Condo_construction_stopAccording to the PSBJ, developers are waiting for the next few years’ inventory to get absorbed before breaking ground for new projects. 

The pace of development has slowed so sharply that local experts predict a shortage in 2010 that could drive prices up. One consultant forecasts delivery of just 189 new units that year — down from an average of 1,100 anticipated in each of the prior three years.

The good news is this suggests there isn’t an endless supply of new inventory.  The bad news is we still have new inventory coming on the market till at least 2010.  Hopefully the Seattle economy will continue to produce good jobs and our city will continue to attract well-heeled newcomers from pricier markets.

Here’s the full article.