Sunny Days Ahead for Seattle Home Prices
Pleasing news from the most recent NWMLS press release. Pending sales, closed sales and prices all increased in August compared to August 2011. Here are some fun statistics:
- Area-wide (areas represented by NWMLS – much of WA) the median price on last month’s closed sales rose more than 5.9% to $250,000.
- King County has a new (single family) median price of $378,000, up 8%
- Snohomish was up a bit more at 8.83% to a new median of $269,850
- Condos usually lag behind. King County median price did increase .91% For City of Seattle the change was 1.64% to median $249,950.
- City of Seattle the single family total median increase was 8.36% to $411,750.
I might note for all my West Seattle friends that your area was leading with the highest median price increase of 22.43%! Also, one of the hottest areas according to the buyer traffic I see there is Beacon Hill/SODO/Georgetown area, up 16.60%
Of course, these are just numbers comparing two of the same months from two consecutive years. There could have been a bunch of high-end properties closing in August this year, skewing the numbers. I am having fun with this though… and it is no doubt I have seen more buyer activity in West Seattle and Beacon Hill, so I am going to spend some time looking at the stats for the next several months.
Yeah, statistics are funny… looking at condos for West Seattle and Beacon Hill you will find both down 24%. And Capitol Hill area is up 42%. Wow! Take it with a grain of salt!
‘Eastsiders! ’ Your median price for single family homes is up 2.19% to $517,000 with:
- Ouch for Mercer Island down 11.24% to $825,000
- Good gains in Kirkland area up 15.22% to $397,500,
- and for Redmond area 18.44% to $530,000