By Greg Perry, Kirkland Realtor
Well, the year 2009 has come and gone. The King County and Eastside real estate markets showed improvement in many areas, especially toward the end of the year. The main thing home owners want to know, however, is what happened to our house values?
KING COUNTY
As you can see from the following chart, in Jaunuary, the first month of the year, the median price for King County came in at $393,000 and ended the year at $380,000. A very slight drop overall for the year. However, as you look month to month, you'll see that median pricing by and large was FLAT. No real peaks or valleys -- pretty much flat across the board.
But WAIT! That's not the whole picture. What happens when we look at Price Per Square Foot figures in King County? Here we see that while Median Prices were steady, the Price Per Square Foot prices dropped, meaning that buyers were actually buying more house for the money as the year went on.
Here, you'll see the story behind the numbers:
Eastside Areas 500-600
So let's see what happend in the Eastside areas 500-600. The Eastside medians started the year at $540,000 and ended the year at $530,000. The Eastside median prices were more volatile peaking at $560,000 and going all the way down to $480,000 in October.
The Eastside
Here is the detail behind the Eastside numbers:
As you can see be the chart below, Price Per Square Foot dropped on the Eastside, as well. The year started out with $260.00 per square foot and ended with $224.00 per square foot. When combined with the overall drop in the median price, we see the Eastside actually experienced a greater overall price erosion when compared with the rest of King County.
Overall 2009 was a year that saw stabilization in median prices. For the short term, home loan interest rates remain very low, and both First Time Buyers and Existing Homeowners have tax credits coming when they make a purchase.
CAUTION! Be very careful when looking at these charts with conclusions regarding your property or properties in YOUR neighborhood. Median and price per square foot pricing will vary, depending on the price range and neighborhood. For instance, the Eastside has seen greater price erosion and fewer closings from rural high end properties than the lower tier close-in properties. Inventory is selling briskly in close-in neighborhoods with prices under the $500,000 mark. As inventory absorbs, pressure is exerted on pricing to rise.
If you would like to know what is happening in your neighborhood, give me a call (425.829.7012) or email (gregperry@working-for-you.com) and I'll be happy to help!
