Now 2 Percent Higher than One Year Ago
New Construction Inventory Declined 9 Percent in April to Approximately 239 Available Units, According to The Mark Company Trend Sheet
Seattle – May 9, 2016 – Downtown Seattle condominium prices increased by 2 percent in April over the previous month, now standing at $801 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 also 2 percent higher than the same month one year ago.
“Pricing edged up in April after remaining unchanged in March and following four months of successive increases, indicating a steady 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 239 new construction condominiums for sale, a decrease of 9 percent compared to March, and 54 percent decrease from the same month one year ago.
New construction absorption, the number of new condominiums placed into contract, decreased 42 percent from the previous month, with approximately 25 condominiums placed into contract in April, compared to 43 units placed into contract in March.
The average resale price per square foot decreased by 2 percent last month to $652 per square foot, but remains 15 percent higher year-over-year.
Resale inventory remains extremely low, with 73 condominium units listed for sale in Downtown Seattle, representing 1.8 months of inventory at the current pace of sales. Six months is considered the balance 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 April San Francisco Trend Sheet, the April Downtown Los Angeles Trend Sheet, and the April 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 and The Harrison in San Francisco and Cavalleri in Malibu. 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.