King5 News recently ran a report on Seattle’s declining new construction condo inventory.
Last year there were 550 new construction condos available on the market. This year there are only 300. That’s about a 40 percent absorbtion rate.
Not only have no new condo buildings sprouted up in Seattle since 2007, but there are no new condo construction or development projects currently in the works either.
I’m assuming the 2007 date is the last construction start since the the last downtown area condo development (excluding Volta) was delivered in 2009.
Overall, Seattle’s available for-sale condo inventory has decreased approximately 30% from last year’s level.