{"id":256,"date":"2006-06-07T15:00:00","date_gmt":"2006-06-07T22:00:00","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=256"},"modified":"2006-06-07T15:00:00","modified_gmt":"2006-06-07T22:00:00","slug":"seattle-buffered-from-cooling-trends","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2006\/06\/07\/seattle-buffered-from-cooling-trends\/","title":{"rendered":"Seattle "Buffered From Cooling Trends""},"content":{"rendered":"

A number of readers pointed out USA Today’s “Close to home” profile of the Seattle residential real estate market<\/a>. There’s not a lot of substance to it, and this quote is almost the entire text:<\/p>\n

Seattle’s strict growth- management policies and an economic rebound are buffering the region’s real estate market from cooling trends. The number of new jobs has outpaced building permits for single-family homes and condos by 30% the past 15 months. Though single-family home sales fell about 7% in April, compared with April 2005, there’s only a three-month supply of homes in the Seattle market \u2014 half the national average. That’s largely why prices rose nearly 18% that month, according to the latest data available.<\/p><\/blockquote>\n

There’s something really<\/i> fishy about those numbers… Take a look at the graphic on the right. It shows the median home price in Seattle at $275,700, while all of Washington State is $320,000… huh? Not only is that backward (I’m certain that Seattle has a higher median than the state as a whole), but even if you simply reverse them, the $320,000 number doesn’t match up with any numbers I have available. They’re talking about April, so take a look at the April MLS numbers. King County median home price: $377,000<\/a>. Seattle median home price: $410,000<\/a>.<\/p>\n

They highlight some 950 sqft. house with a price tag of $279,000 as the “median-price home.” Not only is a home that cheap nearly impossible to find in Seattle, but good luck finding such a house at that price pretty much anywhere in King County. I have to wonder… what were they smoking?<\/p>\n

Regarding the write-up portion, I don’t really have anything to add over what we just discussed last month<\/a>. There is however an active discussion on the topic going on over at Sound Politics<\/a>, where contributor Matt Rosenberg seems to think that the primary reason that Seattle home prices have gone so high is growth management.<\/p>\n

The “no affordable housing” plaint also betrays an ignorance of the effect – especially pronounced in other Seattle communities – of the basic laws of supply and demand under the heavy hand of regional growth management regulations.<\/p><\/blockquote>\n

I would buy that argument if Seattle was alone in its wild appreciation, but the housing bubble is not a localized phenomenon.<\/p>\n

(Noelle Knox, USA Today<\/a>, 06.05.2006<\/i>)<\/p>\n

\n
Seattle Bubble Tip Jar<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A number of readers pointed out USA Today’s “Close to home” profile of the Seattle residential real estate market. There’s not a lot of substance to it, and this quote is almost the entire text: Seattle’s strict growth- management policies and an economic rebound are buffering the region’s real estate market from cooling trends. 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