Monday, July 07, 2008

Home Values in North and Central Seattle

North Seattle has rebounded from the low in January. Home values began to drop from their peak in October 2007 with the median priced home selling for $511,000. By January the median was down to $444,000. The median has worked its way back up and by May reached $512,475, but June dipped to $494,250. I expect home values to improve in July. In the past the number of homes sold each month typically peaked in May,but this year the peak will be delayed to July or August.

Central Seattle continues to not fair as well. October of last year was also the peak. The median priced home at that time was $671,000. Since then home prices have slowly declined to $585,000 in April. May showed a slight increase to $588,000 and June continues that rise to $611.750. In July I expect home values and volumes in central Seattle to continue to see a slight improvement.

Below are graphs that track home values and sales volumes of single family homes in Central and North Seattle from January 2006 to present.

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