« Where Have You Gone, Tom and Katie? | Main | Burgerville Using 100% Wind Power! »
September 13, 2005
Housing Prices Even Worse Than Before!!!
So, I mean, house prices are just outrageous now. And here in King County, they show absolutely no sign of slowing down.
From the P-I:
In August, the median price of a single-family home in King County surged 17 percent, while the number of pending sales jumped 14.6 percent....King County's home price increase means the median home cost $385,000 in August -- $56,000 more than the median home cost in August 2004, according to figures released on Monday by the Northwest Multiple Listing Service. The median price means that half of the sales are above that amount and half below.
But it gets worse.
Despite the rising prices, the PMI Mortgage Insurance Co.'s summer 2005 study of U.S. housing markets found Seattle, and Washington state, trailing far behind the pack of housing markets at risk for declining prices.
On the West Coast, Seattle was the only metropolitan area studied that ranked among the survey's 10 lowest-risk areas.
So what's a Seattle native to do? Well, of course, you can always move further away from the city. Moving to Snohomish County, for example, might be an option. Oops. Not so fast.
In Snohomish County, where the median house price was above $300,000 for the first time in history, home prices jumped 23.6 percent to $311,525.In Pierce County, home prices rose 22.6 percent, but the median home price was at $247,753. And in Kitsap County, home prices skyrocketed 26.5 percent to $264,500.
17 percent?! In one year... say we stay steady at that percentage. That means that the median price next year is $450,000. Two years from now, $527,000. This is ridiculous.
Meanwhile, spotted yesterday was about six houses crammed in way too tight on a lot that should have only accommodated one, maybe TWO houses tops. Starting in the low 600s.
But never fear, $350K will undoubtedly get you a lot for your money. Like this fantastic house being sold in Skyway for $350,000.
Nice!
Posted by March at September 13, 2005 11:34 AM