Two Charts That Explain the Seattle Real Estate Market
There’s something about putting raw data into a chart form that resonates with me. Maybe it’s just how my mind works. When you put data into a different format, you start to see trajectories, you start to see sequences, and most importantly, you start to see a story formulate.
So, then, what is Seattle’s Real Estate story? Let’s look at some historical data that will shed some light on where we’ve been and where we are now.
Price per Square Foot.
Where we were in April 2014: $215/sq ft
Where we are now in January 2017: $326/sq ft
Just 2.5 years ago, we were $111 per sq foot less expensive than in today’s market.
Let’s do some 2014 math: 2500 sq ft home at $215/sq ft = $537,500.
Let’s do some 2017 math: 2500 sq ft home at $326/sq ft = $815,000.
That’s a $278,000 difference from 2014 to 2017. Let me say that in a different way. In this scenario, it costs $287,000 more to buy the same house in 2017 than in did in 2014. This basic equation shows a very shocking, if not mind-blowing difference in what has happened to the real estate market in Seattle over the past 2.5 years.