The new year is right around the corner! For this week’s #MarketMonday we talk all things 2016. A hot housing market is coming our way next year, even with increased mortgage rates. We highlight 2016 real estate trends for our beloved city and predicted numbers. We discuss the nation’s rapidly increasing construction spending and how it’s the highest in eight years. Lastly, we highlight another reason to love the Emerald City.
My team is happy to answer any questions about the current real estate market or to discuss what is most important to you whether you are looking to buy, sell or invest in today’s market.
Seattle is ranked number four nationally as one of the hottest markets to watch for 2016. Last year, Seattle was ranked eighth. Even with high interest rates coming our way, the housing market is going to keep growing and become even stronger. This is a great read for the upcoming year.
2016 is throwing it back to 2006! Home sales are predicted to reach 6 million for the first time since 2006. As of now, home sales are increasing around 16 percent. Millennials are contributing significantly to these housing market changes.
In the last year, construction spending has increased 13 percent. This increase came in October. Most of the increased construction spending is not only due to building new homes and apartments, but due to more roads and schools.
Seattle is ranked at number two behind Boston as one of the best cities for economically integrated neighborhoods. This means that Seattle neighborhoods have a good balance between affordable and high-end homes. 31 percent of Seattle has a balanced mix of home prices.