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What's up for 2008?  

NEW! The Seattle/King County Residential Real Estate Stats are in, check out the action in your area here: King County Residential Stats 2008.pdf

No doubt there is a lot of confusion about the real estate market in Seattle right now. If you follow the National and local media you will hear that the sky is falling. It's important to remember that Seattle is a thriving and successful city and because of this investments in real estate here are still a good bet. No matter how they spin it, more jobs coupled with increased population growth creates a pent up demand for housing. Consider this:

  • Our state economy is producing jobs at nearly three times the National average. Unemployment has remained steady for the last 10 months at 3.8-4.6%. More than 56,000 jobs were added in the last 12 months.

  • More than 30,000 net new jobs will be created each year for the next 3 years. Thriving Global companies are located here: Google, Amazon.com, Eddie Bauer, Microsoft, Yahoo, Expedia, Boeing, Costco Microsoft. Microsoft alone will add 4,000 new jobs each year for the next 10 years. Boeing added 12,000 new jobs last year.

  • Office occupancy is at an all time high: King County (92%), Pierce County (83%), Snohomish County (89%).

  • The average population growth will increase nearly 3% each year for the rest of the decade - 180,000 new people annually. King County alone increased by 26,000 people (all needing new homes!)

  • Home mortgage rates have declined to a two year low.

  • Expected appreciation in the area is between 2.9%-5.9% statewide this year.

  • Rental vacancies are low, declining from 7% to just 4%! Rents are increasing faster than home prices.

  • New construction starts are at a 10 year low. 20% fewer starts with builders/developers liquidating inventory since April. Four of the 6 master planned communities in the region are virtually sold out.

  • Building permits will be limited due to existing ordinances. Due to fewer building permits than jobs or population growth, housing prices will continue to appreciate in value significantly.

  • Gen X and Gen Y - the largest combined demographic segment of the population will continue to purchase their first and second homes.

  • Baby Boomers, the next largest segment, will continue to lead the charge as they purchase or sell their last 'big' home.


    Questions? Contact me directly,
    206-484-5106
    shelleydiamond@cbbain.com,