Monday, March 06, 2006

Residential Market Report I
King County
February 2005 and February 2006
The Seattle Real estate Blog IV

I spent some time today reviewing recent
King County figures for residential real estate sales. The month of February saw very little change in sales volume when compared to last year, and prices continue to appreciate. This is good news for homeowners and investors who want to sell homes this year, but the market is becoming increasingly exclusive and first-time homebuyers are being pushed farther out of Seattle's core urban neighborhoods.

In February 2006, 2,281 existing houses and condominiums sold with a median price of $344,950 and an average price of $412,324.

February 2005 saw 2,287 existing houses and condominiums sell with a median price of $309,950 and an average price of $381,595.

February's appreciation rates for residential real estate in King County remain strong. The average price of existing homes increased by $30,729, or 8.05%. The median price increased by $35,000, which translates into a hefty 11.29%.

It's true that Seattle and King County's real estate market is cooling a bit, but we continue to see healthy growth in the value of our homes. The period of the most rapid growth in the value of our residential real estate is past, and that means that this is an excellent time to sell and move up to your next home. And if you're interested in buying a second home in the city, investing in residential real estate or becoming a first-time homebuyer, the continuing growth of home values means you can afford a more desirable home now than you will be able to later in the year.

In upcoming posts I'll include graphical analysis of home values in Seattle and greater King County, along with more information about new construction and individual Seattle neighborhoods. If there's any specific information you would like to see here, please post a comment to this blog or drop me a line at christopherb@johnlscott.com.

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