We continue our look into local real estate markets with large gay and lesbian communities. Today, Seattle – home to Capitol Hill, a thriving leather scene, and a burgeoning lesbian community, too! HereÃ¢â‚¬â„¢s a sampling of whatÃ¢â‚¬â„¢s going on in the Seattle real estate market at the moment:
U.S. home prices edge up in July, but will take hit next year in many markets (Seattle Times): Don’t take the latest snapshot of U.S. home prices too seriously. The Standard & Poor’s/Case-Shiller 20-city index released Tuesday ticked up 0.6 percent in July from June. Seattle was among 12 major metropolitan areas where prices rose, if only by 0.1 percent. But the overall national gain is merely temporary, analysts say. They see home values taking a dive in many major markets well into next year.
97-year-old Realtor: Housing market prosperous compared to depression (MyNorthwest): You think we’ve been through a rough housing market recently? You should have seen Seattle’s real estate market during the Great Depression, says George Johnson. “The housing market today is prospering compared to back then,” Johnson says. The 97-year-old has been selling real estate in Seattle since 1936, through every bust and boom, a career spanning more than 70 years.
Target to open first small urban store in Seattle (AP): Target Corp. plans to open its first store in a new, smaller format in Seattle in 2012, with plans to expand to 10 other markets in such cities as San Francisco and Baltimore in the next few years. “We’ve never been a cookieÃ¢â‚¬â€œcutter retailer, but we are increasingly realizing that one size doesn’t fit all,” said John Griffith, executive vice president of property management at Target.
Condo Market in August: Sales Drop 13%, Prices Flat (Seattle PI): Redfin recently released data on what happened with the Seattle Area market this August showing that for the city of Seattle the median condo price stayed the same at $290,000 from July to August. Median price was also flat year-over-year. It is surprising that median price has been flat as sales were down 13% to 147 sales. This marks the third month of huge declines in sales volume; July sales dropped 30%, June sales dropped 18.2%.