As we move from fall to winter, the expected seasonal slow-down is in effect, but experts say this is hardly a cooldown period.
Current market conditions could mean buyers have a wider selection, with more homes selling within their asking price range. Compare this to earlier this year when the Seattle market saw homes selling for an average of 7.5 percent above the listing price. A healthy market typically has four to six months of inventory, while the Seattle area is sitting with a little less than two months of inventory on the market. This is still healthier than we’ve seen in recent years. The tech industry is still a strong force for high-wage job creation in our region and continues to draw job seekers into the area. Seattle alone increased the number of tech jobs by 25. 7 percent in the last two years, higher than other tech hubs such as Silicon Valley and San Francisco. Facebook, having already made its mark in Seattle, plans to expand to two buildings in Bellevue. Analysts point out that both Amazon and Facebook employ this strategy of having a company location on both sides of Lake Washing-ton. This most likely is a contributing factor in the continued high demand for housing in the central Puget Sound area.
Amazon recently announced its second headquarters location will be split between Arlington, Virginia and Long Island, New York. Experts predict the decision could have a significant impact on the local housing market if Seattle-based workers decide to sell their homes here and relocate to the East Coast. Similarly, Facebook employees may find themselves working at the company’s Bellevue location versus Seattle, also causing ripples in the market. With Amazon and Facebook having high numbers of employees residing in the area, location changes by employees at both companies are expected to bring about some movement in the market. Whether home to a tech company or not, many communities around the Sound are waiting to see what the new year will bring.