As expected, inventory levels did not rise during the holidays. In fact, only 37 new listings hit the Seattle proper market last week! Record low inventory levels, combined with continuing strong demand have set Seattle up to have another banner year in 2017. Zillow actually ranks the Greater Seattle Region as the projected second hottest market in the nation for 2017 (Nashville with all their growth in the healthcare sector came in first). The interesting, but maybe not so surprising aspect of the report was the neighborhoods Zillow thinks will appreciate the most in Seattle – South Seattle (Jackson Place, Rainier Beach, and Brighton); Delridge over in West Seattle; and Northwest Bellevue. To me this is interesting, but taking a step back I can’t say I’m too surprised. Borrowers have been expanding their search out of the most competitive Seattle neighborhoods, and into the lower priced, less competitive surrounding areas. Like a rising tide lifts all boats – the neighborhoods of Seattle that appreciated the most last year are now projected to lift the surrounding neighborhoods with spill-over buyers who have decided to expand their search.
Check out the full article on Zillow’s report here: http://www.bizjournals.com/
seattle/news/2017/01/06/ zillow-lists-regions-hottest- housing-markets-and.html
Today's blog courtesy of Kyle Bergquist, Guild Mortgage