Luxury Seattle Condo Market Off To A Fast Start In 2018
Luxury Seattle condo sales are off to a very fast start in 2018. Since the start of the year there have been 4 sales over $1m with 2 those Downtown Seattle condos selling above $2.2M. In addition to that there are another 10 sales under contract. 3 of those units under contract were listed at $2.5M or more.
This is just another reminder of how the Seattle condo market is in favor with wealthy US citizens and Internationals as well. In 2017, there were 100 condos sales over $1m in just the downtown Seattle core. The average sales price per unit was $1,654,978 with most the expensive closing at Millennium Tower for $7,500,000.
Take a look at the charts below showing the steady increase in the cost per square foot. This is a very important number to pay attention to. The first chart shows the rise on a per foot basis for units listed over a $1m. The second chart looks at the entire market – up 57% in 3 years. The reason this number is important is because Developers will start to consider building new projects once this number gets closer to $1,100-$1,200 per foot. Our market needs more new construction to fill the supply gap. Our lack of inventory and the steady demand for good quality concrete and steel buildings should get the attention of some of these developers soon. Especially now that there are discussions in Olympia on revising the Washington State Condominium Act.
More to come…..stay tuned.