Seattle Area Homeowners are ‘Dancin’ in the Streets!
June 1st, 2007 by Rich JacobsonAccording to a recent Forbes.com article, homeowners in the Seattle Washington area are figuratively ’dancing’ in the streets!
Why? Because the Seattle WA area is “The Number One Best Housing Market in the U.S.”
According to data compiled by the National Association of Realtors (NAR), the Emerald City’s median home price in the 1st quarter of 2007 hit $380,200, up a boastful 12.3% from the same time a year earlier. And it’s not just the Seattle WA area, but the majority of the Pacific Northwest Region as well. In the City of Roses, Portland, Oregon, prices jumped nearly 9% and the capitol city, Salem, grew up over 15%!
In my previous career before moving to Washington State, I had traveled rather extensively throughtout the US. I’ve been to all 50 States, with the exception of North Dakota and Vermont. Of all the places I’ve been, nothing compares or rivals the breathtaking beauty of the Pacific Northwest.
Today’s weather here on the Kitsap Peninsula was yet another reason why many are flocking to our region. We nearly reached a rather unseasonal 90 degrees! It’s days like today that make us Washingtonians quickly forget the long endless overcast days of constant drizzle associated with our Winter months.
On July 1st, the crabbing season will start up again, and many local boaters with take to the scenic waterways of the Puget Sound, in search of the coveted and delectable Dungeness Crab!
Many times when I’m out toolin’ around in my boat on Hood Canal, I have to pinch myself. I keep thinking that eventually the vacation will be over and we’ll have to move back to Kansas. It amazes me that people come from hundreds of miles away just to camp, fish, and play only 10 minutes from where we live!
Ah, freshly caught cooked crab, oysters, clams, and smoked salmon. Where else can you live off the land and watch it appreciate, All at the same time!
Share on Facebook
No related posts.
![A classic Port Gamble "painted lady"](http://soundbiteblog.com/wp-content/gallery/port-gamble/port-gamble-013.jpg "A classic Port Gamble "painted lady"")
I wonder how long the PNW will remain “special.” Right now, shoddy lending, X-Cal migrants, and speculation is driving our market. Remember, if the Navy influence is a moderating influence, then why didn’t that moderation work on the way up? I’m an x-USN officer and lived in Navy towns most of my life. Kitsap real estate speculation by uniformed members is truly breathtaking.
I don’t think it is any coincidence that the low end of real estate in every market has been the first to go. Subprime lending, and Alt-A loans have destroyed much of the borrowing potential for the lower end of the market. No borrowers = no buyers (regardless of how “special” we all are.)
It also does not surprise me that the upper end keeps on chugging. California is experiencing the same patterns. The lower end keeps burning and expanding to the middle. Right now, many in the upper levels of home ownership can still sell their California home and move away from the deterioriating quality of life in California. This keeps the median higher here.
It won’t last. Eventually the entire real estate pyramid collapses. It is one thing if your market is like Boston or San Diego, and was the first to trend downward. The economy was able to cushion the blow.
The last markets to peak will fall into the gaping maw of the bear market and contracting economy with little warning. Articles and analysis like these serve to keep people oblivious to the dangers surrounding their economic lives.
Speculation and leverage that are applied at market peaks (or just on the back side of the peak) are BY FAR the most destructive. Who wanted to go “all in” on tech stocks in early 2000?
Kitsap incomes are WAY to low to justify the house prices that prevail here. It is not even funny. Reality will return and home prices will drop by at least 50% and more like 75% in certain areas.
It is pretty funny how PNW homeowners whistle past the 10 Year Treasury graveyard.
What a beautiful part of the world! It’s where my wife and I vacationed and always holds a special place with us.
Wow what a lifestyle! I’ve often felt Salt Lake had everything but the ocean.
That’s great your market is doing so well. I missed the 1st qtr market report from NAR. I’m off to check it out thanks to you.
Being #1 for that reason is a good thing! Looking at the beautiful photos of your area I can see why people want to live in Washington.