Posted: December 23, 2010 By: Dave Ralston
During this holiday season, it’s not just our waist lines that are experiencing growth. Washington is expected to receive another Congressional seat in the US House, all thanks to the population growth in Washington state. More specifically, the boom in the Seattle area is on the rise.
Let’s begin with a little history. Between 1960 to 1980, in the Seattle area, there was a period of population loss; population decreased by 11%. Then there were signs of growth from 1980-1990 where Seattle grew by 47,000 people, an increase of 9%. In 2000, the census data for Seattle resulted in a higher than projected population number estimated as high as 548,000 people. Now the 2010 Census data counts Seattle population at 563,374, surpassing the 1960 high score!
During the years of population decline, the locals weren’t fleeing the state. They were moving into the surrounding cities or suburban areas. For instance, Bellevue became the next big city and, with it, a new demand for residential housing formed. Edmonds and Shoreline were in high demand for choice schools, and affordability drove more new construction into the surrounding areas. Now that the surrounding areas have filled in with residence for the most part, the population growth has been steady for both Seattle and surrounding areas.
What does this mean for residential real estate? There’s a steady influx of people relocating to the area, and they are looking to purchase homes. With a controlled amount of new construction, the amount of active inventory will normalize for the buyer pool to absorb. There is still a way to go for all the condos to catch up to the recovery curve, but if SFH continue as seen in some areas they will eventually follow in the recovery. May Seattle and its surrounding neighbors continue to grow during the recovering economic times.
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I moved to the suburbs in Lynnwood during 2005 looking for as little more yard and an easy commute. The area has filled in since and the commute isn’t bad. However I’ve noticed less demand in Lynnwood homes then homes closer to Seattle. Hope the Census report means good things for my home value, because I want to move back to Seattle?
Hi Bryan, it may help you to plan for your move by getting a comparative market analysis to see where your house’s market value is placing. If the time isn’t right at least you may be able to gauge how close you are to being able to sell.
This articles stats are encouraging for a general observation, and for a more specific report on your homes values a real estate professional may get you the details you need.
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Hands down, does it seem like Seattle has been growing in the tech field. Isn’t it like the census to tell you what you already know. Thanks for the helpful info!
That’s great, I’m glad I’m living and working in the right city…. Seattle!