Looking at median home prices in King County, WA, since 2007
The red bars in the chart above indicate the percentage change from 2007 to 2010 in the median price in King County, which covers Seattle, Bellevue, Redmond, Issaquah, Renton and parts of Bothell. While not as bad as many parts of the country, still the change is dramatic. The biggest drop was in August 2010 of over 20%.
However, looking at the more immediate, and perhaps the more relevant, blue bars one might feel a bit more optimistic. The blue graphing represents the difference between the median home price from last year to this year.
That median price has bounced below and above the change line for all of 2010… giving up in one month what it gained in another. In fact, the year-to-date median price for this year is $379,000… for 2009 it was $380,000. Or, basically no significant difference between the 2009-2010 median home prices.
So, are we finally leveling out?! Have we finally gravitated toward some stabilization for home values in the Seattle-Bellevue area?