Snoqualmie Pass Real Estate, Mortgage, and the Economy - Seattle Booming With Construction Of New Housing

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Seattle area added 12,000 residential units in 2017—with a similar outlook for 2018

That’s 50 percent more than 2016

Seattle has been the construction crane capital of the world for a few years running now, and it shows. 2017 was a boom year for residential construction, with 12,008 new units sprouting up in the Seattle area, according to analysis by real estate data company Realpage.

That’s around 50 percent more than 2016, which saw 7,935 new units hit the market. And residential construction shows no signs of slowing down, with 11,999 units currently in the pipeline for 2018.

Those numbers apply to the metropolitan statistical area that includes Everett and Bellevue. And while the whole region is certainly feeling the effects of boomtown Seattle, residential growth in the city limits is robust on its own.

Numbers compiled by Seattle in Progress show around 8,000 new units completed in the past year—around 7,500 if you only count multifamily development—in the Seattle city limits alone. More than 30,000 additional units have permits approved, and another 30,000 have applied.

This record-breaking year for Seattle construction—2017 exceeded beginning-of-year estimates by around 2,000 units—ended with the region’s highest vacancy rate since 2010, meaning Seattle’s supply crunch could be starting to alleviate. It also shows some early signs of having some effect on rent, with a larger quarterly decrease in cost than usual.

But, in addition to these numbers still being early, rent is already high. Many renters are still feeling the effects of double-digit increases in recent years and, according to the Cost of Living Index, the sixth-highest cost of living in the country. And with a staggering shortage of condominium units across the state—and not too many in the pipeline—the construction boom is doing little to address the housing market inventory crunch.

By Sarah Anne Lloyd

Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Suncadia Real Estate, http://www.snoqualmiepassliving.com