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Prices in Seattle increase only 1.8% YOY for July!!!

CKTCKT
edited August 2007 in Seattle Real Estate
The latest spin from Cohen is up on the PI website. And boy, oh boy, is it getting harder to spin good news out of this market!

Apparently prices increased in King Co a mediocre 1.8% YOY. Ugh...

Some other choice quotes from RE hacks:
"The market feels a lot more peaceful as the frenzy cools and a more balanced market takes its place."

Right.... This is a "peaceful" market. Like the kind of peace you might find strolling in a cemetery. And good thing we got rid of all that "frenzy", except I don't remember RE guys calling it a "frenzy" two years ago. Last "a more balanced market" is a very Zen-like perspective.

Then there's this:
Buyers with children still want a house with a yard, and they have to look outside of the city to find something they can afford

Right, a childless city = a very vibrant, worldclass city. Besides, market fundamentals mean that it's just a perk that there are no snot-nosed brats in our fair city.

Comments

  • meshugymeshugy
    CKT wrote:
    Apparently prices increased in King Co a mediocre 1.8% YOY. Ugh...
    King County appreciation was 8.9%. He was talking about Seattle only. However, that stat may be incorrect. MLS shows Seattle Condos appreciated 4.6% and Houses appreciated 5.6%. I don't know were they got 1.8% from...
  • CKTCKT
    meshugy wrote:
    CKT wrote:
    Apparently prices increased in King Co a mediocre 1.8% YOY. Ugh...
    King County appreciation was 8.9%. He was talking about Seattle only. However, that stat may be incorrect. MLS shows Seattle Condos appreciated 4.6% and Houses appreciated 5.6%. I don't know were they got 1.8% from...
    Ah, crap! I'll need to double check, but obviously I misread the article...

    Thanks for the heads up!!!
  • bilirubenbiliruben
    No, that's right for Seattle. Sales were down so much for SFH, that the lower-priced condos overwhelmed the weighted average. 1.77%.

    If I'd bet Shug for the City rather than the county, we'd be seeing flacid balloons everywhere! ;)
  • rose-colored-coolaidrose-colored-coolaid
    Impossible! It's a proven fact that housing only slows in far away places like Pierce county. Seattle is vibrant and slow-down proof!!!!!!!!

    Got it?!!!!!!
    Good!!!!!!
  • nathannathan
    "The market feels a lot more peaceful as the frenzy cools and a more balanced market takes its place."

    Having grown up on the coast of North Carolina... My experience is that it's always peaceful before the hurricane makes landing.
  • deeplennondeeplennon
    edited August 2007
    meshugy wrote:
    CKT wrote:
    Apparently prices increased in King Co a mediocre 1.8% YOY. Ugh...
    King County appreciation was 8.9%. He was talking about Seattle only. However, that stat may be incorrect. MLS shows Seattle Condos appreciated 4.6% and Houses appreciated 5.6%. I don't know were they got 1.8% from...
    Simple explanation, condos made up a bigger slice of the sales pie this year (31.7%) than last (26.9%) pushing down the median. This trend has been ongoing for some time now and it's another indicator of how out of reach SFHs in Seattle have become.

    1.77% YOY is a bit misleading, but people can only buy what they can afford. 5.65% for SFHs isn't super awesome either, it was 8.42% in June, and 9.66% in May.
  • deeplennondeeplennon
    biliruben wrote:
    Sales were down so much for SFH, that the lower-priced condos overwhelmed the weighted average. 1.77%.
    Sales were more up for condos, +20.38%, than down for houses, -4.69%, but yeah, same effect.
  • bilirubenbiliruben
    Right, Dep. I figured the headlines screaming a rise condo sales would speak for themselves!
  • deeplennondeeplennon
    More Seattle median factoids, 2YOY was below 15% for the first time in 30 months (Jan 05), and 3YOY was below 30% and at it's lowest since June 05.
  • bilirubenbiliruben
    I don't understand what you are saying, Dep.
  • deeplennondeeplennon
    biliruben wrote:
    I don't understand what you are saying, Dep.
    Sorry yo, 2YOY = two year over year, prices compared with 24 months back. 3YOY, etc.
  • bilirubenbiliruben
    Ah. Gotcha.
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