Market update for the week of April 28-May 4 (be with you)

Star Wars day aside, let’s talk about the future. The new West Seattle is starting to changing. And it’s actually showing up in a real way. So far in 2024 we’ve had 133 new listings that are new construction. Of those, the majority are actually at or below the median price of $800,000. This is good news especially in light of the highest grocery costs in the country and fleeting affordability.

“Middle Housing” has been political push, and by these results it’s working. Previously adding density required dramatic zoning changes. But the adoption of residential zoning adding ADU’s and DADU’s and the “condo-ification” is starting to make a difference. And we have a long way to go, this is just the beginning, but considering the unknown’s of initiatives like this, the early returns are very positive. We need inventory and we need affordable homes. These accomplish both.

The chart above shows what you can expect in this segment of the market. Two to three bedrooms, probably 1.5 baths and about 1400 square feet. Many of these come with very little yard space, but they are usually in a pretty favorable location.