Is Home Inventory On the Rise In Seattle?
There’s just no way around it
Seattle and King County continue to set record highs for growth in home values all across the board. A lack of available inventory paired with a ravenous real estate market has the Emerald City continuing the climb among top cities in the nation for many growth categories.
When compared to the rest of the nation estimated to grow at a more modest 3.5%, Seattle is among the national leaders in home-values in 2018 at 5% projected annual growth
While sustaining an unprecedented surge in population, Seattle and King county are experiencing a shortage of housing inventory at a moment when demand is skyrocketing.
The accelerated growth the city has experienced in recent years is unlikely to sustain indefinitely, however it is equally unlikely for the market to drastically cool any time soon
Seattle has experienced increased national and regional popularity within the last decade.A national trend towards metro-area living among many Americans, paired with growth in the city’s already bustling tech sector makes for a real attraction for many potential homeowners looking to relocate.
The city set in the heart of the PNW’s epic backdrop continues to attract buyers and potential homeowners.In fact, according to the U.S. Census Bureau, last year saw over 1,000 people moving to Seattle per week. With all the new demand coming into town, an already strained supply of homes and development property is continuing to be tested.
Seattle housing inventory is at an all-time low
The lack of housing Seattle is currently experiencing can be explained by two key factors.Inventory has been at historic lows for many years, which has been a major contributor to continually rising home prices. At the same time, Seattle has seen an 18.7% population increase since 2010, making it the fastest-growing city in the nation according to the Seattle Times.
In the last two years alone Seattle more than doubled the national average for growth in home-price value at 13.5%, with the rest of the nation averaging around 5.9%
According to the Northwest Multiple Listing Service (NWMLS) statistics, residential inventory for June 2018 was double that of June 2017.This lack of inventory is one of the driving forces behind the competitive market many buyers are finding themselves in when looking for a Seattle-area home.
That being said, inventory is trending up
Meaning while King County is experiencing exceptionally low inventory, proven by data stretching back to 2006, it does mark a significant increase from recent months.This is due in large part to the strong market attracting more and more property owners deciding that now is the right time to list their property for sale.
KUOW reported home prices in the Seattle area rising $5 per hour, all day long, meaning a potential increase of $43,800 per year if the current rise of home prices holds out
At that rate, homeowners are potentially earning big on their property value appreciation.Though this type of growth is unlikely to sustain forever, the Seattle housing market shows no immediate signs of slowing down.In fact many experts estimate home values to continue to climb in appreciation for the coming years.
The cost of waiting
As home values across the board continue to climb, many people are not able to invest enough of their savings to provide an equivalent increase on their investment.Even so, the cost of waiting to buy could be very high. In fact, If home prices continued to grow at the current rate, a typical new home in 2020 would cost $1 million, climbing even higher to an estimated $2 million by 2026.
Surrounding Seattle areas are experiencing sustained growth as well
In Tacoma the market sustains a similar appetite for growth with the median house price in Pierce County sitting at a record high.Most recently Tacoma surpassed it’s previous mark set by pre-recession home values.
Tacoma home values show a 14% increase from only a year previous.Most recently Tacoma surpassed it’s previous mark set by pre-recession home values
With inventory increasing it’s easy to be overwhelmed with choices.Buyers have more options than years prior when it comes to finding the right fit for their needs.Navigating those options strategically is more important now than ever.
Who we are
Home Docket is the partnership of Windermere Realtors John Cowan and Bryan Loe.With over 21 years of combined experience in real estate, development, and investment our focus remains on the positive growth of Seattle through land acquisition, new construction, and major renovation. We are committed to supporting housing density and sustainability in the nation’s fastest growing metropolitan area.
The city that grows together, thrives together
Many of our projects at Home Docket are Built Green, mirroring the values of the communities in which we work. Our professional group of best friends and long-time business partners put high-quality realtor to client relationships at the heart of our work.
We value our clients, builders, developers, and fellow agents as our own, and strive to provide the highest quality service through thoughtful strategy, expertise, and personal touch
Whether you are in the market to buy, or thinking that it might be time to sell, get in contact with Home Docket today.We’d love to talk more about your options, and how we can help you achieve your goals in real estate. Our experienced team of agents are here to help each step of the way.
Thinking Seattle Real Estate? Think Home Docket
Don’t face one of the most competitive real estate markets in the nation alone.At Home Docket, we have over two decades of local hands-on experience in the ever-changing Seattle market to successfully guide you through the buy or sale of your home or property.
Our focus, your goals
Our focus remains on the positive growth of Seattle, with modern style and sustainable practices.Discover what so many already have and reach out to us today to start the conversation.