The Seattle housing market has been one of the fastest-growing and most competitive in the United States in recent years. As of 2011, the Seattle housing market is expected to remain strong, with continued growth in home prices, new construction, and sales volume.
Prices and Trends in the Seattle Housing Market
The Seattle housing market has seen significant price growth in recent years, driven by a combination of high demand and limited supply. According to Zillow, the median home value in Seattle was $872,000 as of February 2011, representing a 7.3% increase over the past year. Over the next year, home values are expected to increase by another 6.8%.
The Seattle housing market is also highly competitive, with low inventory and high demand. In February 2011, there were only 1,621 homes for sale in Seattle, representing a 32.2% decrease from the previous year. This has led to bidding wars and high competition among buyers, with many homes selling for above their asking price.
New Construction in the Seattle Housing Market
To help address the limited supply of housing in Seattle, new construction has been on the rise in recent years. According to the Seattle Times, there were 5,673 new housing units permitted in Seattle in 2022, representing a 13% increase over the previous year.
Much of this new construction has been focused on multifamily buildings, such as apartments and condominiums. In fact, the majority of new housing units permitted in 2022 were for multifamily buildings, which is expected to help increase the supply of rental housing in the city.
Sales Volume in the Seattle Housing Market
Despite the limited supply and high competition, home sales volume in the Seattle housing market has remained strong. According to the Northwest Multiple Listing Service, there were 2,748 home sales in Seattle in January 2011, representing a 6.3% increase over the previous year.
However, the high prices and limited supply have also led to a decrease in the number of homes sold, as some potential buyers are priced out of the market. As of February 2011, the median time on market for homes in Seattle was just 8 days, down from 14 days in the previous year.
Forecast for the Seattle Housing Market
Overall, the Seattle housing market is expected to remain strong in 2011, with continued growth in home prices, new construction, and sales volume. While the limited supply of housing and high competition among buyers is likely to persist, new construction is expected to help alleviate some of the pressure on the market.
According to Zillow, home values in Seattle are expected to increase by another 6.8% over the next year. This is slightly lower than the national forecast of 9.9% growth, but still represents a strong market for homeowners and investors.
The Seattle housing market has been one of the most competitive and fast-growing in the United States in recent years, with high demand, limited supply, and strong price growth. While the market is expected to remain strong in 2011, new construction is helping to address some of the supply issues, and home values are expected to continue growing at a slightly slower rate than the national average. If you’re interested in buying or selling a home in Seattle, it’s important to work with an experienced real estate agent who can help you navigate the complex market and make informed decisions.