Washing ton State Housing Market Trends: Will Home Property Values Increase in 2012?
Since the housing market began to crash in 2006, property values across the country have been volatile and unpredictable. When examined at the state level, most of the 50 U.S. states have yet to fully recover from the housing market bubble that led to an economic crisis. The Washington State housing market is one of the few that has managed to recover some of its strength and home property values have been steadily increasing towards normalcy.
The peak Washington State housing market values occurred in the second quarter of 2007 and have been struggling to recover since then. In the table below, you can see the annual value of homes for each year during this recovery:
Even though the home property values have not increased to where they were during the peak in 2007, you can see that the market values are steadily increasing for overall sales in Washington State. If we look at a graph of the % increase year over year, you can more easily see that home property values are slowly on the rise:
Will the home property values increase in 2012? – It’s possible that they will, however it may depend on where your home is located in Washington. If we focus on specific areas in the different Seattle neighborhoods we might get a better picture. Below are the median listing prices for four of Seattle’s more popular neighborhoods (median prices reflect homes placed on the market in the last eight months)
- Seattle – Capitol Hill median listing price: $403,500
- Seattle – Ballard/Fremont median listing price: $359,500
- Seattle – Columbia/Rainier Valley median listing price: $235,000
- Seattle – Queen Anne/Lake Union median listing price: $387,950
If you own a home in Seattle, then chances are good that your property value will increase in 2012 as trends have been increasing over the years. Depending on when you bought the property it may or may not be worth more than its purchase price; however, year over year trends for the Washington State housing market suggest that property values are steadily increasing. Though the housing market in Washington is not fully recovered the state seems to be doing better than other housing markets in the United States and we hope it will continue to do so.
If you are a Washington State first time home buyer, then it will be important for you to research the past market trends for neighborhoods you are interested in. Give yourself plenty of time to find the perfect home for you and your family, along with the best interest rates on your home mortgage Washington State brokers can offer.