Downtown Seattle condo inventory is at record lows. To give the situation more context, we thought it would be interesting to compare our total condo inventory to other major US cities. We took at look at New York, San Fransisco and Miami.
First and foremost, lets take a look at our condo inventory here in Seattle. We currently have 88 units listed for sale in Downtown Seattle. If you remove the 29 new construction condos we have just a total of 59 units. As you can see below, New York, San Francisco and Miami all have a significantly more units for sale. What does this all mean?
Seattle is experiencing unprecedented growth. For the amount of population growth and job expansion Seattle’s condo inventory is grossly under-serving the demand. Insignia Towers, which just reached 600 sales is just 98 units away from a sell-out. This would be the first new construction Seattle condo delivered since 2009.