The realty market of King County (in which Seattle is the county seat) completed 2017 as the year that was pricier than any year on a historical basis. This year 2018 is starting out as a hotter year.
If you are a home seller, it could hardly be better. As a home buyer searching for a property, it’s pretty rough – if you think condos might be a good place to look, get this – condo prices went up 23% last year in the Seattle area.
Prices for single family housing in King County increased almost 20% in the month of January 2018 if you make a comparison with last year. This is the largest yearly increase in 2 years.
The cost of a single family home in the northern part of the county went up 28%. Seattle went up 19%, and the Eastside increased 18%. $757,000 was the median price that Seattle reached—the highest in history. This passed the previous high which was reached last Summer. In the priciest area of the county (West Bellevue), prices increased an astounding 93%. This high broke a record – the median home price of $2.72 Million.
Having a life science sector emerge, a tech industry that is growing, a huge amount of talent, and a commercial realty industry, the region of Puget Sound is more and more a highly desirable location for living.
Moving on to the commercial real estate apartment market, In looking at 46 apartment markets in the United States, the high pricing increases in the Seattle-Tacoma metro area are set to keep on increasing. There is a shortage of homes, rising rents, and vacancy rates that are going down. Plus, for 2018, indicators point to a year with an active market for the region.
One focal point in statistics is that for the Seattle-Tacoma metro apartment market, the level of activity is as strong as ever.
The apartment market for Seattle-Tacoma has increasing rent prices, and very strong employment in the sector of technology. These two factors keep demand going. Also, there is a greater demand for inventory for housing causing an increase in home costs. This will feed the boom for development in the downtown area of Seattle.