Last week, S&P Case-Shiller released the latest Home Price Index and shortly after, the Seattle Times proclaimed the rapid decline of residential home prices in the Seattle metropolitan region. Contrary to headlines, however, the trendlines paint a much more nuanced picture. To be sure, Seattle was still named among the top three fastest growing regions on the Index, reporting an 8.4 percent year-over-year gain in home prices.
The official report from Case Shiller noted that “Seattle, Las Vegas, and San Francisco reported the highest year-over-year gains among the 20 cities. In November, Seattle led the way with a 12.7% year-over-year price increase, followed by Las Vegas with a 10.6% increase, and San Francisco with a 9.1% increase.”
Examining the S&P Case-Shiller National Home Price Index, the home prices in the Seattle Region have risen by 11 percent between September 2015 and 2015, surpassing Portland which has had a 10.9 percent increase during this time period. Here is what you need to know about the causes and effects of Seattle’s booming housing market.
The Burrard Group, a Vancouver, BC–based real estate development firm provided a first glimpse of downtown Seattle’s next generation condominium tower called NEXUS, and plans to offer unit reservations in May 2016, presales in Fall and break ground by late 2016 for first occupancy in 2019.
In a recent Puget Sound Business Journal article, Emily Parkhurst declares that “This is the best time to list your house for sale in Seattle.” The dates she’s referring to? The first couple of weeks in May.
As yet another acknowledgement that the Seattle metro area has joined the league of global cities attracting Asian investment, immigration and homeownership, Palace Magazine recently published a special report on American cities that included the Emerald City with significant contributions by Realogics Sotheby’s International Realty.