A shocking statistic recently caught my attention, “The Seattle area has grown by more than 1,000 people per week since 2010.” For reference, that “area” mentioned does include Tacoma and Bellevue. Pulling out just Seattle numbers and the population rate is still very high. In Seattle proper, between 2010 and 2016, the population grew about 250 people per week. That’s approximately 13,000 people a year. Possibly more interesting, is that Seattle-area population growth is the ninth fastest growing metro in the nation. (Number one and two were Houston and Dallas, followed by New York City, Atlanta, Miami-Fort Lauderdale. Other metro-areas to beat us were Washington DC, Los Angeles, Phoenix, San Francisco-Oakland, and Austin.)
Read more about Seattle's growth on Curbed Seattle and Puget Sound Business Journal.
Interestingly enough, this influx of population growth is also being coupled by a record-low housing inventory, as well as record-high home values. In a news release from NWMLS, it was stated, “During the past three months, brokers have added 17,572 new listings to inventory, down only 5.7 percent when compared to the same three-month period of a year ago.” It seems as though both home sellers and buyers are both concerned about the low-inventory. Sellers are frustrated they cannot find another home to match their needs, and the option of contingent sale cannot be considered.
Read the full NWMLS news release: Housing Inventory Reaches Record Low
On the bright side, the weather is only going to get better and that always means more listings. With the continued buyer demand the expectations from the brokers in the area is simply that the market is in a temporary frenzy. The traditional window for selling is Spring and Summer and listings will surely pick up. What will remain to be seen is how this affects the current record-breaking high home valuation in the Seattle area. Currently, the median home value is $624,700 for Seattle proper, with an 11.2% increase for February 2017 compared to February 2016. Additionally, Seattle Weekly reported, in mid-March, that 40% of listed Seattle-proper homes were over $1 million.
For more information on the average home prices, read the articles by Seattle Weekly and Curbed Seattle.
Or, contact me for any and all real estate questions and inquiries.