In our conversation last week about median prices, David Losh brought up an interesting question:
It would be interesting to see what the median price buys you this year compared to last year, or the year before.
With some neighborhoods around Seattle showing year-over-year gains in their median prices, it would be informative to see just what kind of houses people are buying at the median price compared to a year ago.
Since I don’t have full access to a database with all the details for every home sold over the last few years, this exercise will be anecdotal, but I still think it will interesting.
For this post, we will examine the King County NWMLS areas listed in the following table. The single-family home (SFH) median prices listed below are an average of December through February in order to smooth out the noise that results from such small sample sizes.
Click the description of an area to jump to that area in the post below.
|Area #||Description||Feb.09 Med.||Feb.10 Med.||YOY|
|705||Ballard, Greenlake, Greenwood||$407,500||$400,350||-1.8%|
|710||U District, Wedgewood, Lake City||$446,563||$442,333||-0.9%|
|390||Capitol Hill, Madison Park||$503,500||$531,083||+5.5%|
|540||East of Lake Sammamish||$544,333||$509,225||-6.4%|
|560||Kirkland, Bridle Trails, Rose Hill||$665,528*||$540,779*||-18.7%|
*6-month rolling average
In my anecdotal analysis of thirty SFH sales scattered around King County, I found that even in areas where the median prices are flat or going up, buyers seem to be getting more home for their money. The 2010 benefit ranged from 3% larger homes (for 19% less money) in Kirkland to a whopping 65% more square footage for roughly the same price as 2009 in the Greenlake area.
Below you will find the full sampling of three SFH sales in each of the above areas from January/February 2009 and three from January/February 2010. I’ll be looking for closed sales that fall within ±5% of the above-listed 3-month average of the median.
Hit the jump for the detailed tables and analysis.
Ballard, Greenlake, Greenwood (705)
|8060 17th Ave NW||02/17/2009||$392,000||2||1||1,150||3,700|
|4673 1st Ave NE||02/11/2009||$388,000||2||1||1,150||2,940|
|6407 1st Ave NE||02/12/2009||$411,000||3||1||992||4,230|
|657 NW 87th St||02/16/2010||$397,000||3||1.75||1,800||4,600|
|8247 Wallingford Ave N||02/11/2010||$399,500||3||1||1,910||4,455|
|5835 Woodlawn Ave N||02/16/2010||$410,000||4||1.75||1,750||3,000|
In our sampling of the Ballard / Greenlake / Greenwood area, the average early 2009 buyer paid $397,000 for 2.3 bedrooms and 1 bathroom in 1,097 square feet on a 3,623 square foot lot. The average early 2010 buyer paid $402,167 for 3.3 bedrooms and 1.5 bathrooms in 1,820 square feet on a 4,018 square foot lot. In other words, the 2010 buyers got roughly 65% larger houses than the 2009 buyers for nearly the same price.
U District, Wedgewood, Lake City (710)
|8046 40th Ave NE||01/12/2009||$450,000||2||2||1,720||5,300|
|7748 20th Ave NE||2/20/2009||$450,000||3||1.75||2,150||5,116|
|1218 NE Ravenna Blvd||01/23/2009||$445,000||3||1||1,390||3,200|
|7346 20th Ave NE||02/11/2010||$434,000||3||2||2,060||7,200|
|6842 38th Ave NE||02/12/2010||$440,000||4||2||2,040||4,510|
|5757 40th Ave NE||02/26/2010||$450,000||2||1.75||2,350||3,735|
In our sampling of the U District / Wedgewood / Lake City area, the average early 2009 buyer paid $448,333 for 2.7 bedrooms and 1.6 bathrooms in 1,753 square feet on a 4,539 square foot lot. The average early 2010 buyer paid $441,333 for 3 bedrooms and 1.9 bathrooms in 2,150 square feet on a 5,148 square foot lot. In other words, the 2010 buyers got roughly 15% more house than the 2009 buyers for nearly the same price.
Capitol Hill, Madison Park (390)
Note: I had to go a little bit outside the date and price range to find three sales for 390.
|945 20th Ave||12/03/2008||$518,000||3||1.5||1,970||3,630|
|318 29th Ave E||12/15/2008||$525,000||3||1.5||2,230||4,800|
|2814 E Thomas St||02/12/2009||$475,000||3||1||2,060||3,440|
|1222 24th Ave E||01/21/2010||$546,000||6||2.5||3,430||4,800|
|2015 25th Ave E||01/28/2010||$505,000||3||1.75||1,920||3,279|
|1900 E Denny Way||02/24/2010||$517,000||2||2||2,500||2,320|
In our sampling of the Capitol Hill / Madison Park area, the average early 2009 buyer paid $506,000 for 3 bedrooms and 1.3 bathrooms in 2,087 square feet on a 3,957 square foot lot. The average early 2010 buyer paid $522,667 for 3.7 bedrooms and 2.1 bathrooms in 2,617 square feet on a 3,466 square foot lot. In other words, the 2010 buyers got roughly 30% more house (but about 10% less land) than the 2009 buyers for a slightly higher price (3.3%).
East of Lake Sammamish (540)
|1248 236th Pl NE||01/14/2009||$575,000||3||2.75||2,100||3,606|
|2439 222nd Ave NE||02/19/2009||$520,000||4||2.5||2,530||13,939|
|3122 Sahalee Dr W||02/19/2009||$540,000||4||2.5||2,430||12,197|
|2418 236th Ave NE||01/15/2010||$503,000||4||2.5||2,410||8,688|
|1213 207 Pl NE||02/26/2010||$512,500||4||2.5||2,870||9,750|
|4308 201st Ave NE||01/15/2010||$519,470||4||2.75||2,370||8,254|
In our sampling of the area east of Lake Sammamish, the average early 2009 buyer paid $545,000 for 3.7 bedrooms and 2.6 bathrooms in 2,353 square feet on a 9,914 square foot lot. The average early 2010 buyer paid $511,657 for 4 bedrooms and 2.6 bathrooms in 2,550 square feet on a 8,897 square foot lot. In other words, the 2010 buyers got roughly 8% bigger houses (on 10% less land) than the 2009 buyers for 6% lower prices.
Kirkland, Bridle Trails, Rose Hill (560)
|11228 NE 67th St||02/12/2009||$658,000||4||3.5||3,594||3,612|
|348 Slater St S||02/10/2009||$685,000||4||3.5||2,535||16,117|
|12316 NE 97 St||02/25/2009||$650,000||3||2.5||2,763||7,303|
|7025 117th Pl NE||02/18/2010||$531,646||4||3.5||3,570||3,600|
|5920 114th Ave NE||01/27/2010||$540,000||4||2.75||3,060||10,212|
|4304 105th Ave NE||02/24/2010||$545,000||4||2.75||2,500||8,873|
In our sampling of the Kirkland / Bridle Trails / Rose Hill area, the average early 2009 buyer paid $664,333 for 3.7 bedrooms and 3.2 bathrooms in 2,964 square feet on a 9,011 square foot lot. The average early 2010 buyer paid $538,882 for 4 bedrooms and 3 bathrooms in 3,043 square feet on a 7,562 square foot lot. In other words, the 2010 buyers on average paid roughly 19% less for slightly larger houses on slightly smaller lots.