The Seattle Times was out with a recap of 2010 a couple days ago. The headline was that prices have rolled back to 2005 and indeed they have. However, they failed to mention that median prices have basically been stable for some time now. Let’s take a look at the median prices for single family homes in King County:
2010: $375,000 (NWMLS press release 1/21/11)
2009: $380,000 (NWMLS press release 1/26/10)
2008: $429,950 (NWMLS press release 1/22/09)
2007: $455,000 (NWMLS press release 1/22/08)
The big hit to prices started in the last half of 2007 and closing out 2009. Certainly a painful time for homeowners. However, from 2009 thru 2010, the median price only went down 1.4%. When you’re talking $375,000 houses a difference of $5,000 is hardly a doomsday scenario.
I’m not a market cheerleader. The market is what it is and nothing I say affects it one way or the other. I’m simply wondering out loud if two years of little change in price can now be considered stable. Other counties in Washington have taken bigger hits than King. I think these numbers are very relevant because King County accounts for approximately 40% of all sales in the 21 Washington counties in our MLS system.
I’m required to disclose that Statistics are not compiled, verified or posted by The Northwest Multiple Listing Service