The Western Washington Real Estate Market, and the JBLM area in particular, has gotten pretty busy this year. The factors that are creating this situation are great news for the local economy, and for those who plan to own a home in the area. The outlook for real estate in Washington is bright.
One significant reason for the busy market is low inventory….expected to continue for years. We have less than 30 days inventory in some cases, and the builders can’t keep up. There is also lots of local pent up demand, with one of the symptoms of low inventory being people who want to sell…to upsize, downsize, or simply move…. but are unable to find homes to buy, so are not listing their current homes. People leaving the area are often holding their investments as rentals, wanting to take advantage of increasing prices and rents.
The local population has grown, and continues to grow, by large numbers. JBLM has more than doubled in size, the Lacey industrial park has brought thousands of jobs, and Boeing is selling lots of airplanes. Several years ago a statistic was released by the local Association of Realtors stating that over 170,000 California driver licenses had been turned in to the State of Washington….The population is exploding.
While the population has grown, the building industry has been operating with one hand tied behind their backs. The National Association of Realtors claims that as a country, we have underbuilt by between 5-10 million homes over the past 10 years. Locally, I think the JBLM area real estate market is even further behind than the rest of the country.
The JBLM area economy and real estate market is growing for all of the right reasons. The upside potential/potential for appreciation is very real. It will take years just to catch up with today’s demand, and the population is expected to continue its current rapid growth. I believe the demand will continue until this area looks like the other end of I-5.
*Location is the buzzword, and the real estate buzzword is “The Northwest”
If you need a place to live, please let us help you find your new home in Washington. Stephanie Sharp, my assistant and daughter in law, spends 4-6 hours per day searching for listings for our clients. She knows neighborhoods, and commutes, and will learn your likes and dislikes….she brings a personal touch to the search. Let us know if we can help…
~Phil