Kardashian, Trump and Beyond…

As always, this time of year brings an assortment of year-end wrap ups and New Year predictions. This year is no different, with prognostications on everything from the Kardashians to Donald Trump to the economy. While the K’s and the Donald are tempting subjects, I’m going to stick a little closer to home.
All indications are that we’re in for another solid year in the local real estate market. Tight inventory on the supply side, combined with a strong local economy that continues to attract educated, high-earning workers to the region will keep upward pressure on home prices.  Rising rents, builders actively searching for suitable lots, and now the reality of creeping interest rates all add fuel to the fire on the demand side of the equation.  Below are two interesting perspectives that point to the unique nature of our local market.
We’ve all read that 2015 was the stock market’s first down year since 2008. The Dow was off about 1% for the year, but if you focus more locally the numbers tell quite a different story. The chart below shows the 2015 performance of some of our area’s leading companies and it’s these numbers, not the broader market indices that are driving the local economy and in turn our real estate market.
(See the full Seattle Times article HERE)
Another take on things comes from Redfin, who analyzed a variety of data to compile a list of the most competitive real estate markets in the nation by neighborhood. It’s no surprise that a booming tech economy was a strong indicator of markets with bidding wars and quick sales. But that 13 of the 30 most competitive neighborhoods in the country for 2015 were in the Seattle metro area came as a bit of a shock! Click HERE to see their full analysis and list of the “hottest” neighborhoods.
So it’s true that things really are a bit “different” around here. And barring unforeseen events all indications are that they should stay that way on the real estate front in 2016. Thanks for making 2015 a great year and feel free to give me a call if I can answer any real estate (or Kardashian or Trump) questions for you moving forward.