Supply keeps brakes on downtown housing

[meshugy]

"With all of the product that has come online, the absorption has been impressive," he said.

"Every market ultimately has its threshold, and if the inventory outstrips demand, the prices are going to stabilize," he said. "We haven't reached that threshold yet."

"The Northwest has really fared well," said Stan Humphries, Zillow's vice president of data and analytics. "It continues to be very robust in terms of real estate appreciation."

[deejayoh]

did you even READ the article?

First line:

Downtown Seattle condominium buyers have plenty of choices these days, and that may be keeping the prices there from rising as fast as they are in other Seattle neighborhoods.

And then of course, before they even get to your cherry-picked quotes from the Zillow-dude, they caveat with the following

Seattle land-use economist Matthew Gardner said inaccuracies in assessor's data, which Zillow uses for its estimates, undermine the reliability of the company's numbers. He also said the sales Zillow uses to estimate typical condo prices do not reflect the current market, because buyers reserve and lock in a price up to two years before a building is done and the sale closes.

But downtown prices are not going up as fast as those in other parts of the city or as quickly as in the past couple of years, Gardner confirmed. The reason, he said, is that the many new buildings are creating more competition.

And that's from the rag-a-riffic PI shill Aubrey Cohen.

Don't be such a tool!