More Homes Sold In Cheaper South King Neighborhoods

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It’s been quite a while since we took a look at the in-county breakdown data from the NWMLS to see how the sales mix shifted around the county.

In order to explore this concept, we break King County down into three regions, based on the NWMLS-defined “areas”:

  • low end: South County (areas 100-130 & 300-360)
  • mid range: Seattle / North County (areas 140, 380-390, & 700-800)
  • high end: Eastside (areas 500-600)

Here’s where each region’s median prices came in as of January data:

  • low end: $310,000-$429,500
  • mid range: $469,250-$800,000
  • high end: $649,995-$1,508,750

First up, let’s have a look at each region’s (approximate) median price (actually the median of the medians for each area within the region).

Median Price of Single Family Homes Sold

Only the low tier saw a month-over-month gain in its respective median-median price, while the middle and high tiers both fell slightly. All three tiers are currently at a level lower than their respective all-time highs. Month-over-month, the median price in the low tier rose 0.3 percent, the middle tier decreased 3.3 percent, and the high tier lost 1.2 percent.

Twenty-five of the twenty-nine NWMLS regions in King County with single-family home sales in January had a higher median price than a year ago, while Fifteen had a month-over-month increase in the median price.

Here’s how the median prices changed year-over-year. Low tier: up 19.2 percent, middle tier: up less than 0.1 percent, high tier: up 13.8 percent.

Next up, the percentage of each month’s closed sales that took place in each of the three regions.

% of Total King Co. SFH Sales by NWMLS Area

Sales in all three tiers fell between December and January, with the middle and high tiers seeing the biggest dips. Month-over-month sales were down 21.8 percent in the low tier, down 30.1 percent in the middle tier, and down 29.0 percent in the high tier.

Meanwhile, year-over-year sales were up considerably in all three tiers. Compared to a year ago, sales increased 25.1 percent in the low tier, rose 25.8 percent in the middle tier, and gained 8.7 percent in the high tier.

The interesting thing is the strong shift in the sales mix in recent mix away from the high tier and into the low tier.

As of January 2017, 41.3 percent of sales were in the low end regions (up from 39.7 percent a year ago), 31.8 percent in the mid range (up from 30.4 percent a year ago), and 26.9 percent in the high end (down from 29.8 percent a year ago).

Here’s that information in a visual format:

Bank-Owned: Share of Total Sales - King County Single-Family

Finally, here’s an updated look at the percentage of sales data all the way back through 2000:

% of Total King Co. SFH Sales by NWMLS Area since 2000

With sales shifting strongly into the lower-priced regions, it’s no surprise that the county-wide median price fell slightly. The last time this large a share of sales were in the low-tier parts of the county was in November 2007, just a few months after home prices peaked.

Around the Sound: Even Far From Seattle, No Relief For Buyers

Get access to the full spreadsheets used to make the charts in this and other posts, and support the ongoing work on this site by becoming a member of Seattle Bubble. Let’s have a look at our housing stats for the broader Puget Sound area. Here’s your July update to our “Around the Sound” statistics […]

NWMLS: Scarce Listings But Prices Dip Slightly In December

January market stats have been published by the NWMLS. They haven’t put up their press release yet, so let’s get on with the stats.

Still no sign of hope for buyers here or on the near horizon. Listings are way down, sales are still strong, and while the median price did dial back a bit from December to January, it’s still within five percent of the all-time high.

January Stats Preview: A Dark Winter For Homebuyers

Now that January is behind us, let’s take a look at the local housing market stats for the month. Short story: Somehow the market got even worse for homebuyers. Nearly nothing for sale and still strong competition.

Sales came in a good bit stronger than a year ago, but listings dropped to another new all-time lows in both counties. Foreclosures are still at their historic lows…

Case-Shiller: Seattle Home Price Growth Barely Slowed in November

Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to November data that was released this morning, Seattle-area home prices were: Up 0.2 percent October to November Up 10.4 percent YOY. Up 6.8 percent from the July 2007 peak Over the same period last year prices were up 0.4 […]

Huge 2017 Apartment Boom Should Soften Housing Market

Get access to the full spreadsheets used to make the charts in this and other posts by becoming a member of Seattle Bubble. Good news for renters (and maybe hopeful home buyers, as well): 2017 should see the beginning of relief for the Seattle area’s crazy rental housing market. The infamous $750-a-month 130-square-foot ‘prison cell’ […]