Hard Proof That Seattle Is Special

[SeattleMoose]

Shiller Home Price Indice :

Index - City, State (trend)

370 - Los Angeles, CA (trend: down)
340 - San Diego, CA (trend: down)
320 - Miami, FL (trend: flat)
310 - San Francisco, CA (trend: down)
280 - Washington DC (trend: down)
270 - New York, NY (trend: down)
270 - Phoenix, AZ (trend: down)
270 - Tampa, FL (trend: down)
250 - Las Vegas, NV (trend: down)
240 - Boston, MA (trend: down)
240 - Seattle, WA (trend: up)
210 - Minneapolis, MN (trend: down)
195 - Chicago, IL (trend: flat)
190 - Portland, OR (trend: flat)
180 - Denver, CO (trend: down)
160 - Detroit, MI (trend: down)
160 - Atlanta, GA (trend: down)
145 - Charlotte, NC (trend: flat)
140 - Cleveland, OH (trend: down)
125 - Dallas, TX (trend: down)

Here is a cut and paste outlining the methodology:

The S&P/Case-Shiller Home Price Indices are based on observed changes in home
prices. They are designed to measure increases or decreases in the market value of
residential real estate in 20 defined MSAs (see Tables 1 and 1a below). In contrast, the
indices are, specifically, not intended to measure recovery costs after disasters,
construction or repair costs, or other such related items.

The indices are calculated monthly, using a three-month moving average algorithm.
Home sales pairs are accumulated in rolling three-month periods, on which the repeat
sales methodology is applied. The index point for each reporting month is based on sales
pairs found for that month and the preceding two months. For example, the December
2005 index point is based on repeat sales data for October, November and December of
2005. This averaging methodology is used to offset delays that can occur in the flow of
sales price data from county deed recorders and to keep sample sizes large enough to
create meaningful price change averages.

All I can say is this:

1) Seattle prices have increased 240% in 10 years
2) We are the ONLY city still moving UP
3) Expect us to overtake places like Las Vegas and Tampa soon (those are big time bubbles but we are just moving into our "rightful place")

There is no bubble in Seattle because the fact we are moving up only proves that Seattle is the most desirable place to live in the country. We are special. We are the only place in the country where they are "not building anymore land"...so BUY NOW or BE PRICED OUT FOREVER!!!! ITS A GREAT TIME TO INVEST IN SEATTLE RE!!! WOO HOO!!! KEEP THE WINE AND CHEESE PARTIES GOING!!! THE ZUNE IS OVERTAKING THE iPOD!!!

This proves what I have been saying all along. Seattle is one of the last dominos to fall (although I didn't know it was THE last one) and that you don't want to be the only one standing tall when the music stops. At that point, everywhere else will look like a better buy than Seattle, and then we truly will be SPECIAL. The canary in the coal mine for Seattle will be the incoming vs outgoing U-Haul rates.

And BTW...on page 107 of the report it lists Ballard as being the most undervalued RE market in the country because of the gold the Vikings buried there when they conquered it in 1012 A.D.

[deejayoh]

[Eleua]