Has the Seattle RE market lagged the rest of the country? When the current RE boom started across the country, did we see a lag before Seattle's RE boom picked-up?
Nope, we're way ahead of the rest of the country. We had our "crash" back in 2001, so we aren't do for another one until about 2012. Should be plenty of time for more double digit appreciation.
Nope, we're way ahead of the rest of the country. We had our "crash" back in 2001, so we aren't do for another one until about 2012. Should be plenty of time for more double digit appreciation.
Inventory seems to still be building, Windermere now shows 9,989 listings for King County. Beginning of March it was 8,148, and they broke 9,000 by April 4th.
I'd say it is due to the major downturn we had in hiring (and population) post the dot-com implosion.
the chart below compares seattle's job growth vs. national growth (left axis and solid lines), and home appreciation vs. the Case-Shiller 10-city index (right axis and dotted lines) for the period of 1990-2007.
What you will see is that Seattle housing is appreciating faster than the rest of the country up until about 2000, then the job losses start and the lines cross. We then fall behind the other markets until just about now... So we were behind - but we've caught up.
Note that I used the 10-city index because the 20 city index only goes back to 2000.
Comments
I assume that's a joke
the chart below compares seattle's job growth vs. national growth (left axis and solid lines), and home appreciation vs. the Case-Shiller 10-city index (right axis and dotted lines) for the period of 1990-2007.
What you will see is that Seattle housing is appreciating faster than the rest of the country up until about 2000, then the job losses start and the lines cross. We then fall behind the other markets until just about now... So we were behind - but we've caught up.
Note that I used the 10-city index because the 20 city index only goes back to 2000.
D