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Real Estate Investment Market Report for Washington, Oregon, and Idaho: January 2021

Quick loan application for construction funding

A hard money loan can be a good option for a variety of reasons. For example, if you’re having trouble getting a loan from a bank with the terms you need, you need quick approvals and/or funding, you’re looking for tailored loan solutions, and/or you don’t want to bring in an equity partner.

Now, let’s talk about what you should know before looking for a hard money loan, and ways you can ensure a quick and easy loan process.

Read full article (3 min read)

Market Activity

Seattle, WA
Market Overview

As of the end of the fourth quarter of 2020, the Seattle market lost 147,000 jobs year-over-year, increasing the unemployment rate to 5.2 percent. However, metrics improved over the third and fourth quarters. Sublease space in the city’s Central Business District is expected to continue increasing with the lockdowns in place and companies moving toward more work-from-home policies. Overall, with vaccines becoming more available, experts believe the region is poised for a strong recovery with its growing technology and biotech presence.

1,051
Homes Sold
$725,000
Avg. Home Price
$1,876
Median Rent
Vacancy Rates Graph
U.S Census Bureau: third quarter 2020
4.0%
Rental Vacancy Rate
1.0%
Homeowner Vacancy Rate
7.1%
State Unemployment Rate
Metro Area Unemployment
Bellingham, WA
7.0%
Bremerton-Silverdale, WA
6.0%
Kennewick-Richland, WA
6.5%
Lewiston, ID-WA
4.4%
Longview, WA
7.4%
Mount Vernon-Anacortes, WA
7.6%
Olympia-Tumwater, WA
6.3%
Portland-Vancouver, OR-WA
5.9%
Seattle-Tacoma-Bellevue, WA
5.1%
Spokane-Spokane Valley, WA
6.8%
Walla Walla, WA
5.7%
Wenatchee, WA
6.6%
Yakima, WA
7.7%

Market Activity

Portland, OR
Market Overview

Throughout 2020 Portland’s economy was fairly consistent with the national economy, with a few notable differences including lower unemployment rates and stronger wages. Portland’s unemployment rate closed out the year at 6.6 percent, just below the national average of 6.7 percent. Despite the ongoing challenges from COVID-19, the economy is expected to benefit from the acceleration of e-commerce, life sciences, and technology, bringing new opportunities to the region.

1,196
Homes Sold
$485,000
Avg. Home Price
$1,541
Median Rent
Vacancy Rates Graph
U.S Census Bureau: third quarter 2020
5.3%
Rental Vacancy Rate
1.0%
Homeowner Vacancy Rate
6.4%
State Unemployment Rate
Metro Area Unemployment
Albany, OR
5.5%
Bend-Redmond, OR
5.4%
Corvallis, OR
3.8%
Eugene, OR
5.2%
Grants Pass, OR
5.7%
Medford, OR
5.4%
Portland-Vancouver, OR-WA           
5.9%
Salem, OR
5.2%

Market Activity

Boise, ID
Market Overview

The fourth quarter still showed the effects of COVID-19, but also signs of improvement and leveling in the Treasure Valley market. The year-end vacancy rate was 8.0 percent, which was up 0.45 percent from the third quarter. A surge in office demand is expected at the beginning of the second quarter of 2021, as several national surveys report that the workforce is getting tired of working from home.

421
Homes Sold
$402,000
Avg. Home Price
$1,189
Median Rent
Vacancy Rates Graph
U.S Census Bureau: third quarter 2020
5.3%
Rental Vacancy Rate
0.6%
Homeowner Vacancy Rate
4.4%
State Unemployment Rate
Metro Area Unemployment
Boise City, ID
4.9%
Coeur d'Alene, ID                              
6.3%
Idaho Falls, ID
3.6%
Lewiston, ID-WA
4.4%
Logan, UT-ID
2.6%
Pocatello, ID
4.7%
Twin Falls, ID
4.3%
Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com. 

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