5 Year History of Issaquah Home prices

This is the first in a series of postings on the history and current status of the Issaquah housing and real estate market in Issaquah, Washington.

PART I : REAL ESTATE and HOUSING PRICES IN ISSAQUAH

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 single family is the top orange line while the black line is for condos/townhomes. Note that the information was not available for pricing on condos/townhomes prior to 2008.Issaquah Real Estate Prices 5 Year History of Issaquah Home prices

Single family home prices  in Issaquah reached a median price of about $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 story is somewhat different for Condo and townhome 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 greater percentage decrease than for single family homes.

It does appear, however, that condo and townhome prices run about 6 to 12 months behind those of single family homes. Additionally, it is possible that the market for condos and townhomes was a little more "heated" during the housing boom than the single family market. This was probably due to the lower lower median pricing of condos and townhomes in the Issaquah real estate market. Assuming the median home prices for single family homes has bottomed-out in early 2011, one could assume that the prices for condos and townhomes have also reached their low or will soon bottom out later this year or in early 2012.

Part II of series will discuss the inventory of single family homes and condo/townhomes in the Issaquah real estate market and how it relates to the pricing of real estate.

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(*) The graph and data for the graph is the property of Altos Research LLC. For additional information regarding Altos, please refer to their website. The statistical information used here is for current and future trend analysis only and may not agree with other statistical data from other sources.

About

Danny Evatt, REALTOR® is a Real Estate Agent with Coldwell Banker Danforth, serving the communities of Issaquah, Sammamish, Snoqualmie, North Bend & Fall City.

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