For the 19 counties in the Northwest MLS service area, the median price for single family homes and condominiums that sold and closed last month was $275,945, down about 8.8% from last years sales price of $302,500. Since January, however, prices area-wide have edged up about 1.1%, with seven of the 19 counties notching increases.

 

This Forbes magazine article is predicting Seattle, San Francisco, San Diego and San Jose to see the highest percentage increases in home prices over the next five years, with Seattle seeing appreciation of over 30%.

 

King County's median household income in 2008 was $68,832, according to estimates by the state's Office of Financial Management. At that income level, buyers had easy accessibility to six geographic areas whose median home prices were between $248,450 and $290,500, a Seattle Times home-price analysis showed. But in 2007, when the market was sizzling, only one area — Auburn, where the median price was $266,750 that year — was considered affordable.

 

Year to date in King County, over 580 single family houses have sold for under $199,000! In all of 2007, only 108 houses in King County sold for less than $199,000. The selection is still out there as well, with over 270 homes currently for sale under the $200,000 mark.