Life in Snohomish County & King County | Powered by Lisa Bender at SPIRE ONE Realty
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🤩 Biotech Booms, Puget Sound Growth & Best Week To Sell in 2024

🤩 Biotech Booms, Puget Sound Growth & Best Week To Sell in 2024

Stay up to date on what's happening in the Snohomish County economy.

Lisa Bender
March 29, 2024

Happy Friday!

We have great updates about the area this week!

The biotech sector is booming with promises for many new developments for the area, and our region has significantly increased its population in the past years.

We are diving into some data about the best week of the year to sell your house in 2024 —and it's coming up!

— Lisa

🔬 Seattle Area Biotech Sector's Expansion and Challenges

Driving the news: The Seattle area is experiencing a surge in biotech manufacturing, with several companies building or recently completing biomanufacturing plants, signaling the maturation of the region's biotech cluster.

Details: Sana Biotechnology is converting an 80,000-square-foot office building in Bothell into a manufacturing facility aimed at mass-producing medicines that could potentially cure Type 1 diabetes, lupus, and blood cancers.

In a related development, Sonoma Biotherapeutics has taken up an 83,000-square-foot space in Seattle with the intent of setting up a manufacturing site and is planning to recruit 100 new employees for this expansion.

Meanwhile, Seagen, recognized for its proficiency in developing antibody-drug conjugates (ADCs), had initial plans to establish a $350 million manufacturing plant in Everett.

However, following Pfizer's acquisition of Seagen, the decision was made to discontinue the Everett project and shift production to North Carolina.

By the numbers: National Institutes of Health funding for Seattle-area institutions and companies reached $1.23 billion in 2023, a 25% increase compared to five years ago.

Washington's life science industry employed over 43,500 people across 1,100 employers in 2021, with employment growing by 33.6% between 2015 and 2021.

Why it matters: The growth in biomanufacturing demonstrates the Seattle area's commitment to fostering a robust biotech industry.

The region has developed expertise in cell therapy and immunotherapy, attracting both local and international biotech companies.

The big picture: Despite some setbacks, such as Pfizer's decision to abandon Seagen's Everett plant, the overall momentum in Seattle's biotech sector remains strong.

The region's research hubs, including Fred Hutchinson Cancer Center, University of Washington, and Seattle Children's Hospital, have been instrumental in driving innovation and attracting funding.

Between the lines: While the Pfizer decision to shut down Seagen's Everett plant raised concerns, industry experts believe it is not indicative of a broader trend.

The move is seen as a result of Pfizer's excess capacity rather than a lack of commitment to the region.

What's next: The Everett facility vacated by Pfizer presents an attractive opportunity for another biotech company looking to expand its biomanufacturing capabilities.

Life Science Washington, a trade association, is working with regional leaders to ensure the facility is repurposed to maintain the region's growth in biomanufacturing.

The bottom line: The Seattle area's biotech sector is thriving, with a growing focus on biomanufacturing.

Despite occasional setbacks, the region's expertise, skilled workforce, and commitment to innovation position it well for continued growth in the future.

🎥 How to BOOST Your Home’s Value & Curb Appeal For UNDER $1,000

Discover 10 budget-friendly tips to enhance your home's curb appeal for LESS THAN $1K. In this video, I’ll show you easy and effective ways to make your house stand out without breaking the bank.

👥 Census Data Shows Population Growth in Puget Sound Region

Driving the news: The Puget Sound region experienced population growth last year, with King County surpassing Queens County, New York, to become the 13th-largest county in the U.S.

New census data shows the four-county region added new residents between July 2022 and July 2023.

Details:

The Puget Sound region's population has grown by 18,868 people (0.4%) since 2020, reaching 4.4 million.
Between July 2022 and July 2023, the region added 12,440 new residents.
King County's population rose by 0.3% to 2.27 million.
While King County's population rebounded in 2022 after a decline in 2021, it remains 2,902 people short of its 2020 population.

Why it matters: The shift in population is attributed to the rise of remote work, which allows people to live in smaller, cheaper communities farther from city centers.

This trend has impacted office foot traffic in downtown Seattle, with only half of the pre-pandemic levels of workers returning to in-office work.

The formalization of remote work policies by companies like Amazon has contributed to this change.

The big picture: The Puget Sound region's population has nearly doubled between 1990 and 2023, while Seattle's population grew at about half that pace.

Despite planners' efforts to focus growth in densely populated areas, Washington's rural areas grew faster than urban areas over the past decade.

What's next: Experts predict a gradual slowdown in the movement of people away from urban centers in the coming years.

Employers are unlikely to embrace the idea of employees working remotely from distant locations indefinitely.

The bottom line: The Puget Sound region continues to experience population growth, driven by international immigration.

📅 The Best Week of 2024 to Sell a Home

Driving the news: Realtor.com has released a new report identifying April 14-20 as the best week to sell a home in 2024, based on their market analysis and projections of housing market conditions.

Details: According to the report, listing a home during the week of April 14-20 will provide sellers with the most favorable mix of market conditions, including above-average listing prices, higher buyer demand, faster sales pace, reduced odds of price cuts, and less competition from other sellers.

Why it matters: Homeowners who list their properties during this specific week could potentially net an extra $34,000 on the sale of their home compared to listing earlier in the year.

With a majority of sellers (53%) taking about one month to prepare their homes for listing, now is the time to start making those preparations.

The big picture: Spring is generally considered the peak season for home sales, with buyers being more abundant earlier in the year.

However, the best time to sell can vary significantly from one market to another.

Between the lines: While some buyers may be waiting for mortgage rates to drop further before purchasing a home, the current inventory levels are nearly 40% below pre-pandemic levels, indicating a need for more options for existing buyers.

This suggests that it is still a favorable time for homeowners to sell their properties

What's next: Homeowners planning to take advantage of seasonal trends to maximize their sale price should begin preparing now to list their homes during the week of April 14-20.

This will allow them to benefit from the ideal mix of market conditions projected.

The bottom line: The report provides valuable insights for homeowners considering selling their properties in 2024.

By carefully timing their listing to coincide with the most favorable market conditions, sellers may be able to achieve a higher sale price and a smoother transaction process.

📊 Our Current Local Market Data

The real estate market in Snohomish County, WA is heating up as we enter the spring months.

If you want to buy a home in this market, you’ll need a solid strategy for searching and making strong offers. Your home search could take a while, but you’ll have to move quickly when you find a home you like.

I’m staying on top of the market daily and there are even financing options that can help you purchase at a lower rate.

If you ever have questions, don’t hesitate to ask.