Analyst says housing prices in Snohomish County 'have never been higher'

[Yo_Mama_Been_Loggin]

The light rail extension lines along Interstate 5 north of Northgate — with stations in Shoreline, Mountlake Terrace and Lynnwood — are expected to open in 2024. By the time you reach Snohomish County, new buildings are also visible.

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Housing is desperately needed in the area, analysts say, and what’s in the pipeline is not nearly enough.

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Snohomish County as a whole has a rental unit vacancy rate of 1.9%, according to Brian O’Connor, owner and principal of appraisal and analysis company O’Connor Consulting Group LLC. Meanwhile, his company’s survey found just 834 units currently under construction in Snohomish County — and over 600 of those are already pre-leased.

“It’s a tight market,” O’Connor said, adding that housing is tight everywhere; in Western Washington, from the Canadian border down to Olympia, he said there’s no area with a vacancy rate higher than 3%, which is in the city of Seattle. He forecasts vacancy rates in Snonomish County to hover right around 1.7% to 1.9% until at least 2023.

https://www.bizjournals.com/seattle/news/2021/10/21/snohomish-county-housing-prices-rent-real-estate.html

[Ron Obvious]

1. I assume it means we're inflating another housing bubble.

We're getting sight-unseen cash offers on our current house, but any houses for sale in the area are gone for hundreds of thousands over the asking price in days, so there's no point in looking for another house to move to just yet.

[WHITT]

2. We Saw This Movie

The ending needs a rewrite.