Category Archives: Washington

Seattle Apartment Vacancies Drop Despite New Supply

October 2, 2013
Market: Puget Sound, WA

Dupre + Scott reports the overall apartment vacancy rate in the Puget Sound region fell from 5.5% a year ago to 4.6% today despite the 7,200 new apartment units that came online during this span (the most in a year since the early 1990s). This spike in demand is partly due to the 49,900 new jobs created in the region in the past year.

As apartment demand continues to increase, rents in the Puget Sound have risen correspondingly. Region-wide average rents jumped 6.6% year-over-year to over $1,100 and are expected to gain another 2.7% by March 2014.

Read more at Dupre + Scott.

Seattle Home Prices Increase 15% From 2012

August 24, 2013
Market: Seattle, WA

The latest data shows home prices across the country grew by 6% from 2012 levels, a trend mirrored by the Seattle housing market. In July, Seattle median home prices appreciated 15.3% year-over-year to $302,600.

Nationally, median home prices have reached $161,600 after May, June, and July all showed annual increases of over 5%. July’s price jump was the largest since 2006.

Read more at Puget Sound Business Journal.

Four HZ Markets Place in Monster.com’s Top 5

August 1, 2013
Market: Dallas, Houston, Phoenix, Seattle

 

Four of Hamilton Zanze’s markets placed in the top five in Monster.com’s recent ranking of the best American cities for employment growth. Dallas-Fort Worth came in first place, followed by Houston, Seattle, and Phoenix in second, fourth, and fifth place, respectively. Here are each MSA’s job gains in June 2013 from a year earlier, as reported by the U.S. Bureau of Labor Statistics:

 

  • Dallas- Fort Worth: 83,571 jobs
  • Houston-Sugar Land-Baytown: 75,827 jobs
  • Seattle-Tacoma-Bellevue: 72,128 jobs
  • Phoenix-Mesa-Glendale: 19,439 jobs

Read the original article at Phoenix Business Journal.

 

 

l.

Single-Family Home Supply Cannot Keep Up with Demand in Washington

August 6, 2013
Market: Washington

According to the Northwest Multiple Listing Service, the state of Washington’s housing inventory decreased 5.5% year-over-year in July, falling to a level that would accommodate demand for just 2.6 months. Inventory is even lower in the state’s job centers, as the current pace of single-family home sales in King County would exhaust supply in only 1.5 months.

With supply decreasing and demand increasing, prices are rising accordingly. Statewide, closed sales rose 27.5% year-over-year in July, and the median sales price (including condos and single-family homes) rose 10.8%.

Read the full article at Puget Sound Business Journal.

Five HZ Markets Rank in Top 10 for Multifamily Permitting

August 2, 2013
Markets: Houston, Austin, Dallas, Denver, Seattle

Houston permitted 16,410 multifamily units from June 2012 to June 2013, the second-most of any metro, according to Axiometrics, Inc. Houston’s permitting numbers, which trail only New York City, are a 73% increase from a year earlier. In addition to Houston, four of Hamilton Zanze’s markets ranked in the top 10 for multifamily permitting over the last year: Dallas (11,679 units), Austin (11, 483), Denver (8,563), and Seattle (8,434).

Axiometrics reports that nationwide, rents grew 3.5% from their June 2012 levels, and occupancy increased 41 basis points.

Read the full article at GlobeSt.com.

Washington’s Jobless Rate Remains Stagnant at 6.8%

Market: Washington
July 17, 2013

Despite Washington’s economy adding about 9,800 jobs in June, the unemployment rate stayed at 6.8%. Construction and professional and business services each accounted for 4,100 new jobs, while government employment fell by 5,900 jobs.

The 6.8% unemployment rate is the lowest since 2008. Overall, Washington has regained 84% of the jobs it lost during the recession.

Read the full article at the Puget Sound Business Journal

Rising Prices and Interest Rates Complicate Home Buyers’ Outlook in Puget Sound

Market: Puget Sound
June 5, 2013

Prices for single-family homes and condos in the Puget Sound region rose 16% year-over-year in May, reflecting a decrease of 27% in inventory. As a result, more people are putting their homes and condos on the market; May listings increased from 3,602 to 4,352 year-over-year. During that span, interest rates increased 0.75%, reducing a buyer’s ability to buy a $350,000 home by almost $31,000.

As a result, the market is frustrating both buyers and sellers. Some “overly aggressive sellers” are disappointed when they receive low or no offers at all, while other would-be buyers are remaining inactive in the hopes that this will temper prices.

Read the full article at the Puget Sound Business Journal