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Pacific Northwest Real Estate Investment Market Report: Feb. 2020

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Market Activity

Seattle, WA
Market Overview

Facing commute challenges, large tech companies are motivated to grow their workforce in Seattle’s South Lake Union neighborhood and the Eastside. The Sound Transit’s Link light-rail expansion will connect the Eastside and downtown Seattle in 2023, leading developers to focus on major apartment projects near the future stations across the metro. At the end of 2019, the pipeline had over 18,000 units in progress.

 

585
Homes Sold
$690,000
Avg. Home Price
$2,121
Median Rent
U.S Census Bureau: fourth quarter 2019
5.4%
Rental Vacancy Rate
1.4%
Homeowner Vacancy Rate
4.3%
State Unemployment Rate
Metro Area Unemployment
Bellingham, WA
4.8%
Bremerton-Silverdale, WA
4.1%
Kennewick-Richland, WA
5.9%
Lewiston, ID-WA
3.2%
Longview, WA
5.5%
Mount Vernon-Anacortes, WA
5.4%
Olympia-Tumwater, WA
4.4%
Portland-Hillsboro, OR-WA
2.8%
Seattle-Tacoma-Bellevue, WA
2.7%
Spokane-Spokane Valley, WA
5,2%
Walla Walla, WA
4.8%
Wenatchee, WA
5.5%
Yakima, WA
8.3%

Market Activity

Portland, OR
Market Overview

Rental demand is booming due to a healthy job outlook and growing economy this year — young professionals are intrigued by the lower cost of living in comparison to other West Coast metros. Developers are motivated to boost the apartment inventory as the market contends with a shortage of housing due to many residents choosing to lease instead of buying. At the beginning of 2020, there were more than 9,000 units underway.

 

687
Homes Sold
$430,000
Avg. Home Price
$1,535
Median Rent
U.S Census Bureau: fourth quarter 2019
3.4%
Rental Vacancy Rate
1.0%
Homeowner Vacancy Rate
3.7%
State Unemployment Rate
Metro Area Unemployment
Albany, OR
3.3%
Bend-Redmond, OR
3.1%
Corvallis, OR
2.0%
Eugene, OR
3.1%
Grants Pass, OR
3.9%
Medford, OR
3.1%
Portland-Vancouver, OR-WA
2.8%
Salem, OR
3.1%

Market Activity

Boise, ID
Market Overview

AI’s Sporting Goods announced they will be opening a new 30,000-square-foot location in Idaho Falls. It’s expected to open in September 2020 and bring 75-95 new jobs. Vacancy rates have remained stable. The retail sector is especially tight at just under 5%. In Treasure Valley, the average office asking rates jumped $0.54 in 2019. This is expected to continue through 2020.

315
Homes Sold
$347,000
Avg. Home Price
$1,185
Median Rent
U.S Census Bureau: fourth quarter 2019
4.4%
Rental Vacancy Rate
1.1%
Homeowner Vacancy Rate
2.9%
State Unemployment Rate
Metro Area Unemployment
Boise City, ID
2.7%
Coeur d'Alene, ID
3.8%
Idaho Falls, ID
2.3%
Lewiston, ID-WA
3.2%
Logan, UT-ID
1.7%
Pocatello, ID
2.7%
Twin Falls, ID
2.8%
Data resources: Redfin.com., rentcafe.com, U.S Census Bureau, Institutional Property Advisors, and Colliers International.

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