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Seattle Multifamily Sales Market Reaches Decade-Plus Low
Seattle is on track for the fewest annual apartment sales in more than a decade, with only 13 recorded sales in the first quarter, according to the latest market research from Kidder Mathews’ multifamily team led by Dylan Simon and Jerrid Anderson. Buyers cite interest rates and weak renter demand, while sellers continue to maintain belief in yesteryear’s values.
Sales volume was down 50% year-over-year, with smaller sales under $5 million truly the market. Further, apartment sales activity above the $5-million price point slid 75% compared to Q1 2022.
“To say that the bloom is off the ‘tech rose’ is a massive understatement,” said Simon. “Rather, the world waits while major employers decide whether to force employees back to downtown corporate offices – or not.”
On the positive side, the return-to-work mandate could boost rent growth as fewer new-construction units are delivered, according to Kidder Mathews.
- ◦Sale/Acquisition
