The Upside of the Seattle Real Estate Market

Despite a dip in home sales from October to November, Seattle's real estate market has been booming, and Better Properties Eastside is doing an incredible amount of business. In fact, we’re in the midst of hiring more agents to better address all of the opportunities coming our way in Bellevue, Renton, and the Seattle metro area.

Here are two reasons why the Seattle real estate market is among the country’s hottest.

Tech Presence = Growth No area outside of Silicon Valley can claim to have a stronger tech presence than Seattle. With Microsoft, Amazon, Facebook, and Google all strongly positioned in the Emerald City, technology job growth here is exceptionally high. And it’s only getting better: Facebook is in the midst of an expansion, and its new Seattle office will likely add upwards of 2,000 new jobs between now and 2020.

And last year, Google broke ground on a gigantic campus that will bring 600,000 square feet of office space to Seattle, and with it thousands of new tech jobs. Seattle’s impressive population growth (and by extension the influence of the city’s tech presence) is confirmed by the city’s presence in the top 10 on the Forbes “Fastest Growing Cities” list. Also, per mynorthwest.com (a key observer of Seattle’s demographics and evolution), from 2015 - 2016 more than 20,000 people became Seattle residents. And the city is preparing for more: in 2017, an incredible 12,000 building permits were issued in just the first 10 months of the year. Not surprisingly, the resulting $2.5B in real estate development projects is a new record, and more proof that joining the Better Properties Eastside team is a shrewd move.

Intelligent Design

One of the many reasons why so many people are moving to Seattle is the city’s reputation for innovation and intelligence, especially when it comes to the housing market. A prime example of Seattle’s “intelligent design” at work is the city’s focus on low-rise housing - that is the development of housing in areas with a 40-foot building height limit. In this sector, Seattle is way out in front of other metropolises, developing a mix of accessory dwelling units (ADUs), row houses, and townhouses. In doing so, the city is densifying established neighborhoods without overcrowding the area or destroying the culture and vibe that make each of Seattle’s neighborhoods so special. From 2006 – 2016, close to 16,000 “sub-40’” housing units have sprung up in Seattle.

By contrast, San Francisco has only mustered around 1,900 of these units over the same time period. Expect Seattle to remain focused on this remarkably efficient solution – not just because it’s a proven way to expand various neighborhoods, but also because shorter buildings are less expensive to build, which makes them more affordable, and a great environment for our growing real estate company.

Also of note is Seattle’s commitment to substantial expansion of the metro area’s train service, and how the current (and future, since the expansion plan will roll out over several years) housing market is affected. A recent study showed that in Capitol Hill, homes close to the train station were priced $35,000 higher than the rest of the neighborhood. On Beacon Hill, the price difference jumps to $61,000 for a “train-friendly” home, and in Pioneer Square the gap is a whopping $78,000. Your Trusted Bellevue, WA Agency

Exciting times are ahead for leading Seattle real estate firms like Better Properties Eastside. In order to take advantage of every possible opportunity, our recruitment drive for new agents is in high gear. Whether you’re a seasoned agent or someone looking to make a career change, contact us and be a part of something special today and tomorrow.