ISSAQUAH HOME PRICES APPEAR TO BE STABILIZING
Good news! It appears that Issaquah real estate and home prices are beginning to stabilize. And even better news, August now ranks as this year’s best month for both pending and closed sales around Washington state, according to the NWMLS. Also in August, pending home sales were up 66.25 percent compared to August of 2010.
The graph below (*) shows the median price for both a single family home and condo/townhouse in Issaquah from the middle of 2006 to July 2011. The orange line represents single-family homes, while the black line is for condos/townhomes. Note that the information was not available for pricing on condos/townhomes prior to 2008.
Issaquah Home Price Trends
Single family home prices in Issaquah reached a median price of approximately $725,000 in mid 2007 and stayed in a somewhat narrow range until the first of 2009. The median price then decreased to a low of about $510,000 in early to mid 2011, but has now increased slightly, to approximately $525,000.
Though the percentage decrease from the highest to lowest was about 30%, prices are now up about 3% from the lows. More importantly however, median price decreases for single family homes in Issaquah appear to have now leveled off and are now beginning to slightly increase.
The picture is different for Condo and town-home prices. They reached a median price of about $340,000 at the end of 2007 and stayed in a somewhat narrow range until the middle of 2009. The median price then decreased to a low of about $205,000 where it generally remains. The percentage decrease from the highest median price to the lowest was about 40%, a significantly greater percentage decrease than for single family homes.
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(*) The graph is courtesy of Altos Research LLC.
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