The median price for residential homes in King County continues to hold steady! In spite of “supply vs. demand” that favors a buyer in most areas and price ranges, the median price has shown modest gains this year. Here is a break down month by month:
|
Month |
2008 – Year to date |
2007 – Year to date |
|
|
|
|
|
January |
$435,000 |
$429,495 |
|
February |
$430,000 |
$429,925 |
|
March |
$435,000 |
$439,900 |
|
April |
$439,000 |
$448,555 |
|
May |
$439,183 |
$450,000 |
This chart clearly shows we have lost some of the appreciation gained in 2007, which ended with a YTD (year to date) median price of $455,000. However the prices have not continued to drop in 2008, in fact they show a gain of almost one percent.
A one percent gain does not sound amazing when you look at the double digit gains we had in 2004 to 2006! But, it is very impressive when you consider the supply vs. demand ratio we have had for the last 8 months. This ratio has averaged 7 months of inventory for the last eight months with little movement in either direction. At these levels… the buyer is favored in negotiations, but the median prices are holding steady. It is notable… the buyer is likely getting a larger home for their dollar this year as compared to last. Unfortunately, the MLS does not track price per square foot in its statistics, but the CMA’s (comparable market analysis) I have done this year would validate this point.
So does this mean the King County real estate market has reached its’ bottom? I am not that bold to make such a proclamation! However, I can confidently say that the sky is not falling as some would have you believe.
There is an old saying… “You will know when the bottom has come when it has passed”. This is very true and if buyers are sitting on the sidelines waiting for the bottom to come (and go) they may not have much longer to wait.
Note: The numbers above are represent all of King County. Each area and price range is at a different level of activity. If you would like to know how things are going in your specific area, I welcome you to contact me.
Posted By:
Tony Meier
Eastside and Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle's Eastside Real Estate Resource
tony@staging.eastsidehomes.com
