I get a weekly email from the local Master Builder’s Association with interesting news about what’s going on in a variety of municipalities in the King, Pierce and Snohomish County areas. Here was a tidbit that caught my eye today…
2012 was the Highest Net Increase of Housing Units Ever in Seattle
This week, the Seattle City Council’s Planning, Land Use and Sustainability (PLUS) Committee received an end of the year report from Director Diane Sugimura of the Department of Planning and Development (DPD). Among the findings that Sugimura reported on were the following:
Ӣ In 2012, the city of Seattle issued 10,179 construction permits for housing units, representing a net increase of 9,082 units from 2011 and the highest net ever for Seattle. Members in Seattle reported throughout 2012 increased development activity and more projects on the horizon, which has not happened since 2008. The previous high was 7,142 in 2007.
Ӣ Submissions through E-Plan, or electronic plan review, reached roughly 40 percent at the end of 2012
Ӣ Construction complaints are up, such as noise, encroaching on neighboring property, damaging trees and so on, but this is a sign of change.
Ӣ Twenty-five former DPD employees were reinstated and 16 new positions were added to meet demand.
To read the report in its entirety, visit DPD 2012 Year End Report. One final item to keep in mind when reading the report, the housing units permitted for 2012 are mostly rentals and do not reflect housing sales in 2012.
For anyone wondering what this really means, it’s pointing toward a continued lack in available homes for sale in our area. Lots of properties are selling quickly because there isn’t much else on the market for sale. With 20-30% of homeowners still being underwater on value and not willing or able to short sale, then we’ll continue this trend of seller’s having somewhat of an advantage as long as they’re reasonable on pricing and have a home in good move-in condition.
