Seattle Median Real Estate Prices Up 11%, But Overall Market More Mixed

Seattle Real EstateAdding to the recent stellar news regarding Seattle’s real estate market, this month’s stats show another big median price increase compared to last year, and a continuing surge of home sales. The median home price in Seattle rose 11.1 percent year-over-year in June, to $425,000. Sales, at the same time, were up 13.2 percent compared to June of 2011.

Attention should be paid to the median price statistic, but this stat has to be taken with a grain of salt. Your home’s value did not increase by 11.1% in the past year if you live in Seattle. I emphasize this point, because it’s easy to take any metric and broadly apply it without a lot of analysis.

Median home price increases certainly signal some gains in the value of an overall market but, in a recovery phase, they also have much to do with the category of homes being purchased. To put it simply, people buy smaller, cheaper, less-risky homes in a downturn. This pushes the median home price lower, not just because values are decreasing, but also because the “average home” being sold is just smaller.

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