Our stats are in for Downtown Seattle condo sales in August. Led by Insignia Towers, the average cost per square foot jumped 16% from $700psf to $814psf. This number is significant as developers all over the city that are contemplating building new product. When doing so, the majority of the analysis is ensuring that their per square footage price aligns with their construction costs and timing.
In July, the average sale price per unit in Seattle was $755,828 – in August that number rose to $993,320. That is a 31% increase. As you’ll see below, the average condo sold in Seattle in August 2015 was $772,204 – just a year later that number is 29% higher.
Pretty significant increase in the median price as well – July $681,900 to August $878,800 – a 28% increase.
Interesting storylines for August:
- The least expensive condo sold was $177,500 unit in Belltown at the Alexandria
- The most expensive condo sold was a 39th floor unit at Insignia Towers. It sold for $2,817,800
- 57 units sold for over a $1,000,000
- 10 units sold for $2,000,000 or more
- The average days for a unit on market before it found a buyer was 17
Point of comparison (year over year)
August 2015 versus 2016
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