Posted on May 15, 2014
In the first quarter of 2014, the average price of single family homes sold in King and Snohomish counties increased between 2 and 27 percent from a year ago, depending on the area. (see attachment)
While average 12-month price appreciation in King County slowed to 11 percent at the end of March - from almost 15 percent a year ago - some lower priced areas have seen average prices jump more than 20 percent annually. They include affordable suburbs like Shoreline, Federal Way, Maple Valley and Burien.
For many neighborhoods devastated by an epidemic of foreclosures, the rebound in prices is long overdue. These lower priced areas though, while seeing the strongest upsurge in prices, have a long way to go to reach their previous peak during the housing bubble. For example, the median price of homes sold in the first quarter in Kent, Burien and Enumclaw was still about 30 percent below its peak during the bubble years; Skyway's median price is still almost 40 percent below its peak.
A few of the higher priced areas though have broken through. At the end of last year, Central Seattle - which includes Capitol Hill and Eastlake - was the first area in King County to surpass its peak during the housing bubble. Three more higher priced areas (Queen Anne / Magnolia, Redmond / Carnation and Ballard / Green Lake / Phinney) appear to be on track to equal or surpass their previous peaks this year if present price trends continue.
(Courtesy: The Seattle Times - May 3, 2014)