’cause they show you the last sales date and price of any house you are looking for. What do I see? That about 3/4 of the houses coming on the market in central Seattle over $600,000 were purchased within the last 24 months and have been marked up 30%-50% over their last sales price. Now I didn’t do any formal research on this. It is based on me picking a couple dozen houses for sale off the website, but I did cover Magnolia to View Ridge, Queen Anne to Northgate.
What does that mean? Well, I guess it depends. Does it mean that the market is constricting? That non-flipper-scum can no longer afford a new house so they are staying put? Does it mean that the increases in Seattle home prices are being driven by investors and not real people? Does it mean that the Seattle housing market is as strong as ever? I have no idea, but I think it is more the former than the latter given the housing market in the rest of the country.
It’d be nice to see some of the “real” media locally spend some time to actually evaluate the data; rather than jumping on the newest announcements and trying to correlate them against nothing else. Otherwise, they’re just blogging AP wire stories and not doing their jobs as journalists.