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Pacific Northwest Real Estate Investment Market Report: April 2020

The Value of Hard Money in the Real Estate Investment Industry.

Private (or hard money) lenders are some of the most important funding sources for real estate project investors. Whether you’re new to real estate investing or an expert, chances are you will want to scale your business at some point. And every successful real estate investor knows that, to scale your business, you need one thing: reliable funding.

With the current condition of the market, it’s now more important than ever to make sure that you have a relationship with a hard money lender that you can rely on.

See full article

Market Activity

Seattle, WA
Market Overview

The first quarter of 2020 started off strong and ended with uncertainty. Consistent activity from the large tech firms, e-commerce and other tenants fueled leasing and absorption rates in the first two months of the year. Although, hesitation from COVID-19 restrictions began to have an impact in the last few weeks of March. New construction continued to advance for most of the quarter along with proposals for additional new development, setting the stage for growth once business returns to normal.

980
Homes Sold
$707,000
Avg. Home Price
$2,082
Median Rent
U.S Census Bureau: first quarter 2020
4.8%
Rental Vacancy Rate
0.9%
Homeowner Vacancy Rate
5.1%
State Unemployment Rate
Metro Area Unemployment
Bellingham, WA
5.0%
Bremerton-Silverdale, WA
4.2%
Kennewick-Richland, WA
6.0%
Lewiston, ID-WA
3.4%
Longview, WA
5.9%
Mount Vernon-Anacortes, WA
5.8%
Olympia-Tumwater, WA
4.7%
Portland-Hillsboro, OR-WA
3.5%
Seattle-Tacoma-Bellevue, WA
3.0%
Spokane-Spokane Valley, WA
5.9%
Walla Walla, WA
5.0%
Wenatchee, WA
6.2%
Yakima, WA
8.1%

Market Activity

Portland, OR
Market Overview

Despite the region losing 0.9 percent of occupancy since Q1 2019, Clackamas County closed Q1 2020 with 1 percent growth in occupancy over the same period. Experts suspect the significant increase in the new product in Portland is the main reason for the occupancy losses, because the new expensive units take longer to lease than the other product. In addition, investment sales in Q1 2020 are on par with Q1 2019, dropping just 7 percent, likely due to some deals being delayed because of COVID-19 related concerns.

949
Homes Sold
$450,000
Avg. Home Price
$1,448
Median Rent
U.S Census Bureau: first quarter 2020
4.5%
Rental Vacancy Rate
1.3%
Homeowner Vacancy Rate
3.3%
State Unemployment Rate
Metro Area Unemployment
Albany, OR
4.2%
Bend-Redmond, OR
4.1%
Corvallis, OR
2.8%
Eugene, OR
3.9%
Grants Pass, OR
5.1%
Medford, OR
4.5%
Portland-Vancouver, OR-WA
3.5%
Salem, OR
4.0%

Market Activity

Boise, ID
Market Overview

In Idaho, new construction is considered an essential business. The new construction is concerned with timelines for spec homes and custom “build jobs”, as they already seen an increase. Jobs that were estimated to take 4-6 months will most likely take 6-8 months due to social distancing, material constraints, and new limits on personnel on a job site at any given time.

420
Homes Sold
$348,000
Avg. Home Price
$1,074
Median Rent
U.S Census Bureau: first quarter 2020
4.0%
Rental Vacancy Rate
1.0%
Homeowner Vacancy Rate
2.6%
State Unemployment Rate
Metro Area Unemployment
Boise City, ID
2.7%
Coeur d'Alene, ID
4.1%
Idaho Falls, ID
2.6%
Lewiston, ID-WA
3.4%
Logan, UT-ID
2.3%
Pocatello, ID
3.0%
Twin Falls, ID
3.0%
Homes sold and average home price data is from Redfin.com. Median Rent data is from rentjungle.com.

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