We have numbers for July. Inventory is up compared to June, down compared to July of last year. Not the good news I was hoping for, but better than it could be.
It’s trendy to complain about the traffic in Seattle, but I-5 had a particularly spectacular traffic event: an escaped pig went wandering up the highway. The big was rescued! And sent back to auction.
Everybody loves talking about millennials and the market. It looks like they’re putting down their avocado toast, skipping marriage, and buying homes to give their dogs more space. This actually seems practical to me. (Not the toast part. I’m not putting that down.) Then again, I’m a millennial.
Inventory went up again in July! Two months in a row! Let’s make it it an ongoing trend!! Dancing for everybody!
If you want a peek into one of the factors contributing to the general lack of inventory, here’s one; we’re adding jobs faster than we’re adding housing. The bright side of the article, I suppose, is that we’re the tenth city on the top ten list, so there are nine places who have it worse. You’ll note that San Jose was in the news recently as the place taking the top spot for fastest growing market. These things travel together.
Anybody following the upzoing around the city will be interested in the latest – after a bit of a delay, the upzones for the International District have passed, along with some companion legislation meant to curtail and mitigate the potential displacement caused by the upzoning.
The market is the only thing hot this week; we’re under an excessive heat advisory and it is quite warm by local standards. The city has a list of places you can go to stay cool and protect yourself from the heat. Many of them are places you might be inclined to hang out anyway, which is handy. Stay safe!
The NWMLS numbers are out, and the exciting news from last week was real. Inventory in June really truly did go up. Now, let’s all cross our fingers for a a repeat performance in July.
Data from the large rental listing sites on July rent changes in the area is out, and Curbed has handily compiled it here. Most of the numbers are comparing median one-bedroom rent listing prices to the same for July of 2016, and saw increases from 4-6%, but one of the sites actually reported a decrease of 17%. Because nothing is every quite as straightforward as you might hope.
Speaking of straightforward, the city of Seattle has passed an income tax on high-earners, to be implement in income earned beginning January of 2018, collected in April of 2019. The tax is intended to, in part, lower the burden of property taxes, which is good news for a lot of people. Rules around the tax are still in development and should be released in November.
Here’s a headline I’ve been hoping to see forever: preliminary numbers for June indicate that inventory is up! Anecdotally, that seems to fit what I’ve been seeing – it has been marginally easier for me to find active comps on properties than what I’ve been accustomed to, so I expect that uptick will survive any corrections as the numbers firm up. In the mean time, I’m going to chalk this up as a 4th of July miracle and pretend the fireworks yesterday were all about this.
Indications of an increase in inventory isn’t the only big news out in the last week, though. It looks like Redfin is preparing to go public, which has industry wonks in an excited tizzy. The Seattle market is, of course, deep in Redfin’s home turf, so the opportunity to peek under their hood provided by preparations for an IPO is great fun. I’m most interested in seeing what they’re going to fund with that sudden injection of capital. Whatever Redfin is doing, it’s usually worth paying attention to. They both have a deep knowledge of how the industry actually works, and how to competently do tech in the industry, which is an exceedingly rare combination. This will be water cooler fodder for a while to come.
Any other week, the imminent arrival of not one, but several bike share options would have taken the top news slot. This is not that week, but it’s still exciting news. I’m looking forward to the battle of the bikeshares, though I’m likely to sit out active participation in favor of quality time with my trusty cycle.