How much of the Seattle area real estate market is made up of distressed sales, sales in which the property is bank owned or a seller is required to obtain approval from the bank in order to sell?
In the third quarter of 2011, Seattle and the eastside suburbs were holding their own in the distressed sale market, while Pierce and Snohomish Counties had the toughest time. There’s a huge difference in how each of the 4 counties surrounding Seattle were doing with respect to distressed home sales. Almost 50%, 47% to be exact, of the real estate sales in Snohomish County were distressed properties. Snohomish County is directly north of King County, which is where you’ll find Seattle. Snohomish County is home to a Boeing plant, shipping, biotech firms, and a navy base. Pierce County is home to Tacoma, with its huge waterfront devoted to shipping, and Fort Lewis, the army base.
Although each of the counties has an economic center, King County with Seattle and the eastside cities of Bellevue and Redmond is the true economic hub of the region. These areas are home to Boeing, Amazon, Microsoft, Costco, Starbucks and a host of other companies. Consequently, the Eastside and Seattle have the smallest number of distressed sales. More jobs and a good commute equal less distressed sales.