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Pacific Northwest Real Estate Investment Market Report: June 2020

Keeping Employees Safe: How to Successfully Re-Open Your Job Sites

As states begin the slow, careful process of reopening, many of you might be wondering what your construction site will look like or what additional steps you can take to ensure your employees remain healthy. We’ve put together a list of ways you can help ensure your site is reopened safely.

Start by creating and posting a COVID-19 exposure control, mitigation, and recovery plan at each job site.

Next, designate a COVID-19 supervisor at every job site. They should be responsible for monitoring the health of employees and enforcing the job site safety plan.

Read more

Market Activity

Seattle, WA
Market Overview

The local Seattle market is hot, but still looks different than usual. Year-over-year comparisons show sharp declines. New listings dropped by nearly 33 percent, total active listings fell by roughly 36 percent, pending sales dropped 13.5 percent, and closed sales decreased by about 35 percent. With that, prices remained positive, rising nearly 2.3 percent from a year ago. A report from the Northwest Multiple Listing Service (NWMLS) showed 10,389 pending sales during May, improving on April’s total of 7,207, but down almost 13.5 percent from last year’s total of 12,006.

721
Homes Sold
$700,000
Avg. Home Price
$2,131
Median Rent
U.S Census Bureau: first quarter 2020
4.8%
Rental Vacancy Rate
0.9%
Homeowner Vacancy Rate
15.4%
State Unemployment Rate
Metro Area Unemployment
Bellingham, WA
17.2%
Bremerton-Silverdale, WA
14.1%
Kennewick-Richland, WA
12.7%
Lewiston, ID-WA
10.9%
Longview, WA
15.7%
Mount Vernon-Anacortes, WA
19.1%
Olympia-Tumwater, WA
14.9%
Portland-Hillsboro, OR-WA
14.0%
Seattle-Tacoma-Bellevue, WA
16.7%
Spokane-Spokane Valley, WA
15.8%
Walla Walla, WA
11.0%
Wenatchee, WA
15.1%
Yakima, WA
13.9%

Market Activity

Portland, OR
Market Overview

Experts believe that the Portland area will see the demand for housing remain low for a period of time. Once the economy is more stable, they believe demand will, in turn, increase. Many believe that at that point, a lot of buyers will re-enter the market, and will do so quickly.  Experts also predict that once the market gets back to normal, housing prices will go back to where they were in 2019.

764
Homes Sold
$460,000
Avg. Home Price
$1,566
Median Rent
U.S Census Bureau: first quarter 2020
4.5%
Rental Vacancy Rate
1.3%
Homeowner Vacancy Rate
14.2%
State Unemployment Rate
Metro Area Unemployment
Albany, OR
15.6%
Bend-Redmond, OR
18.2%
Corvallis, OR
10.2%
Eugene, OR
16.1%
Grants Pass, OR
15.5%
Medford, OR
16.1%
Portland-Hillsboro, OR-WA
14.0%
Salem, OR
13.3%

Market Activity

Boise, ID
Market Overview

Home prices in Boise have gone up by nearly 80 percent in the past five years. Since 2015, average home prices have increased from $205,000 to $341,449 – yet, for the next twelve months, experts predict they will remain relatively flat. With that, over the next three years, they predict home prices in Ada County will increase by 31 percent, 6,000 new single-family homes will be built, and 5,000 new rental units will hit the market. In Canyon County, home prices are expected to increase by 33 percent with 4,000 new single-family homes and 5,000 new rental units coming onto the market within the next three years.

393
Homes Sold
$336,000
Avg. Home Price
$1,116
Median Rent
U.S Census Bureau: first quarter 2020
4.0%
Rental Vacancy Rate
1.0%
Homeowner Vacancy Rate
11.5%
State Unemployment Rate
Metro Area Unemployment
Boise City, ID
12.3%
Coeur d'Alene, ID
17.0%
Idaho Falls, ID
7.8%
Lewiston, ID-WA
10.9%
Logan, UT-ID
6.2%
Pocatello, ID
9.9%
Twin Falls, ID
10.5%
Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com.

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