The Seattle-Bellevue residential real estate market continues to move strongly ahead ahead along the trends previously reported in March, February and January.
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Mike Rosenberg of Seattle Times has launched “an occasional column that aims to take you deeper inside our housing market” by answering frequently asked reader questions that involve all things in Seattle real estate. He decided to kick things off with a question on many Washingtonians minds: “Why exactly are home prices skyrocketing so quickly here?”
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In a recent real estate column in Seattle Times, reporter Mike Rosenberg asked a question on many minds: “Why are Seattle-area home prices so high?” At the most basic level, it all boils down to two factors: supply and demand.
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With construction cranes at nearly every turn in downtown Seattle, it is easy for one to look around at all of the high-rises under development and assume they are condominiums. Yet, as Curbed Seattle reports, “the majority of new residential projects going up in the city—and downtown specifically—are destined to be rentals.” This means that out of the multi-family opportunities in the city, only 7.1 percent will be offered for sale. And this is a far-reaching figure, that covers “not just downtown proper, but lower Queen Anne, Belltown, Pioneer Square, Sodo, First Hill and western parts of Capitol Hill.”
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