The NWMLS just released the January 2008 statistics. King County was just a smidge up over January 2007.
There has been much made of the recent slow down in the Seattle market. Much of it is based in the sensationalism stirred up by the media.
The problem is two-fold:
1. Many of the stories you read about online or in the paper are based on what is happening in general across the nation and don’t necessarily reflect what is happening in local markets.
2. Many times the statistics that are sited to prove a point are based on a very narrow window of time. For example, if prices dip between November and December of certain year it doesn’t mean that the sky is falling. If you saw prices increase over a 6 month period then you have a trend.
To give a little context here is how January has faired from 2003 tru 2008:
statistics courtesy of NWMLS
To give further perspective, the average price for a home in King County has risen 53.2% since 2003, the median rose even higher at 55.9%.
From January 2005 to present King County has seen an increase of 34.8% in average price and 31.8% in median price.
Those are pretty staggering numbers!!
That means, generally speaking, if you’ve owned your home for 2 years or more you probably have realized some decent appreciation.
So try to keep that in mind the next time you see a head line that says “Home Prices fall again!”