Seattle Housing Market Update

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Housing Market June

Office of Planning and Community Development of Seattle predict that city  will reach of 800,000 population in 2035, but if trend will be the same as it is right now for next 5 years, it might happen faster.   Another key factor in housing market is supply, so Seattle area supply right now is in red zone with -15% comparing to 2015. Supply in San Francisco area is just the opposite it’s more on 4% then last year and if we take a look at San Jose housing market; capital of Silicon Valley, there more 15% of housing supply then in 2015.

Turns out that city itself and even suburban areas wasn’t ready  to recoup the problem and increase construction of new housing units. To be fair it’s not only Seattle’s or King County problem; same trend we can see  on another market and no need to look far, just behind the corner at Portland area with 14.8% annual house price grow and -23.7% luck of supply.  According to these data, we  are going to see both housing and rental markets go up for   next few years. So if you are sitting and waiting for next real estate crush to be able to come over and pick up most interesting pieces of properties; it’s going to be long wait.Seattle grow projection

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