Northwest Land Team Newsletter Q2 2021

Builder’s Confidence

National Home Builder Index – 80

*The NAHB/Wells Fargo Housing Market Index (HMI) (Scale 0-100)

Seattle’s Real Estate Market

Seattle remains one of the hottest real estate markets in the country, with homes still receiving multiple offers and selling for well over asking price. What’s the market like in your neighborhood? Get in touch and I can put together a detailed overview of the area you’re interested in.

The Gardner Report Q2 2021- Click here to view

Interested in selling? Contact us for insights on your property!
Team@nwlandteam.com
206.639.9283

Seattle’s Development Real Estate

Development news in Seattle

Over the last quarter, Seattle’s real estate market has seen record low housing inventory, construction prices begining to soften off their peaks, and a new name change to single family zoning.

Ending the 2nd quater of 2021, Seattle is sitting at around less than 1 month of inventory. One main reason for this, is due to homeowners not wanting to sell because there is nothing for them to upgrade/downgrade into. To add on to this, people fear of competing against others to buy a home since you’re frequently hearing that 5, 10 or even 20+ offers is a common phenomenon in this market. We shall see what unfolds in the fiscal quarter ahead, however there is no current signs of it making a strong bounce back anytime soon.

There is some postive news for developers out there, and that news is lumber prices are coming off of their highs they made in May of 2021. Prices peaked this quarter at $1600+ per thousand board feet and are now sitting at around $600 per thousand board feet. Now this is what prices are on the wholesale market, however it may still take time for prices to be reflected in the retail markets.

To end things off, Seattle has offically renamed its “Single Family Zoning”. On June 28th, 2021 Seattle City Council offically renamed it’s highly abudent “Single Family Zoning” to be replaced with the name “Neighborhood Residential Zoning”. Now you may be thinking, “What does that offcially mean for the real estate use of new Neighborhood Residential Zones?”. To answer that, it means the only component that’s been effected is the name of the zoning code and nothing else. The city of Seattle did this to promote reconition of diveristy in our single family neigborhoods.

That’s the news for this quarter, and will see you next time!