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Pacific Northwest Real Estate Investment Market Report: November 2020

construction waste from a building

Can you guess the volume of construction waste generated annually by construction projects worldwide? What about the U.S. alone?  According to a report from Construction and Demolition Recycling in 2018, the world’s yearly volume of solid waste will nearly double to 2.2 billion tons by the end of 2025. Construction waste makes up more than half of overall waste generated annually. This includes materials such as wood, shingles, asphalt, concrete, and metal.

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Market Activity

Seattle, WA
Market Overview

The Puget Sound market saw a significant rebound in investment volume from the second quarter, up 282 percent from $165 million to $630 million. According to Colliers International, the closing of the sale of the Kiara apartment complex from Holland Partner Group to Oxford Properties Group for $320 million was a large portion of the quarters’ success, and adjusting for this leaves a healthy 88 percent improvement.

1,293
Homes Sold
$747,000
Avg. Home Price
$1,930
Median Rent
Vacancy Rates Graph
U.S Census Bureau: third quarter 2020
4.0%
Rental Vacancy Rate
1.0%
Homeowner Vacancy Rate
6.0%
State Unemployment Rate
Metro Area Unemployment
Bellingham, WA
8.0%
Bremerton-Silverdale, WA
6.8%
Kennewick-Richland, WA
6.5%
Lewiston, ID-WA
4.9%
Longview, WA
8.4%
Mount Vernon-Anacortes, WA
8.2%
Olympia-Tumwater, WA
7.1%
Portland-Vancouver-Hillsboro, OR-WA
7.7%
Seattle-Tacoma-Bellevue, WA
7.4%
Spokane-Spokane Valley, WA
7.7%
Walla Walla, WA
5.8%
Wenatchee, WA
6.1%
Yakima, WA
7.2%

Market Activity

Portland, OR
Market Overview

With a solid foundation prior to the pandemic, Oregon state economists are forecasting a quick recovery in the years ahead. New opportunities have arisen from the acceleration of e-commerce and the emergence of home services and life sciences, while the hospitality and retail sectors continue to face challenges. At the end of the third quarter, Portland’s unemployment rate was 9.6 percent.

1,297
Homes Sold
$497,000
Avg. Home Price
$1,531
Median Rent
Vacancy Rates Graph
U.S Census Bureau: third quarter 2020
5.4%
Rental Vacancy Rate
1.0%
Homeowner Vacancy Rate
6.9%
State Unemployment Rate
Metro Area Unemployment
Albany, OR
7.6%
Bend-Redmond, OR
6.7%
Corvallis, OR
5.5%
Eugene, OR
7.4%
Grants Pass, OR
7.2%
Medford, OR
7.3%
Portland-Vancouver-Hillsboro, OR-WA
7.7%
Salem, OR
6.8%

Market Activity

Boise, ID
Market Overview

The Boise office market stabilized in the third quarter of 2020, showing small, incremental changes. The average asking rate slightly increased lining up with previous quarters and showing no signs of slowing. Office vacancy saw a slight increase as well. CenturyLink is leaving its downtown location, bringing 100,000 square feet of office space onto the market. In addition, Business Insider reported back in August that Idaho had the highest rate of net migration in the country.

575
Homes Sold
$380,000
Avg. Home Price
$1,178
Median Rent
Vacancy Rates Graph
U.S Census Bureau: third quarter 2020
5.3%
Rental Vacancy Rate
0.6%
Homeowner Vacancy Rate
5.5%
State Unemployment Rate
Metro Area Unemployment
Boise City, ID
6.0%
Coeur d'Alene, ID
7.2%
Idaho Falls, ID
4.2%
Lewiston, ID-WA
4.9%
Logan, UT-ID
3.0%
Pocatello, ID
5.7%
Twin Falls, ID
5.1%
Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com.  Data shown in this email is an average over the last month unless otherwise marked.

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