The Seattle real estate market has been booming year after year. The figures are impressive to even the top experts within the industry. Many factors have contributed to this, with population growth, job opportunity and availability making the short list.
Seattle's Mortgage Broker has put together this article in order to inform you of the current real estate situation. We’ll analyze the stats and go in detail with the reasoning for such a competitive market climate.
Availability Has Been Declining
Like with most things in life, a limited supply affects the demand as a result. So many of the properties listed for sale are being bought incredibly fast when compared to other areas. Taking information from the latest findings of Norada, homes in Seattle sell in 7 days on average. To put this into perspective, US properties as a whole take approximately 30-45 days.
If we take a look into inventory figures, Seattle is sitting at 2 weeks. In a market that is considered to be healthy, this number is often around the 5–6-month mark. The population of Seattle has also increased by almost 18,000, further reinforcing the desire for properties within the area.
As demand increases exponentially, new developers are unable to keep up. There simply aren't enough new homes being built to meet the requirements of interested parties. Seattle is within the top 10 fastest growing real estate markets in the world. Many experts predict that this growth will extend well into 2022 and beyond.
The competition for home buyers in 2021 has been fierce to say the least. Studies say that over 4,500 homes in Seattle have sold for a minimum of $100,000 over their asking price. Couple this with the quick turnaround on listings, you will get an idea of just how hot the Seattle real estate market currently is. Any new listings will be gone in as little as 10 days according to Housing Wire
Seattle Offers Amazing Quality Of Living
With plenty of diverse neighborhoods in Seattle to choose from, the quality of life you can experience is immense. There is a wealth of things to do and see, friendly people to converse with and an overall positive feeling to the location. As a result of this, valuations are surging in popular areas and some neighborhoods have average property prices of $1 million or more.
Seattle has come a long way from being a hot spot purely for postgraduates. Nowadays, families from far and wide are choosing Seattle as a safe, prospering area to settle down in. Of course, the incentives for recently graduated students are still there, as covered below.
Higher Paid Jobs Are More Common
It’s well known that Seattle needs highly skilled workers within the technology field. Housing both a Microsoft campus and the headquarters of Amazon, workers are being rewarded more than ever. Other companies that are prominent within the vicinity include Moz, Costco, T Mobile and F5 Networks to name just a few. Regardless of the tech-related field you are skilled in, Seattle boasts a wealth of opportunity.
Similar to the demand for homes, knowledgeable workers in math and computing continue to grow every year. It’s estimated that thousands of new positions are opened yearly.
Companies are prepared to offer favourable wages and working terms, in an attempt to out-grow their competitors. Here are just a few of the working areas that are particularly valuable to Seattle based employers:
- Marketing and SEO
- Cloud computing
- Cyber security
- Cryptocurrency and blockchain integration
- Website development and high-level coding
While the prices of properties in Seattle have increased by at least 14% this year (as of June 2021), these greater paying jobs offer people more ability to acquire a property.
The Craze Is Constant
When we take a step back and really look at the numbers, the Seattle real estate market has been hot for 9 years in a row. Throughout this period of time, most statistics have continued to outperform the US housing market as a whole (being at least 2x more favourable in many instances).
Usually within a given real estate market, some properties will sell better than others. This is rarely the case in Seattle, with most homes flying off the market in almost no time at all. Condos and houses alike have had serious buyers interested, ready and willing to take them.. People no longer have the opportunity to write out a long list of potential homes and slowly review their options. Seattle's market is frantic and moves quicker than many would anticipate.
Here are some of the biggest trends to look at in regards to the Seattle housing market, as of 2021:
- Median house prices increasing
- The number of homes sold has increased by 18% since 2020
- Average time to sell a house from listing, has moved from 8 days to 7
- Property values have been boosted by over 14% over the course of a year
- Low but potentially rising mortgage interest rates
- More availability to finance a mortgage as lenders are eager to grow their businesses
The Seattle Real Estate Market Is Booming
Few places in the world can rival the real estate market of Seattle. Being such a desirable place to live for a variety of reasons, houses are in high demand. Picking up a property in Seattle for yourself is definitely something you should consider. If you want to capitalize on the current market conditions, now could be the perfect time to get involved.
Need help with buying a home? Seattle’s Mortgage Broker can help. Our highly knowledgeable staff are always ready to lend a hand with your questions. We have a variety of lending plans available to meet your needs. Get in touch with us today to discuss your options or to arrange a completely free, no obligation quote.