2009 Real Estate Guide
real estate
Home price trends in Seattle

City-by-city price comps
Home prices are 35 percent above equilibrium, according to Local Market Monitor. Sales are down 40 percent year-over-year, according to John Burns Real Estate Consulting. Although prices and construction levels are declining, it still is one of the less-affordable markets in the United States, and the firm expects that price declines will improve affordability. It posted a 40-percent drop in building permits from December 2007 to December 2008.
Median price end of 2008:$325,900
Median price end of 2007:$377,500
Percent change:-13.7%
Projected change through Q3 2009:-9.1%
Affordability rating:5.1
Foreclosures in 2008:
(1 for every 116 households)
Foreclosures in 2007:
(1 for every 211 households)
Change in foreclosures:84.2%
Expected to hit bottom:Q4 2009
Percent drop needed to reach bottom:-17.5%
Current rate comparison
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Price trends
Q1 2008 national median price: $196,100
Q2 2008 national median price: $206,400
Q3 2008 national median price: $200,400
Q4 2008 national median price: $180,100
Q1 2008 local median price: $372,300
Q2 2008 local median price: $380,500
Q3 2008 local median price: $350,000
Q4 2008 local median price: $325,900

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