April is way up! From November of 2008 through March the median priced home in Central Seattle has been sliding downward with a low of $480,000. It appears April has turned the corner with the median priced home selling for $563,750.
Keep in mind, generally May is the peak and January is the valley of any given year. So prices should continue to rise through the summer and then begin to fall in the winter.
Sales Value Line-Chart
Tightened restrictions for Jumbo Loans continue to drag down the median price. Bank of America is entering this segment with a new program. With luck it will drive down the costs of these mortgages. For more information read this article from the Seattle Times.
The volume of homes sold continues to rise. Approximately 38 homes sold in April and 61 are pending.
Sales Volume Line-Chart