Zillow.com released it's findings for the 2nd Quarter of 2008 for select markets around the country.
Seattle, as usual, fared better than most of the markets around the country, but the trend is definitely a down one.
According to Zillow, King County Overall had a 6.7% drop in home values
over the same quarter last year and 1.4 percent drop from last
quarter:
| Region Name | Home Type | Zindex | Quarter-Over-Quarter Change (Pct) | Year-Over-Year Change (Pct) | 5-Year Annualized Change (Pct) | 10-Year Annualized Change (Pct) |
| King County (Seattle) |
All Homes | $413,690 | -1.4% | -6.7% | 8.5% | 7.5% |
| King County (Seattle) | Single Family | $439,124 | -1.6% | -6.6% | 8.5% | 7.6% |
| King County (Seattle) | Condo/Coop | $292,700 | 0.8% | -4.2% | 10.0% | 8.4% |
| King County (Seattle) | Bottom Tier | $255,968 | -1.0% | -8.2% | 8.3% | 7.6% |
| King County (Seattle) | Middle Tier | $362,560 | -1.0% | -7.4% | 7.7% | 7.2% |
| King County (Seattle) | Top Tier | $595,702 | -2.0% | -6.5% | 8.4% | 7.3% |
All in all, not so bad, especially when you compare it to the numbers from my former hometown of Sacramento, CA:
Yikes! They had a 25.9% decrease in overall home prices over last year, and a 7.4% decrease over the first quarter of the year. Their median home prices are now back where they were in 2003(!)
Just another reason in a long list of them to live in the Great Northwest.
Even more locally, here in Lake Forest Park, we virtually mirrored greater King County with values dropping 7.9% year over year and 2.3% below last quarter.
The two areas that fared the best were Medina and Clyde Hill, where there were actually gains in value year over year of 14.1% and 2.8%.
So, we are feeling the pain here in the Puget Sound, but like everything else, it is all relative.
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