What Mandatory Housing Affordability Means for Seattleites

In March 2019, the Seattle City Council unanimously approved a measure called Mandatory Housing Affordability (MHA), which upzones 27 neighborhoods in the region. Mayor Jenny Durkan quickly signed the measure into law and it is set to go into effect on April 19th. MHA’s main objective is to add affordable housing to the city through the allowance of taller single-family and multi-family residential projects. In all, city official estimates indicate that MHA will, at a minimum, provide 6,000 new affordable homes for low-income residents.

Seattleites are the Most-Educated Among Big Cities in the U.S.

The results are in and according to the U.S. Census Bureau, Seattle tops the big city in the U.S. for the number of college-educated residents, coming in at a staggering 63 percent for residents age 25 and older. As Seattle Times reports, “among the 50 largest cities in the country, we’re the only one to hit that 60 percent mark — something we first achieved in 2015.”

2018 Fourth Quarter Market Report

Our local real estate market took some interesting turns in 2018, as the frenetic conditions of the first half of the year gave way to a more balanced environment in the third quarter. Data for the fourth quarter of 2018 has arrived, so before we turn our attention to the new year and what lies ahead, let’s take a look at the market trends that closed out 2018.

City Report Proposes Single-Family Zoning Changes to Ease Affordability

According to an article published by Seattle Times, “The single-family zones that make up about 75 percent of Seattle’s residential land have accommodated just 5 percent of all new housing added in the city this decade,” this courtesy of a report recently released by the planning commission. The advisory report, which was eighteen months in the making, says mild changes could be made in areas that are predominantly single-family homes right now.

What Seattle’s Changing Housing Market Means to Homebuyers

The shifting Seattle real estate market has grabbed headline after headline in recent months, with the Seattle Times making proclamations earlier this week that suggest Seattle’s home prices are dropping faster than any other metro area in the nation. Contrary to headlines, however, trendlines point to a much different outcome, indicating slowing—not lowering—home price growth, amidst rising inventory and typical seasonal trends for the region. So, what does this mean for homebuyers in the Emerald City?

2018 Third Quarter Market Report

Until recently, the Seattle real estate market headlines didn’t seem to change much, each remarking upon the area’s unprecedented home price growth and highly competitive climate for buyers. The past few months, however, have given way to a slightly different narrative, as increasing inventory and a less frenetic environment have pushed the market closer to a neutral one (though still decidedly in favor of sellers). Below we’ve outlined how these new market trends are playing out in the local real estate market with a look at Realogics Sotheby’s International Realty’s recently released market report for the third quarter of 2018.

Seattle Urbanization

As stated recently in a Realogics Sotheby’s International Realty (RSIR) blog, “The main cause of Seattle’s urban evolution is, first and foremost, that people want to live here.” That fact is reflected in the constant stream of people moving into the city. Earlier this year, The Seattle Times reported that Seattle grew 18.7 percent in the last decade, gaining 114,000 people and ranking as the fastest growing city in the nation. That growth is expected to continue through the next several decades; and by 2035 the expected population of Seattle will gain another 120,000 residents (and another 115,000 jobs).

Seattle Housing Market Sees Record High Prices and Inventory Increase

The record high housing prices in Seattle have been in the news for over a year and a half now. "Seattle's median home price of $830,000 is up 14 percent from a year ago and sets a record after holding steady at the previous high of $819,000 in March and April" states The Seattle Times. Despite new and increased inventory in May, single-family home prices continued to increase further, still - arriving at the current $830,000 median.

Holiday Events Around the Sound

EventsEv WinninghamNovember 30, 2017local events, Seattle, Bellevue, Eastside, community

Luxury Real Estate Market Update: Which Areas Are Seeing a Boom in 7 Figure Listings?

As a recent Realtor.com report indicates, home prices around much of the country continue to increase and “in large swaths of the country, a cool million has mostly come to represent the new standard for good, upper-middle-class housing.”

Real Estate Market, Local EconomyEv WinninghamJune 21, 2017Seattle, Real estate, market update

US News Ranks Seattle as the 7th Best Place to Live in the Country

Local EconomyEv WinninghamApril 8, 2016Seattle, USNews, Top Cities

Market Update

Real Estate MarketEv WinninghamDecember 17, 2015Market, Real Estate, Realogics Sotheby's International Realty, RSIR, market update, king county, Seattle

Seattle is 7th Hottest Millennial City

Real Estate MarketEv WinninghamDecember 11, 2015millennial, REALTOR, WinninghamKing, Seattle, homebuyer

King County Statistics | June 2014-August 2015

Real Estate MarketEv WinninghamSeptember 28, 2015Trendgraphix, Seattle, real estate

Think your neighborhood is crowded? See how it stacks up!

Local EconomyEv WinninghamMay 13, 2015Seattle, seattle times, king county, population