Six months is considered the balance between a buyer’s and seller’s market.
New construction absorption, the number of new condominiums placed into contract, increased 95 percent over the previous month, with approximately 43 units placed into contract in March.
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 March San Francisco Trend Sheet, the March Downtown Los Angeles Trend Sheet, and the March 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 in 1997, 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 global leaders in residential development and finance, providing buyer-driven sales and marketing strategies that produce industry-leading results. 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 The Infinity in San Francisco, Evo in Los Angeles and The Martin in Las Vegas. Current projects include 181 Fremont Residences in San Francisco and SL70 in Los Angeles. A subsidiary of Pacific Union International, one of the San Francisco Bay Area’s top-performing resale brokerages, The Mark Company benefits from an enriched leadership team, enhanced technology and added global reach through its affiliation with Christie’s International. For more information, please visit www.themarkcompany.com.