Builder’s Confidence

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National Home Builder Index – 80

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

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The Gardner Report Q3 2021- Click here to view

Interested in selling your land? Contact the TEAM for insights regarding your property!
Team@nwlandteam.com
206.639.9283

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Seattle’s Development Real Estate

Development news in Seattle

Over the last quarter, Seattle’s real estate market has continued to see record low housing inventory, supply chain issues, and a new mayor!

Ending the 3rd quarter of 2021, Seattle is still sitting at around less than 1 month of inventory. The main reason for this, is due to homeowners still not wanting to sell because there is nothing for them to upgrade/downgrade into and simply a larger demand than supply. As we are finally seeing the bidding wars start to decrease, Seattle still is a strong seller’s market. Only time shall tell us what will unfold in the fiscal quarter ahead. However, we can say there is no current signs of this market slowing down other than a slight seasonal slowdown.

From the builders’ point of view, supply chains have been strenuous this quarter. All we’ve been hearing from our builders is “back order,” “back order,” and “back order.” If you aren’t ordering your materials and/or appliances four to six months out, you may be in a limited supply pickle. Experts say it may get a lot uglier before it gets any better. So, if you are trying to order something for your new home or a renovation project, be sure to place your orders for materials well before you start on your next project. 

To end things off, we would like to congratulate Seattle’s new mayor, Bruce Harrell. Winning the majority vote by over 60% to defeat opponent Lorena González, Bruce is a huge advocate of promoting real estate development in Seattle while preserving our single family neigborhoods. Bruce will also push for ending homelessness in Seattle by urgently getting people out of our streets/parks and into stable housing with the on-site services they need. We shall see what else Bruce has in store for the city over the next 4 years. We hope that he will continue to make Seattle a growing, attractive, and vibrant city.

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

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Top 10 Seattle Development Sales Q3 2021