2007 real estate recap: Local home prices were up, sales were way down

Conventional wisdom had 2007 as the year Puget Sound home sales followed the national trend and finally tanked. And indeed as the year ended the number of for-sale properties was high and prices were static.

But a new report out today shows that conventional wisdom didn't get it quite right.

While the number of King County houses and condos sold was down significantly, annual price appreciation climbed for both, according to the Northwest Multiple Listing Service's 2007 report. The MLS is owned and governed by its member real-estate brokers.

Compared with figures for 2006, single-family houses in King County sold for a median price of $455,000, up 7.1 percent. The median price of King County condos was $286,438 last year, or 12.4 above a year earlier.

Much the same pattern was found in surrounding counties:

In Snohomish County, house prices appreciated 7.4 percent to a median $371,000 in 2007. Condos appreciated 14.3 percent to $239,999.

In Pierce County, median houses prices were up 4.2 percent to $281,400 in 2007. Condos were up 2.9 percent to $218,560.

In Kitsap County, house prices climbed 5.6 percent to $290,343 in 2007. Condo prices rose 82.4 percent to $337,400, from a median price of $185,000 the year before.

The statistics-based MLS annual report does not provide commentary to explain changes in these numbers.

Elizabeth Rhodes: erhodes@seattletimes.com