Home values rising in Seattle-Metro area, breaking down hottest, slowest areas

SEATTLE — Home values are rising across the Seattle-Metro area and Zillow predicts in the next year, 17 zip codes will surpass peak values from before the recession.

On Tuesday, Marshall Longtin was busy stapling sold signs to two of his Windermere Real Estate properties in North Seattle.  He saw the Seattle market get hot last summer.
“Then it slowed down a touch during winter, but now it's back up to the market we have today,” said Longtin, a veteran real estate broker.  “Which is multiple offers on pretty much all new listings that are priced appropriately.”
The Zillow forecast predicts all of the Seattle-Metro area will see home values increase in the next year.
The University District, zip code 98105, is the first zip code to see home values surpass pre-recession market values.  It surpassed the mark in December.  That means the homes are now selling for more than they were at the height before the recession.
Zillow predicts 17 King County zip codes will surpass their peak values in the next year.  Most of the zip codes are north of downtown Seattle like Ballard, Wallingford and Green Lake.  It also includes zip codes in Bellevue, Sammamish, Kirkland and Mercer Island.
There are no zip codes from Snohomish or Pierce counties expected to surpass the previous peak values.  And the four slowest recovering zip codes are in Pierce County: 98394, 98303, 98351, 98304.  That includes Anderson Island, where despite predicted improvement over the next year, home values are expected to still be $80,000 off peak values.
In the hot areas of King County, Longtin says if a property doesn't sell within 10 days, it's priced too high.
“I don't know what would slow down our market,” said Longtin.  “Except for more houses for sale.”

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