We sat down with Christine Johnson about one of her – and our — favorite topics: today’s market. As Intracorp’s Vice President of Marketing & Sales in Seattle, she’s got her fingers on the pulse.
Q: How do you sum up the housing market in Seattle today?
A: Red hot. Real estate markets are often measured by how many months of inventory are on the market. That means, at the current sales pace, how long would it take to sell all properties currently for sale. A balanced market is generally considered to be in the 4 to 6 months’ of inventory range. The Puget Sound region currently has less than one- month’s-worth of supply, and this shortage has been going on for five years. So real estate values continue to climb as more buyers compete for a very few number of available homes.
Q: Where do you see the housing market in Seattle going in the coming months and years?
A: With more than 1,000 new residents moving to the region every week — coupled with strong job growth — it appears demand is going to continue to be strong for the foreseeable future. Plus, there is limited land that can be developed to meet those housing needs.
Q: Can you tell us a little bit about any exciting developments going on in the Seattle area?
A: We have a major expansion of our light rail system in progress. Over the coming years, many communities — such as Bellevue, Everett and Tacoma — will have much easier access to downtown Seattle and around the region as a whole.
Q: What makes life in Seattle so special and downright extraordinary?
A: Well, let’s see – a lot! From sparkling blue water to the West snow-capped mountains to the East, to access to the arts, the food, and the ability to be in the city one minute and at the beach or in the forest the next. And the people. Puget Sound people are just plain nice people.