Seattle Home Prices Trend Upward in Latest S&P Case-Shiller Report

Though year-over-year home prices in Seattle for February 2018 grew at a lower rate than the previous year, an upward trend appears to be in motion, as monthly decreases moved from -0.28 percent in January to +0.57 percent in February. This put an end to the series of seven months of decreases, which tied the last run of slower price gains, which lasted August 2011 to February 2012.

As David M. Blitzer, managing director and chairman of the Index Committee noted in a statement, “the three California cities of Los Angeles, San Francisco and San Diego have the three slowest price increases over the last year.” A comparative 12-month growth chart is included below:

Queen Anne/Magnolia

Prices within the top tenth of residential homes (by price point) in Queen Anne and Magnolia rose by increasing amounts in the second and third quarters of 2018, then a declining rate in the fourth quarter of 2018 and first quarter of 2019. Despite growth declines, residential prices at the top of the market are down by just two percent:

Ballard/Green Lake

Price within the top tenth percentile of homes sold in Ballard and Green Lake were up by six percent in the first quarter of 2019, though homes within the 75th percentile and below were slightly lower:.

Central Seattle (Capitol Hill, Madison Park, Denny Blaine)

Prices in Central Seattle never dipped on a quarterly basis and were seven percent higher in the first quarter of 2019. Homes within the lower price brackets sold for slightly less, with homes in the 25th percentile selling for just under ten percent less than previously:

For more details on the February 2019 Case-Shiller Index results, download the S&P Dow Jones Case-Shiller summary report or contact me to discuss the implication for homes in your neighborhood.