The Seattle Times yesterday, May 20th 2007, published it's annual Home Values review for 2007. Their analysis supports what Seattle Real Estate Agents have been seeing that is very contrary to all the Bubble talk last year of a collapsing Seattle Real Estate market for 2006 which the Seattle Times reports as, for single family homes, rising 15.9% for King County.
The article is mostly maps showing neighborhoods and the sales data for that map area. It's well worth clicking through to find information on a neighborhood area (usually several neighborhoods combined) to get the 2006 sales data, an appreciation map, and an affordability map.
For example, if we look at North Capitol Hill / Montlake ( which includes Portage Bay) on the main map we will find that the median Price for 2006 was $772,000 and the average price change from 2005 to 2007 was 11.8%. The income needed in 2006 for Median priced home in North Capitol Hill / Montlake was $185,624 (yikes!)
Prices for buying a home in Seattle continues to increase due to our stable employment, increasing population growth, enjoyable quality of life and the lag in our home appreciation compared to much of the rest of the U.S. because of we took a bigger hit during the Tech bust in 1999/2000 causing more moderate appreciation for the Seattle Real Estate market. Great news for selling a home in Seattle, although the extra cash will be needed to buy another home unless you are downsizing.
So check it out for yourself, it's very interesting and who doesn't like knowing more about Seattle Real Estate!