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Pacific Northwest Real Estate Investment Market Report: May 2020

Looking Ahead: 3 Possible Consumer Shifts

In a matter of weeks, lives across the U.S. have changed in ways we could have never imagined.  People can no longer work, eat, shop, travel, and socialize as they had before. Instead of traveling, shopping, and going out to restaurants, many consumers are tightening their wallets to only spend on essentials.

Physical distancing has changed the way people interact and inhabit space and could potentially lower demand for certain types of spaces. This has created an unprecedented challenge for the real estate industry. The longer this pandemic continues, the more likely we are to see lasting changes in behavior.

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Market Activity

Seattle, WA
Market Overview
Currently, the Seattle market remains in a property shortage with just one month of supply of properties on the market. According to Neighborhoodscout.com, large apartment complexes or high rise apartments are the most common housing type in the region – accounting for 46.39% of the city’s housing units. Other popular housing types include single-family detached homes, duplexes, homes converted to apartments, and other small apartment buildings.
735
Homes Sold
$735,000
Avg. Home Price
$2,169
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
4.6%
Bremerton-Silverdale, WA
4.1%
Kennewick-Richland, WA
5.3%
Lewiston, ID-WA
3.2%
Longview, WA
5.6%
Mount Vernon-Anacortes, WA
5.2%
Olympia-Tumwater, WA
4.5%
Portland-Hillsboro, OR-WA
3.5%
Seattle-Tacoma-Bellevue, WA
5.4%
Spokane-Spokane Valley, WA
5.2%
Walla Walla, WA
4.3%
Wenatchee, WA
5.4%
Yakima, WA
6.8%

Market Activity

Portland, OR
Market Overview
For the office sector, it seems that while certain industries have not yet been greatly impacted by COVID-19, a significant pre-leasing of new deliveries was insufficient to keep vacancy from rising in the first quarter. Across the market, vacancy increased 70 basis points, or more than 560,000 SF. There are six development projects underway which are expected to be completed in the 2nd and 3rd quarters of this year.
822
Homes Sold
$456,000
Avg. Home Price
$1,522
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
4.5%
Bend-Redmond, OR
3.9%
Corvallis, OR
2.9%
Eugene, OR
4.0%
Grants Pass, OR
5.1%
Medford, OR
4.6%
Portland-Hillsboro, OR-WA
3.5%
Salem, OR
4.0%

Market Activity

Boise, ID
Market Overview
Asking rates remained firm across the retail and industrial product types, while slightly rising amongst the office sector for the first quarter. In Idaho Falls, construction has recently started on a Staybridge Suites hotel, which is expected to open with 92 rooms in the early summer of 2021. Also in Idaho Falls, the remodel of the Odd Fellows Building has been completed.
386
Homes Sold
$345,000
Avg. Home Price
$1,194
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
2.5%
Coeur d'Alene, ID
3.9%
Idaho Falls, ID
2.4%
Lewiston, ID-WA
3.2%
Logan, UT-ID
2.9%
Pocatello, ID
2.8%
Twin Falls, ID
2.8%
Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com.

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