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🚄 Lynwood light rail updates, I-5 expansion, & a resilient housing market

🚄 Lynwood light rail updates, I-5 expansion, & a resilient housing market

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

Lisa Bender
January 05, 2024

Happy Friday!

This week on The Bender Buzz we have a lot of good updates for Snohomish County.

We are getting closer to Lynnwood’s light rail opening for service, and I-5 is expanding between Washington and Oregon.

We are also taking a look at some interesting data on the housing market.

I hope your new year is off to a great start and you have a wonderful weekend!

— Lisa

🚈 As the calendar turns, Lynnwood light rail is no longer ‘next year’

Driving the news: As 2024 begins, Lynnwood residents are eagerly anticipating the inauguration of the city's light rail system.

This long-awaited project promises to revolutionize commuting in the region, offering a faster, more efficient alternative to traditional modes of transport.

Details: The Lynnwood Link, part of a broader Sound Transit initiative, aims to connect the city to major hubs like Seattle.

With an estimated 47,000 to 55,000 daily riders by 2026, the Lynnwood Link is poised to become a major transit artery.

Why it matters: The project's impact extends beyond transportation. It's expected to spur economic growth, encourage urban development, and enhance the quality of life for local residents

It's expected to reduce commute times, alleviate traffic congestion, and promote environmental sustainability by offering a greener travel option.

The big picture: The project is a part of Sound Transit's larger vision, encompassing an extensive network of light rail expansions across the region.

It's a significant step in connecting various communities and fostering regional integration.

What’s next: Its completion, initially targeted for mid-2024, has been slightly delayed. The exact opening date is yet to be determined, with estimates in the third quarter of 2024.

The bottom line: The Lynnwood light rail represents a transformative leap for the city and its residents.

It's a testament to the power of strategic urban planning and the growing emphasis on sustainable, efficient public transport solutions.

🚧 I-5 expansion between Washington and Oregon wins $600 million federal grant

Driving the news: A major federal grant of $600 million has been secured for the Interstate Bridge Replacement (IBR) project, an ambitious expansion of Interstate 5 over the Columbia River.

This funding, part of the National Infrastructure Project Assistance program, contributes to a project with an estimated cost between $5.5 and $7.5 billion.

Details: The grant joins an existing pool of $1 billion allocated by Washington and Oregon for the IBR, a project that includes replacing aging bridges and extending TriMet's MAX Yellow Line.

However, the project's total cost overshadows these funds, highlighting the need for additional federal support.

Why it matters: This development is crucial for the Pacific Northwest, promising enhanced infrastructure and transportation.

However, it's not without controversy, given the immense cost and potential urban impact, particularly in Vancouver, WA.

The big picture: The IBR, while addressing vital infrastructure needs, raises questions about urban design and environmental impact.

Its scope extends beyond bridge replacement to include expanded highway lanes and interchange replacements, drawing both support and criticism.

Critics question the project's alignment with modern urban planning and environmental priorities, including its approach to climate change and equity.

What’s next: A clearer picture of the IBR and its implications will emerge with the release of a supplemental environmental impact statement next spring.

This will be a critical moment for stakeholders to assess the project's viability and its alignment with regional needs and priorities.

The bottom line: While the IBR promises significant infrastructure improvements, its financial and environmental costs, along with its impact on urban landscapes, will remain a focal point of debate.

This project stands as a testament to the challenges of modern infrastructure development, balancing progress with sustainability and community impact.

📈 Case-Shiller home price index marks "strongest national growth rate since 2022"

Driving the news: Data has been released that shows a significant trend in the housing market.

In October, we saw the strongest national growth rate in home prices since 2022.

Details: The S&P Dow Jones Indices recently released this information as part of their regular updates on home prices across the U.S. for October 2023.

This increase is happening even though it's getting more expensive to borrow money for a home, as mortgage rates are going up.

Why it matters: The fact that home prices are still rising, even with the ups and downs in the economy, shows that the real estate market is strong and steady.

This affects not just people who own homes or are looking to buy, but also investors and the larger economy. It plays a big role in how people make decisions about housing.

The big picture: Looking at different cities, Detroit is seeing the biggest growth with an 8.1% increase in home prices. San Diego and New York are also seeing significant rises, at 7.2% and 7.1% respectively.

On the other hand, Portland is the only city where prices have gone down, with a 0.6% drop from last year.

Between the lines: The variation in growth rates across cities highlights regional economic disparities and differing real estate market dynamics.

What’s next: Keeping an eye on these trends is important. They can give us clues about where the economy might be headed and help shape future policies and strategies in the housing market.

The bottom line: The sustained growth in home prices, despite challenges like rising mortgage rates, showcases the ongoing strength and complexity of the U.S. housing market.

📊 Our Current Local Market Data

The real estate market in Snohomish County, WA is currently cooler with the winter in full swing. Homes are sitting on the market a little longer, but we are still in a seller’s market.

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.