Single Family house prices rose 15.9% in King County last year

By
Real Estate Agent with Better Properties Kent

According to a Seattle Times analysis published in May of 2007, single family house prices rose 15.9% in King County between 2005 and 2006. Every neighborhood saw prices increase, most by more than 10 percent. The median price for a single-family home was just over $420,000. The Renton Highlands saw the highest rate of appreciation in all of King County growing at a rate of 26.1%.

 

Elsewhere, the median price of single-family homes in Snohomish County was $375,808 last month, up 8.9 percent compared with the previous May. Its median condo price was $239,950, up 18 percent.

 

Pierce County's median single-family price was $284,950 a 7.5 percent increase. Its condo median was $226,490, up 7.3 percent.

 

Neighborhood Breakdown:

 

Renton Highlands:

Median Price: $369,950

Median Price per Square Foot: $213

Sales in 2006: 480

Average Price Gain from 2005 to 2006: 26.1% HIGHEST IN ALL OF KING COUNTY!

Average Annual 3 Year Gain: 13.6%

Average Annual 5 Year Gain: 10.6%

 

Newport Shores / Kennydale

Median Price: $739,990

Median Price per Square Foot: $304

Sales in 2006: 55

Average Price Gain from 2005 to 2006: 35.9%

Average Annual 3 Year Gain: 19.5%

Average Annual 5 Year Gain: 11.0%

 

Newcastle:

Median Price: $579,050

Median Price per Square Foot: $246

Sales in 2006: 336

Average Price Gain from 2005 to 2006: 15.5%

Average Annual 3 Year Gain: 13.7%

Average Annual 5 Year Gain: 9.2%

 

Eastgate Factoria

Median Price: $633,000

Median Price per Square Foot: $259

Sales in 2006: 337

Average Price Gain from 2005 to 2006: 13.6%

Average Annual 3 Year Gain: 14.3%

Average Annual 5 Year Gain: 9.3%

 

East Renton / Maplewood

Median Price: $428,725

Median Price per Square Foot: $202

Sales in 2006: 626

Average Price Gain from 2005 to 2006: 14.3%

Average Annual 3 Year Gain: 13.8%

Average Annual 5 Year Gain: 9.3%

 

According to an article published in the Seattle Times on June 7th, The National Association of REALTORS predicts that housing prices in King County will continue to rise but they will do so at a rate slower than what we saw in 2006. The estimated rate of increase is probably going to be about 5 percent this year.

 

King County's condominium market, which accounts for 28 percent of all home sales, is looking particularly stable.

 

Last month, pending condo sales were off 1.8 percent, compared with houses, which were off 9.5 percent.

 

Condo prices also outperformed house prices in King County, rising 17.6 percent, compared with houses' 9.6 percent.

 

Best Regards,

 

David Edwards

REALTOR®

Keller Williams Realty Southeast Sound

425-890-8045

E-Mail: david@davidjedwards.com

Website: http://www.davidjedwards.com/

Blogsite: http://www.davidjedwards.com/renton-info-blog.asp

 

David J Edwards is a full time real estate agent and REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle Washington.

 

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