In August 2016, the sales price per unit on downtown Seattle condos increased an incredible 31% over the previous month. According to the Urban Condo Spaces site, condo units sold, on average, in 17 days, possibly driving the number of buyers making offers sooner, due to the short turnaround. The highest price unit was on the 39th floor of Insignia Towers (see photo) and sold for $2.8 million.
Although the Seattle Times reported that 30-year fixed mortgage rates recently rose 3.46%, mortgage rates still remain at a historically low level. Depending upon the circumstance, this may be good news for buyers as well.
Developers base their projects on demand, comparing what’s charged per square foot to costs and timing needed for construction. Since the average sale price per unit in July rose from $755,828 to $993,320 in August, the condo building boon will most likely continue for some time into the future.