Did anyone read the article from the Seattle Times on April 6 “King County home prices plunge 10% as Northwest housing markets shift”? I think this is a good example of “if it bleeds, it leads!”. First of all, prices haven’t “plunged”! Throughout the region, prices peaked in April and May of 2022 then came down as interest rates went up. Some month-over-month declines were sharper than others. But in general, our current prices are in line with where prices were at the beginning of 2022 before the sharp increases. Because of super low inventory levels, prices shot up in the first quarter of 2022. Basically, we’ve given back the appreciation gained in the first quarter of 2022.
Below are graphs for both King County and NW Seattle from Dec 2021 to Mar 2023. The first graph is the average sold price per sq/ft and the second is the average median price. The overall shape of the graph, rising first quarter and peaking sometime between April and June, and then declining the rest of the year is our normal market.
As always, if you have any questions on what is happening to your home value, please reach out to us!
KING COUNTY AVERAGE PRICE PER SQ/FT
KING COUNTY AVERAGE MEDIAN PRICE
NW SEATTLE AVERAGE PRICE PER SQ/FT
NW SEATTLE AVERAGE PRICE PER SQ/FT
-Steve & Sandra
𝐴𝑛𝑑 𝑎𝑠 𝑎𝑙𝑤𝑎𝑦𝑠, 𝑖𝑓 𝑦𝑜𝑢 ℎ𝑎𝑣𝑒 𝑎𝑛𝑦 𝑎𝑑𝑑𝑖𝑡𝑖𝑜𝑛𝑎𝑙 𝑟𝑒𝑎𝑙 𝑒𝑠𝑡𝑎𝑡𝑒 𝑞𝑢𝑒𝑠𝑡𝑖𝑜𝑛𝑠, 𝑓𝑒𝑒𝑙 𝑓𝑟𝑒𝑒 𝑡𝑜 𝑐𝑎𝑙𝑙/𝑡𝑒𝑥𝑡 𝑢𝑠 𝑎𝑛𝑦 𝑡𝑖𝑚𝑒! 𝑊𝑒’𝑟𝑒 𝑎𝑙𝑤𝑎𝑦𝑠 ℎ𝑒𝑟𝑒 𝑡𝑜 ℎ𝑒𝑙𝑝!
Brenner | Hill Real Estate
Steve 📲 (c) 206-769-9577 📧stevehill@windermere.com
Sandra 📲 (c) 206-271-7100 📧sbrenner@windermere.com
🔗 Brennerhill.com
Windermere Real Estate /FN
12250 Greenwood Ave N
Seattle, WA 98133
