Home prices in King County continue upward trend

By Elizabeth Rhodes
Seattle Times Business Reporter
May 5, 2008

With the release today of April home sales statistics, King County's single-family home prices now have climbed three months in a row — but still are significantly below a year ago.

Last month's median house price was $448,500, the Northwest Multiple Listing Service reports. That's almost $19,000 above February and about $10,000 higher than March. But it still falls 3.6 percent short of the previous April's $465,000.

The past year's high point was July when the median price hit $481,000. (Median is the midpoint; half the properties sell for more, half for less.)

Still, the countywide trend is upward, a common price movement in springtime when owners buff up their homes for sale and buyers appear.

A total of 2,419 King County houses and condos were sold last month, up slightly from March, but down 33.2 percent from April of last year.

The number of properties for sale continues to be high. In April 2007, there were 9,870 for sale throughout the county. This April saw 56 percent more, with 15,359 properties on the market.

Within Seattle, house prices dipped last month to $440,000 after two months at $450,000. However, that's based on a relatively small number of sales — 516, about a third of the county's total.

The median price of single-family houses in Snohomish County was $349,950 last month; in Pierce, $270,000; and in Kitsap, $272,276.

Houses were selling briskly, according to a Windermere analysis, which found that a little less than half of in-city houses sold within a 30 days. A quarter more within two months.

Meanwhile, after climbing for three consecutive months, prices of King County condominiums retreated from $294,400 in March to $282,000 last month. That's 4.4 percent below the April 2007 median of $295,000.

Within the four-county central Puget Sound region — King, Snohomish, Pierce and Kitsap counties — prices have fluctuated little since August, when they began slipping during the subprime mortgage meltdown, the MLS reported.

On a year-over-year basis, however, house and condo prices fell in all four counties. House prices fell 3.6 percent in King and Pierce counties, 4.3 percent in Kitsap, and 6.7 percent in Snohomish County.