Seattle slowing down??

4 Replies

I read an article today in the Seattle Times that says single family inventory increased 43% from June last year, and condo inventory increased a whopping 73%. Is this it?? Are we finally seeing a softening in the market? https://www.seattletimes.com/business/real-estate/market-shift-big-spike-in-seattle-area-homes-for-sale-slows-price-growth/

I just think it depends on where you are. Over on the east side in Wenatchee the number of houses for sale is about the same, giver or take a little, but the amount of people putting in offers for one house has gone down dramatically. House over 300k are now 1-2 people instead of 3-4 while houses under 300k are now 3-4 instead 5-6. Its still crazy over here just not as crazy. 

I would say the market is more leaning towards a plateau and on its way to a downwards turn but we arent there yet.

A recent article in the times named Seattle as having the most construction cranes operating of any city in the US.  Obviously the 18 month or so lead time from permit to crane is like looking back to what made sense a year and a half ago, but interesting.  The cranes are for a mix of multi residential and skyscraper builds I think it said.

Interesting paradox.  Most cranes! Things are (were) booming!   2 weeks meter- Sales slump! Overbuilt?

I've seen a significant slowdown in SFR purchases in my neighborhood (Issaquah) over the past month or so. Homes used to be on and off the market within a weekend... and now many are taking their homes off the market after being up for three or more weeks.

Saw this several weeks ago: https://www.seattletimes.com/business/real-estate/...

"But the regional averages mask the extremes in neighborhoods getting the most apartments: A stunning 26 percent of all apartments in the core of downtown Seattle right now are empty, up from just 5 percent a year prior (the number is skewed by brand-new buildings that take a while to lease up, though vacancy rates at older buildings downtown are also rising)."

Here's the article @Steve Vaughanhttps://www.seattletimes.com/business/real-estate/... (tl;dr: 65 cranes in Seattle)

Massive building projects coupled with a huge growth cycle nearing the top of what the market can support is my guess.  Not to say the growth is over, but it certainly can't continue forever either.