One look at the glut of new towers rising in downtown Seattle and one could think condos are having their heyday. But it turns out most of those cranes on the horizon are giving rise to office towers and apartment buildings, with only one condo tower, Insignia, currently under construction downtown. Among new (never before sold) condo units that are on the market, prices have also fallen 8 percent from their peak in May, according to the Daily Journal of Commerce.
Prices did rise slightly from August to September (2 percent), and year over year (up 3 percent from September 2013), but are still falling short of the May peak, when the average price per square foot was $775. In September, the average sold price per square foot for a new condo was $716.
According to the Puget Sound Business Journal, condo construction is expected to pick up in 2015, in part due to the fact that 170 of the first 350 units at Insignia have already sold, giving condo developers confidence that the demand will keep up with supply. It remains to be seen what effect an increased number of units will have on prices.
If you are interested in purchasing a condo in the Seattle area, contact your local real estate agent today.