HAPPY FALL! UrbanAsh Team Update
We are pleased to announce our newest member of the team, Brittany Siva! Brittany was raised in the Seattle area with family in construction/development thus sparking her interest in the real estate industry. She has been an amazing asset in spearheading design, marketing, and social media campaigns, and she also calls downtown Seattle her home!.. read more
Rental & Sales Market
RENTAL & INVESTMENT PROPERTIES
Landlords have been getting very comfortable with regular rental increases and little to no vacancy time in between tenants, BUT we are now feeling some shifts in the market. Here are a couple quick notes from WMFHA’s Washington Apartment Outlook event to keep in mind as we progress into 2018:
– 70,000 new apartment homes are in the pipeline around the Puget Sound region for the next four years.
– Next fall we will see a 5% vacancy rate – highest since 2010. By 2020, vacancy rates should be around 7%.
– Rents went up 7% from last year, next year we will be lucky to get 3% and in 2019, maybe we will see 2%.
– Expect more concessions offered by apartment buildings (1 month free on a 12 month lease, etc) starting this coming year and increasing in 2019.
REAL ESTATE SALES
Despite the fall/winter seasons ahead, we are still seeing pent-up demand with little inventory to feed it. Here are a couple stats released from the NWMLS Market Update:
– Homes and condominiums in King County were up more than 14% from last year while inventory is down by 12.4%.
– Inventory reached a 1.7 months of supply at the end of September – well below the 4 to 6 month supply that indicates a “balanced market.”
– Strong job growth not only in Seattle, but statewide, is fueling the housing demand as Washington has added around from August 2016 to August 2017.
– Amazon has more than 40,000 Seattle employees with openings for 6,000 more as new buildings downtown are completed.
LANDLORDS/HOMEOWNERS: If you are on the fence as to whether or not you should RENT or SELL your property, we would love to discuss and come up with a strategy for you! Contact the UrbanAsh Real Estate team today – 206-799-9949 | team@urbanash.com
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FUN FACTS ABOUT US
Both Ashley and Jenni received the Five Star Real Estate Agent award this year and will be featured in the December issue of Seattle Magazine!
We have continued to maintain our position as one of Zillow’s Premier Agent Teams. View our profile here
WE LOVE REFERRALS! If you know someone who needs real estate assistance – buyer, seller, landlord or renter – we would love the opportunity to connect with them! Contact the UrbanAsh Real Estate Team today 206-799-9949