The most recent data for home sales in Issaquah points to a market that is on a healthy path to recovery. As sales continue to rise and marketing times shrink, home prices are showing year-over-year appreciation that we haven't seen in over 6 years.
The median price of a house sold in Issaquah in April was $530,000. That number bumped up from March's median of $504,500, a 5 percent increases. We usually see increasing prices as late spring and summer real estate sales pick up, but the long-term trend shows more than just a cyclical gain.
The median price of an Issaquah house just one year ago was $467,500. During the last 12 month period, the local market saw a 13.4 percent gain in median prices, a very healthy year-over-year increase.
This certainly doesn't mean that every home in Issaquah has gained 13 percent in value. Some parts of the market are healthier than others, and there are also shifts in the buying demographic. These statistics only cover single family houses and townhomes, while condos can be a more erratic measure of local values.
There has also been a shift away from distressed properties: foreclosures and short sales. Those sales in past years had been a larger part of the market and their lower price points, though due to inferior quality in many cases, pushed the median price point down in Issaquah.
In other words, while we are definitely seeing values increasing in Issaquah, part of that is due to true real estate appreciation, and part is due to a shift in the structural buying patterns of consumers in the area. As more home buyers at the upper end of the market get back into buying real estate, we'll continue to see strong appreciation numbers like these. The current trend points to a likelihood of Issaquah real estate prices rising throughout 2013.
© SeattleHome.com: - Sam DeBord, Managing Broker, Realtor
Board of Directors, Washington Association of Realtors
Coldwell Banker Seattle: Coldwell Banker Danforth & Associates
Twitter | Facebook | LinkedIn | Google + | Sam (at) SeattleHome.com
Source: NWMLS Stats - The Northwest Multiple Listing Service did not compile or publish this information.
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