Seattle Residential real-estate market makes recovery | Chappaqua Real Estate

After a bumpy 2011 and a slow-starting 2012, there is no disputing the residential real-estate market this year has pulled out of the depths of the mortgage crisis.

For the last 18 months, the median home price in King County has gone up each month when compared to the same month a year ago. Since January, the median price also has gone up each month from the previous month. Median means half the homes sold for more, half for less.

The high-water mark was set in July 2007, when the median price of a single-family home in King County was $481,000.

A closer look at the submarkets in June shows the same basic trend with a few twists.

• Eastside: The most expensive area keeps its title. In the last two years, the median has moved up 16 percent to $591,825 from $510,000 in June 2011. The July 2007 median high was: $628,000.

• Seattle: The median is $458,000, up 19.7 percent from $382,500 in June 2011. The July 2007 median: $499,000.

• North King County: The median is $375,000, up 22.4 percent from $306,250 in June 2011. The July 2007 median: $448,250.

Foreclosures and short sales hit the southern end of the county the hardest. Even so, the prices have increased.

• Southwest King County (Burien, Tukwila, Des Moines, Federal Way, west Kent): The median is $240,000, up 28 percent from $187,500 in June 2011. The July 2007 median: $330,000.

• Southeast King County (Renton, east Kent, Auburn, Maple Valley): The median is $292,100, up 21.7 percent from $239,900 in June 2011. The July 2007 median: $375,000.

If you have been sitting on the sidelines the last two years, you have missed the bottom in terms of prices and interest rates.

Mortgage buyer Freddie Mac reported Thursday the average on the 30-year loan rose to 4.51 percent, a two-year high.

The average on the 15-year fixed mortgage increased to 3.53 percent from 3.39 percent last week. That’s the highest since August 2011.

Just two months ago, the average rate on the 30-year loan was 3.35 percent — barely above the record low of 3.31 percent.

 

Residential real-estate market makes recovery | Business & Technology | The Seattle Times.