Wednesday, June 07, 2006

 

Here's why I don't think I'll ever be able to buy a house in Seattle

From an article in USA today the median home price in Seattle is $275k, statewide its $320k:
 
"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 — half the national average. That's largely why prices rose nearly 18% that month, according to the latest data available"
 
 but the USA Today figures are contradicted by what was in the Seattle PI today:
 
"In Seattle, house and condominium prices increased 12.7 percent to a record $415,000, according to a Northwest Multiple Listing Service report Tuesday. The median price of a single-family home in King County rose 15.5 percent, to $427,950. Condos went up 17.9 percent, to $246,500."
 
Just for fun I went to Windermere's website. In Seattle at $275k max price they have 263 houses/condos for sale, for my specific zip code there are only 2. If you up the max price to $325k it jumps up to 467 available city-wide. And if we go all the way up to $425 max price it jumps up to 970 available city-wide.
 
Also according to the PI article, my neighborhood is really popular right now so if we do ever have enough money to buy a house we'll probably have to move to a different neighborhood which I do not want to do. What I'm hoping for in addition to the bubble bursting, is that traffic gets so horribly bad in Seattle that people and business start moving away and Seattle becomes a ghost town. I figure thats when I'll finally be able to afford to buy here. Meanwhile Pahrump is looking really good!
 

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