Mobility – October 2019 - 33

STATISTICAL SNAPSHOT

MARKET AT A GLANCE

TODAY

1 YEAR AGO CHANGE

UNEMPLOYMENT

2.9%

3.4%

-15%

SLIM

MONTHS OF SUPPLY

1.7

1.1

+54.5%

SUPPLY

LOW

ANNUAL SALES VOLUME

$1.94 B

$2.02 B

-4%

DEMAND

SURGE

AVERAGE SALE PRICE

$820,539

$828,244

-0.9%

MARKET DIRECTION

UP

AVERAGE DOM

28

16

+75%

MARKET MOOD

POSITIVE

ECONOMIC CLIMATE

VERY STRONG

NEW CONSTRUCTION

COMING BACK

REO ACTIVITY

this powerhouse West Coast city. Companies including Facebook, Google, Apple, Twitter, Dropbox, Intel,
and Uber have local offices to take advantage of the
skilled workforce. Many tech jobs in Seattle pay well,
and the area's housing market has boomed in recent
years due in large part to the tech market's growth.

LOOKING BACK

After the housing market crash in 2008, Seattle's real
estate market went through a recovery period in
alignment with the tech market's growth in the area.
As Seattle's population grew and the city developed,
many areas in Seattle went through a resurgence and
are poised for growth.
In recent years, Seattle's real estate market has
consistently reflected the characteristics of a hot
seller's market, including frenzied sales activity,
multiple offers on homes, and bidding wars. This has
been especially true for more affordable to midprice
homes close to the job centers. By 2018, many buyers
grew exhausted with the conditions and decided to
sit out the market. Many of these buyers are entering
the market again as inventory levels have ticked up,
although we are still at a shortage level.
In 2018, Seattle's housing market changed-with
premium pricing from the frenzied previous years
coming off and listings beginning to adjust back to
market price. In 2019, the market isn't as intense
as it was in previous years, but it still remains a
strong seller's market, with a shortage of unsold
inventory in the more affordable and midprice
ranges. However, current conditions, coupled with
additional inventory, have been more encouraging
for buyers, and more buyers are being encouraged
to enter the market again in the pursuit of the home
of their choice.

LOOKING AHEAD

Many factors bode well for the development of Seattle's
housing market in the years to come. Property values
along the convenient Link light rail mass transit system
have increased, and many expansions to the network
are under construction or up for approval. Eventually,
this system will connect the downtown core to many
areas in all directions from Seattle, including the
Eastside through the East Link Extension.
The East Link Extension's opening will coincide
with the conclusion of a migration of Amazon's
global operations team from Seattle to Bellevue,
which was announced earlier this year. This commitment to the Seattle area, along with other evidence
of tech companies expanding their roots in the area,
will likely translate into a continuation of quality job
growth in Seattle.
In the spring, Washington state lawmakers passed
legislation that clarifies defect warranty requirements
for condominiums in the state. Advocates of the bill
hope the new law will encourage condo development, which for years has been stagnant due to an
unusual condo liability law that made developers
fearful of defects lawsuits. This new legislation could
pave the way for condo development in lower price
ranges, which would be a welcomed change for firsttime homebuyers in the area or those who prefer the
lock-and-leave lifestyle a condo provides. M
Barrett "Barry" Matheny is vice president of relocation
services for John L. Scott Real Estate, headquartered in
Bellevue, Washington, and a member of the Relocation
Directors Council (RDC). He can be reached at +1 425 378
9580 or barrettm@johnlscott.com. John L. Scott public
relations and communications manager Erin Flemming
contributed to this story.

worldwideerc.org | Mobility 33


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Mobility – October 2019

Table of Contents for the Digital Edition of Mobility – October 2019

Mobility – October 2019 - Cover1
Mobility – October 2019 - Cover2
Mobility – October 2019 - 1
Mobility – October 2019 - 2
Mobility – October 2019 - 3
Mobility – October 2019 - 4
Mobility – October 2019 - 5
Mobility – October 2019 - 6
Mobility – October 2019 - 7
Mobility – October 2019 - 8
Mobility – October 2019 - 9
Mobility – October 2019 - 10
Mobility – October 2019 - 11
Mobility – October 2019 - 12
Mobility – October 2019 - 13
Mobility – October 2019 - 14
Mobility – October 2019 - 15
Mobility – October 2019 - 16
Mobility – October 2019 - 17
Mobility – October 2019 - 18
Mobility – October 2019 - 19
Mobility – October 2019 - 20
Mobility – October 2019 - 21
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Mobility – October 2019 - 23
Mobility – October 2019 - 24
Mobility – October 2019 - 25
Mobility – October 2019 - 26
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Mobility – October 2019 - 28
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Mobility – October 2019 - 31
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Mobility – October 2019 - 33
Mobility – October 2019 - 34
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Mobility – October 2019 - 40
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Mobility – October 2019 - 42
Mobility – October 2019 - 43
Mobility – October 2019 - 44
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Mobility – October 2019 - 46
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Mobility – October 2019 - 50
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Mobility – October 2019 - 60
Mobility – October 2019 - 61
Mobility – October 2019 - 62
Mobility – October 2019 - 63
Mobility – October 2019 - 64
Mobility – October 2019 - 65
Mobility – October 2019 - 66
Mobility – October 2019 - 67
Mobility – October 2019 - 68
Mobility – October 2019 - 69
Mobility – October 2019 - 70
Mobility – October 2019 - 71
Mobility – October 2019 - 72
Mobility – October 2019 - 73
Mobility – October 2019 - 74
Mobility – October 2019 - 75
Mobility – October 2019 - 76
Mobility – October 2019 - 77
Mobility – October 2019 - 78
Mobility – October 2019 - 79
Mobility – October 2019 - 80
Mobility – October 2019 - 81
Mobility – October 2019 - 82
Mobility – October 2019 - 83
Mobility – October 2019 - 84
Mobility – October 2019 - 85
Mobility – October 2019 - 86
Mobility – October 2019 - 87
Mobility – October 2019 - 88
Mobility – October 2019 - 89
Mobility – October 2019 - 90
Mobility – October 2019 - 91
Mobility – October 2019 - 92
Mobility – October 2019 - 93
Mobility – October 2019 - 94
Mobility – October 2019 - 95
Mobility – October 2019 - 96
Mobility – October 2019 - 97
Mobility – October 2019 - 98
Mobility – October 2019 - 99
Mobility – October 2019 - 100
Mobility – October 2019 - 101
Mobility – October 2019 - 102
Mobility – October 2019 - 103
Mobility – October 2019 - 104
Mobility – October 2019 - 105
Mobility – October 2019 - 106
Mobility – October 2019 - 107
Mobility – October 2019 - 108
Mobility – October 2019 - Cover3
Mobility – October 2019 - Cover4
https://www.nxtbook.com/ygsreprints/WERC/mobility-june-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-may-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-april-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-march-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-february-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility_122020
https://www.nxtbook.com/ygsreprints/WERC/mobility_112020
https://www.nxtbook.com/ygsreprints/WERC/mobility_102020
https://www.nxtbook.com/ygsreprints/WERC/mobility_092020
https://www.nxtbook.com/ygsreprints/WERC/mobility_082020
https://www.nxtbook.com/ygsreprints/WERC/mobility_072020
https://www.nxtbook.com/ygsreprints/WERC/mobility_062020
https://www.nxtbook.com/ygsreprints/WERC/mobility_052020
https://www.nxtbook.com/ygsreprints/WERC/mobility_042020
https://www.nxtbook.com/ygsreprints/WERC/mobility_032020
https://www.nxtbook.com/ygsreprints/WERC/mobility_022020
https://www.nxtbook.com/ygsreprints/WERC/mobility_012020
https://www.nxtbook.com/ygsreprints/WERC/mobility_122019
https://www.nxtbook.com/ygsreprints/WERC/mobility_112019
https://www.nxtbook.com/ygsreprints/WERC/mobility_102019
https://www.nxtbook.com/ygsreprints/WERC/mobility_092019
https://www.nxtbook.com/ygsreprints/WERC/mobility_082019
https://www.nxtbook.com/ygsreprints/WERC/mobility_072019
https://www.nxtbook.com/ygsreprints/WERC/mobility_062019
https://www.nxtbook.com/ygsreprints/WERC/mobility_052019
https://www.nxtbook.com/ygsreprints/WERC/mobility_042019
https://www.nxtbook.com/ygsreprints/WERC/mobility_032019
https://www.nxtbook.com/ygsreprints/WERC/mobility_022019
https://www.nxtbook.com/ygsreprints/WERC/mobility_012019
https://www.nxtbookmedia.com