August 1, 2007
2007 Home Values Report
I look forward to this every year – the Seattle Times’ great piece on home and condo values with neighborhood profiles, appreciation, and affordability. Check it out to see how your neighborhood stacked up.
A few things caught my eye this year:
- Of our favorite brand name Seattle neighborhoods (Capitol Hill, Queen Anne, Montlake, Madison, Magnolia, Fremont, U-District, etc.) Wallingford, Green Lake, and Ravenna showed only a few points appreciation as compared to the 10-15% gained by the rest of the pack.
- Vashon Island, Sammamish Plateau and West Kirkland are hot, hot, hot with around 20% appreciation but Newport Shores takes the cake for most appreciation at 35.9% as compared to last year.
- The dearth of affordable housing seams to have made the condo market go nuts with over 30% appreciation in many areas on the East Side and Mercer Island and most neighborhoods in Seattle getting 10-30% appreciation.
- The average household income required to buy a house in Medina is $330,613, in Auburn it’s $61,542.
