Seattle Still Robust?

Recent posts on Sweet Digs Seattle:

In February King County had a meager 0.45% gain in average price of sold homes over this same time last year according to the latest MLS data. Last year we were one of three metropolitan areas in the country to post modest gains while the rest of the country slid.

The gains in Seatte have been consistently “sliding” since August 2007 yet it seems our local director of the Washington Center for Real Estate is still optimistic. Though he seems to believe prices here weren’t as “far out of kilter” what is definitely out of kilter with prices in Seattle is affordability. Even with a strong local job market an increase in inventory coupled with few people in the pool that can purchase these homes is creating a recognizable trend.

In housing slump, some places still robust:
While Ross and surrounding Marin County may be a special case, a report last month by S&P/Case-Shiller showed that three metropolitan areas posted modest gains in home prices last year — Seattle; Portland, Oregon; and Charlotte, North Carolina

Seattle’s home prices may give up some gains — but not much, because “they weren’t as far out of kilter as in other places,” said Glenn Crellin, director of the Washington Center for Real Estate.

  • Cassie

    The new mortagage lending rules have eliminated up to 40% of potential buyers in many markets (lower income, higher risk) so that alone will impact the market in two ways. First time buyers will consist of a smaller pool and this pulls the entire sector down and people who move here from other places won’t be able to sell.

    The bulk of the properties in this area are just people buying up a little bit and so they have a huge amount of equity (if they have held it for the last few years). So I expect to see a squeeze upward in houses between 450 and 600