When the market peaked and when it began to recover

While I was analyzing real estate statistics for my own neighborhood of Madrona this past week, I got curoius about the market’s highest and lowest points since the start of the new millenium.

In Seattle as a whole, prices peaked in the summer of 2007 and from there, fell until late 2011/early 2012. Today, prices are 29% over what they were at the 2012 low and 3% over what they were at their 2007 peak. Prices are continuing to rise rapidly. Last year, the central section of Seattle saw eleven percent appreciation. It is now an extreme sellers’ market. To give you a sense of the scarcity of houses available for sale, there are only nine houses on the market in Madrona today as compared with 42 that were on the market in August of 2008.