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Prices Still Lower Than 2011

Prices Still Lower Than 2011

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Deals Still to Be Had

Lately the Divas have been feeling like every house is a cat fight to get an offer accepted. My natural assumption is that we have way outpaced home prices from 2011 and are on the fast track to a full housing recovery. But the April results were released this week from our good friends at Rainier Title. Opening up the report I thought for sure we would see 25% price increases from this time of 2011. Guess what? You might be in a multiple offer but you are still paying less than you would have paid in 2011. The only exception being in the lower priced homes and surprisingly condos.

Let’s take a hard look at the numbers via our favorite zip codes Capitol Hill (98102), Columbia City (98118) and Phinney Ridge (98103). The interesting point is that many of our favorite hoods have still seen a price increase from the beginning of this year. The cat fight is still worth it cause you are still paying less than 2011!

Single Family Homes 2011 vs 2012 Medium Prices
Capitol Hill (98102) -  $744,500 (2011) vs  $657,750 (2012) with a 3% price increase since the first of the year
Phinney Ridge (98103) – $492,500 vs 443,500 with 2$ price increase since the first of the year.
Columbia City (98118) – $236,500 vs 230,000 with a negative 9% price since the beginning of the year (lots of short sales in this hood).

Capitol Hill Condos 2011 vs 2012
Capitol Hill has seen a huge hump in condo prices from 2011 to 2012. April of 2011 you would have paid $365,000 now expect to pay at $440,000 for the same condo. Check out the 21% condo price increase from 2011 to 2012. We knew it was hot out there we just had no idea.

Check out your neighborhood>

King County Reports for Single Family Homes / April 2012

King County Reports for Condo Homes / April 2012

 

Chavi Hohm

Chavi Hohm

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