The median priced home value in central Seattle Washington has been somewhat flat since March of 2008. Hovering above or below $600,000. However in January it dropped substantial. It moved from $647,50 in December to $518,250 and February continued that trend with a median home price of $501.750.
So far 2009 is not looking good for home sale values in central Seattle. One reason may be due to the tightened restrictions for Jumbo Loans. There are fewer and fewer buyers who are willing to put 20% or more down given the current economy.
This effects sales of homes priced towards $1 million or more. That market has slowed to a crawl, which is pushing down the median value as a whole. Until the upper end of the market rebounds I expect home values to continue to be in the lower to mid $500,000's. Sales Value Line-Chart
Since September of 2008 the sales volume has dropped dramatically. There were just under 50 homes sold in September, and in February there were just under 18. However pending homes sale volumes are up. I expect that number to improve through June. Sales Volume Line-Chart
Buyers keep in mind there are many great buying opportunities with this market. Today Sellers are motivated and interest rates are low. We may be looking back at this winter as one of the best Buyer's markets we've seen for quite a while.