& news QueenAnne&Magnolia news Serving Queen Anne & Magnolia since 1919
MARCH 9, 2016
Home & Real Estate Queenannenews.com
Where are Your New Neighbors From? Kim Wesselman Windermere Real Estate
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t was nearly 45 years ago that the iconic billboard appeared in south Seattle saying, “Will the last person leaving Seattle — Turn out the lights.” A nosedive in the aerospace industry had driven unemployment in the Puget Sound area to 13 percent, more than double the national average. Things were grim. Look at the area today and, to quote another iconic phrase of that decade, “You’ve come a long way, baby.” Seattle area unemployment is among
Thinking Of Selling Your Home When Expedia Moves In?
The Smart Employees Are Already Here Buying Now!! Many of the 3,000+ employees who currently live on the eastside are wanting to purchase now and close in the spring so they can move before they move into their temporary offices on Elliott Ave this summer. Queen Anne and Magnolia’s housing inventory is at an all-time low while home values are at an all-time high!
Don’t Miss The Boat!
Dave Reith Broker/Windermere Real Estate FineSeattleHomes.com davereith@windermere.com 206.947.6800
the lowest in the country. We’ve seen job growth in the past five years, with 54,300 new jobs added in 2015 alone. People are arriving in droves. The Seattle metro area population grew by nearly 58,000 from 2013 to 2014 to reach a total of 3.67 million, according to latest census figures. Where are the new people coming from? Much of the new population is coming the old-fashioned way: we’re having babies. But most new arrivals are moving in from elsewhere. Census data says
2016 Seller’s Market – Is this a bubble?
that King County attracted 102,580 domestic movers from 2009 to 2013. The majority of domestic moves, nearly 62 percent, came from out of state. And despite common assumptions, they’re not coming mainly from the Silicon Valley. In order of volume, they came from Los Angeles, Phoenix, San Diego, Portland, and Chicago. Growth in population and jobs has put a strain on the inventory of homes for sale. Demand is up, supply is ➧ NEIGHBORS, Page 3
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last fast paced ome market, what we sellers in are experiencing Queen in Seattle and Anne and King County is Magnolia are simply supply reaping the far exceeded by benefits of demand. a historically Ken Graff strong seller’s Here are the market. Multiple CB BAIN facts: offers have become the • In residential real estate, rule and I hold open houses it is generally accepted that where it is difficult to keep a healthy and balanced track of the number of market will have 4-6 months people visiting due to the of inventory available to high volume. I’m often purchase. At the end of asked if this is a bubble January 2016, King County and if there will be a crash had an inventory of just similar to the one the country experienced in 2007, 1.2 months and the city of Seattle, just 0.54 months. followed by a less dramatic Prices for homes in Seattle, market drop in MagnoliaQueen Anne in the two years versus one year ago, were up 19.7%. that followed. My response is that instead of the • In the last 12 months, fraudulent and irresponsible 174,000 people have lending practices that exchanged their out of precipitated the end of the
Vol. 97, No. 11
Contact 206.461.1322 or ppcadmanager@nwlink.com
NEW LISTING state driver’s licenses for Washington state licenses. If assuming two drivers per household, that’s 87,000 new households moving to Washington. Roughly 75% of those moved to the Greater Puget Sound region, meaning there were more than 60,000 new households in the Puget Sound area. • In the last 12 months, King County issued only 7,500 single-family building permits. ➧ mARKET, Page 4
2845 30th Ave W
$739,000 Spacious, mid-century on great street, blocks to Village. Slate entry, fab stone fplc, open plan. Huge deck w/expansive outlooks. 4BR/1.75BA
Corey Hays 206-818-3386 corey@mrmagnolia.com
homes@mrmagnolia.com Facebook.com/mrmagnoliahomes
Dawn Bourdo 206-948-4340 dawn@mrmagnolia.com