The Downtown Seattle Condominium Pricing Index was $687 per square foot, down 3 percent from November. New construction inventory in downtown Seattle was more than 400 percent higher than a year ago, with 321 units available.
“In Seattle, the economy is very strong but new supply has responded very slowly,” Kennelly notes. “Insignia, a new development by Bosa, is the first development of the post-crash generation to commence sales in downtown Seattle
For downtown Los Angeles, the company’s Condominium Pricing Index for December was $613 per square foot, down 2 percent from November. New construction inventory was more than 90 percent lower than a year ago, with only 12 units available.
In the case of LA, Kennelly explains, the economy is recovering slowly despite pockets of fast growth in the more affluent areas. “Condominium price appreciation is still strong, however, due to a lack of new condominiums in downtown Los Angeles,” he says. “Barker Block represents the only development under construction in downtown Los Angeles, and will bring only 68 new units to the market when it begins selling early this year.”
The December San Francisco Condominium Pricing Index was $1,0