Seattle Market Report, January 2020

The monthly market snapshot summarizes key quantitative measures of the local markets in Seattle and West Seattle. Over the last two years, inventory has loosened up, but that trend may be changing. As we move into 2020 we are seeing clear evidence that inventory is sharply falling and buyers are on the hunt. It is a great to sell and really increases the need for good representation by buyers. Here are a couple news items to round out the story of Seattle real estate as we enter the New Year:
  • Katherine Khashimova Long, “Amid falling inventory, brokers predict a return to 2017 ‘hotness’ in Puget Sound housing markets,” Seattle Times, Jan. 6, 2020. “If current trends hold, spring may bring a return to the housing market frenzy of two years ago, brokers say, spelling bad news for affordability around Puget Sound.In December, buyers had fewer homes to choose from in King County than any time since February 2018 — back in the days of bidding wars, weeklong listings and double-digit price growth.”
  • Josh Cohen, “State environmental law slowed housing construction in Seattle. Lawmakers want to pick up the pace,” Crosscut, Jan. 7, 2019. “Politics are notoriously slow moving in Seattle and certainly complex housing policies like MHA take time to hash out. But it wasn’t the “Seattle process” that added years of delay to housing reform and the addition of new affordable housing in the city. It was a state environmental law that gives individuals tremendous power to slow down or stop land-use changes. Using that law, the State Environmental Policy Act (SEPA), citizen groups have slowed neighborhood rezoning, as well as new apartment buildings for both Amazon employees and people exiting homelessness.”
Enjoy the report. The key to operating in this market is to prepare thoroughly, practice patience, and adapt based on good information. So, pretty similar to most other things in life;)

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