Home Values in North and Central Seattle

Home values in north Seattle dropped from their peak in October 2007 with the median priced home selling for $511,000. By January the median was down to $444,000. Between January and May it worked its way back up to $512,475 and since then has dropped down to $485,938. Sales volume likely peaked in July. The number of pending sales is heading downward. In August I expect values and volumes to be down slightly from July.

October of last year was also the peak for central Seattle. The median priced home at that time was $671,000. Since then home prices have slowly declined to $585,000 in April. In June it was up to $611.750, but July dipped to $584,296. Sales volume looks to be slowly declining. The rest of the year may be bumpy.

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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.

Home Values in Central and North 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. In May the value shot back up to $512,000 and volumes rose as well. I expect home values to dip but volumes in north Seattle to plateau in June.

Central Seattle is not fairing 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 shows a slight increase to $588,000. In June 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.

Home Values in North and Central Seattle

I've been looking over the sales history of single family homes located in Seattle's central (S. of the ship canal & N. of I90) and north (N. of ship canal) neighborhoods. From the statistics I've created the following graphs.

For north Seattle, 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. There was a move upward in February to $477,000, but the median settled down to $450,000 in April. Currently, the volume of homes sold and pending is on the rise with the warming of spring. I expect home values in north Seattle to improve in the coming month.

Central Seattle is not fairing 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. With the coming of summer I expect home values in central Seattle to flatten out and potentially improve in the coming months.

Mortgage interest rates may be playing a large role in the difference in statistics between north and central Seattle's market. Low interest rates for conforming loans may be helping north Seattle. While jumbo rates which are about 2 points higher continue to be a drag on central Seattle.