Friday, May 20, 2011

King County Home Values

King County home values continue to rise from the low in February of this year. In April the median home value was $349,950 and the average was $437,178, which is an increase of 4.7% and 5.6% from February. However, it is a decrease of 6.7% and 1.5% from April of 2010.

The number of homes that sold plateaued at 1,533, and the number of homes that went pending decreased slightly to 2,318 in April.

Typically May and June are the months that the largest amounts of homes sell. So it is likely that the volume of home sales will continue to rise.

February of 2011 was a new low for home values. Experts say one factor that may have caused this is consumer confidence, which was pushed down by rising oil prices, unrest in the Middle East, the major earth quake in Japan, and the growing inventory of Bank Owned and Short Sale homes.

If you’d like to know more about our local home values and what they means to you, contact me and let’s talk 206-930-8238.

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