Seattle Market Report, December 2017

The monthly market snapshot summarizes key quantitative measures of the local market. Page one spotlights the Seattle market. Page two spotlights West Seattle. Page three is “News You Can Use,” which highlights a recent article in the Seattle Times.

Here are a couple more interesting pieces:

  • Mike Rosenberg, “$500,000 for a 1-bedroom: Condo shortage worse than ever in King County,” Seattle Times, December 6, 2017. Condo prices continue to soar even faster than single-family-home costs, which kept up their historic streak last month. Even amid a construction boom, the number of new condos isn’t growing much because most developers are building apartments instead.
  • Mike Rosenberg, “Rent control in Seattle? Bill to repeal statewide ban in the works,” Seattle Times, December 5, 2017. Washington state’s ban on rent control has been in place for 36 years, and efforts in the past to repeal it have been considered dead on arrival — but things could be different this time around.
  • Charles Mudede, “Vancouver Study Shows Why Seattle’s HALA Is Doomed To Fail,” The Stranger, December 7, 2017. They have also acknowledged that their policy to build tons of market condos backfired, because they became the perfect speculative commodity.
  • Emily Badger, “What Happened to the American Boomtown?,” New York Times, December 7, 2017. The places with the most opportunity used to attract the most new residents, in a cycle of fast-growing cities and rising prosperity. But no more.

Enjoy the report. The key to operating in this new market is to act decisively based on good information. This report is a contribution to that end.

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