Home prices edge upward in Island County
January 22, 2013 · Updated 1:49 PM
Home prices inched up in Island County in 2012, with the median sale price for a single family home of $250,000 compared to $249,900 in 2011.
These are part of a passel of year-end sales numbers released last week by the Northwest Multiple Listing Service, which tracks sales data from 21 counties in the region.
Some home prices far surpassed the median, the point at which half of sales are lower and half are higher. In Island County 19 home sold for $1 million or more.
New construction in Island County in 2012 totaled 54 single family homes and one condo, with the median price $298,950 and the highest $482,000.
Real estate agents in Island County closed the sale of 981 single family homes in 2012.
The numbers released also show the impact of the Great Recession. The median home price hit an all-time high of $305,000 in Island County in 2007. The median fell annually until it bottomed out at $249,900 in 2011, before barely rising to $250,000 in 2012.
Home prices have held up in Island County better than most since 2003, when the median price was $190,000. Despite the intervening recession, home prices have climbed 31.58 percent. Regionally, home prices are up only 12.38 percent since 2003.