Seattle’s median home price hits record: $700,000, double 5 years ago (Vancouver: how much, houses)

[James Bond 007]

Seattle’s median home price hits record: $700,000, double 5 years ago

King, Snohomish and Pierce counties all set records for home prices last month, ushering in the busy spring season with one of the biggest monthly price hikes in years for the nation’s hottest housing market.

King County’s median single-family home hit a new high of nearly $600,000 in March — about double the prices seen at the bottom of the housing bust five years ago, according to monthly figures released Thursday.

Prices jumped more than 7 percent from just a month before, the second-biggest increase in the last three years.

In Seattle, the median price for a house hit $700,000 for the first time. Prices in the city have also doubled in the last five years, and have climbed $60,000 in the last year.

[Hemlock140]

Here in Sammamish it's now $845,000, thanks to several new developments starting at over a million. What's most interesting is that they are selling fast, plenty of people apparently can afford them. The bargain existing homes in the $600s are selling so fast we see the sign go up with "sold" on it the same day.

[Ruth4Truth]

This can't possibly be due all to tech development. Some of this must be related to Chinese buying investment property in the area. Especially after Vancouver changed its property tax law to discourage them up there.

[thatguy950]

Originally Posted by Ruth4Truth

This can't possibly be due all to tech development. Some of this must be related to Chinese buying investment property in the area. Especially after Vancouver changed its property tax law to discourage them up there.

Clearly, anyone who thinks otherwise is delusional...

[Flightoficarus87]

Assuming we're not in a bubble, just more news that makes me feel like moving next year may indeed be the right plan for me. If there was any doubt that Seattle is no longer much of a bargain/is becoming a city mainly for the IT elite, this should put those doubts to rest.

Vancouver's foreign buyers tax has probably pushed some would-be buyers south, but it's up for study/debate on just how much it's effecting the market, as opposed to Amazon/IT industry growth and lack of housing supply.

[tickyul]

Crazy......Seattle is a very beautiful and desireable place to live.

I predict housing-price going up and up and up........a brief and minor pause/correction, then back up and up and up.

[Ruth4Truth]

Originally Posted by Flightoficarus87

Vancouver's foreign buyers tax has probably pushed some would-be buyers south, but it's up for study/debate on just how much it's effecting the market, as opposed to Amazon/IT industry growth and lack of housing supply.

That sounds like a study worth doing. And Seattle should consider a similar tax as Vancouver, before it's too late.

[tommy64]

I don't see it as a problem. It's an asset that is gaining value.

I sure wouldn't curse if my stock holdings went up.

[xPlorer48]

Originally Posted by Ruth4Truth

That sounds like a study worth doing. And Seattle should consider a similar tax as Vancouver, before it's too late.

I agree R4T. They are pushing up prices where I live in Bellingham. However, Bellingham is still a bargain at $400k median price. There just aren't any jobs scepter in the service sector or if you are an entrepreneur or professional. We could not afford to buy our home today that we purchased 35 years ago. Houses in our neighborhood have sold for $1.3 million. No one I know

[Ruth4Truth]

Originally Posted by clikrf8

I agree R4T. They are pushing up prices where I live in Bellingham. However, Bellingham is still a bargain at $400k median price. There just aren't any jobs scepter in the service sector or if you are an entrepreneur or professional. We could not afford to buy our home today that we purchased 35 years ago. Houses in our neighborhood have sold for $1.3 million. No one I know

This is the problem. Rents in Bellingham already are pushing the limit of affordability for the average worker, like an office worker at WWU or for the city admin, and the like. Where will those people live if it becomes a runaway market due to foreign investment?