Yesterday, May 20th 2007, The Seattle Times published it's annual Home Values review for 2007. Their analysis reflects what Seattle Real Estate Agents have been experiencing in the trenches of the 2006 Real Estate Market in Seattle. This is very different to last years Bubble talk of a collapsing Seattle Real Estate market in 2006. The Seattle Times published in their report for single family homes, as rising 15.9% for King County.
The article shows in maps of the neighborhoods, and the sales data for the map areas that support their overall findings for the 15.9% increase. It's well worth clikcking on the above link to find information on a neighborhood area you live in or are interested in (usually several neighborhoods combined) to get the 2006 sales data, an appreciation map, and an affordability map.
For example, if we look at Magnolia, area #35 on the main map. The article shows that the Median Price for Magnolia in 2006 is $619,000 and the average price change from 2005 to 2006 is 13.6%. The income needed in 2006 for a Median priced home in Magnolia is $148,836 (yikes!)
The Seattle Times article shows 90 different neighborhood areas for King County so click here for the link to access the entire Seattle Times article and data.
Our prices for buying a home in Seattle keeps on increasing due to; our stable employment, increasing population growth, great quality of life and our lag in home appreciation compared to much of the rest of the Country because we took a bigger hit during the Tech bust in 1999/2000, causing moderate appreciation for the Seattle Real Estate Market. This is really great news if you are selling a home in Seattle, although you'll need the extra cash to buy another home unless you are downsizing.
So check it out for yourself, it's very interesting and who doesn't like knowing more about Seattle Real Estate!
