Posted by: Timothy Ellis (The Tim)

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market.

13 responses to “All Five Price Tiers Saw Double Digit Declines in December”

  1. Julie Lyda RE/MAX Northwest Realtors

    Tim, the snow seems to have fogged my brain… what does the 0 line represent?

    Rate this comment: Thumb up 0

  2. Julie Lyda RE/MAX Northwest Realtors

    The 0% line… that shows the lower tier down 17%.

    Sorry.. should have put in the %.

    Rate this comment: Thumb up 0

  3. Scotsman

    RE: The Tim @ 4

    “I made the horizontal axis at 0% bold so it was easier to see when the lines went into positive territory. ”

    Now that’s funny! You should replace the zero with a pink pony icon.

    This confirms my sense that both asking prices and the closed prices I started seeing in December and early this month were down substantially. Still not a lot of inventory though.

    Happy snow days to all!

    Rate this comment: Thumb up 0

  4. Ira Sacharoff

    Wowzers! So if we’re going from 1/1/11 to 12/31/11, the median home price is down 14%.
    And that’s the largest 1/1 to 12/31 drop on the chart. Is that also the largest 1/1 to 12/31 year to year drop since the peak?

    Rate this comment: Thumb up 0

  5. whatsmyname

    Pay no attention to the mix, er, man behind the curtain.

    “Median Prices in King County Single Family homes on a 90 day rolling basis are:
    
$399k for not Distressed – 67% of all sales, 
$265k for Bank Owned – 22% or all sales
$187k for Short Sales – 11% of all sales”

    Numbers by Ardell earlier in the week, please don’t sue the MLS – or some such.

    Rate this comment: Thumb up 0

  6. Natalia Orinko

    In the California Central Valley where our free fall is two years ahead of Seattle all of the tiers eventually evened out. And the wealthy took their hits like everyone else. Read here:

    http://www.mcclatchydc.com/2010/10/21/102364/fox-financial-guru-tom-sullivan.html

    Rate this comment: Thumb up 0

  7. MacroInvestor

    Nice to see prices coming down, but we’ve got a helluva way to go. $400k is not — REPEAT NOT — an affordable price for an average middle class house in anything but bizzaro world. Of course the banks, agents and other assorted housing leaches want you to borrow yourself into lifetime servitude to them.

    Rate this comment: Thumb up 0

  8. Justin Rolfe

    Hi The Tim,
    Have you looked at how Multi-Family (Tri-Plexes, Quads) has fared since downturn? I’d be interested to see a comparison…. It seems that prices have held up better as rent inflation has been strong the past couple years but that’s just a hunch.

    Thanks,
    Justin

    Rate this comment: Thumb up 0

  9. Kary L. Krismer

    RE: Justin Rolfe @ 10 – Probably a good hunch, but I don’t follow that market. The one thing that might make a difference though is whether the unit had even a snowball’s chance of being converted to condo in 2007. If so, it probably dropped in value considerably.

    The other factor that would have affected values the other way (propped them up) is declining interest rates.

    Rate this comment: Thumb up 0

  10. Seattle Bubble • Upper Percentiles Rapidly Approach YoY Break Even

    [...] the turnaround from just three months ago, when all five tiers were in double-digit negative [...]

    Rate this comment: Thumb up 0

  11. Seattle Bubble • All Five Home Price Percentiles Flirt with Break-Even

    [...] amazing that such a short time we went from all five tiers in double-digit negative territory in December to flirting with break-even in May, all without a giant wasteful giveaway of taxpayer money to [...]

    Rate this comment: Thumb up 0

Leave a Reply

Do you want a nifty avatar picture next to your name, instead of a photograph of Tim's dog? Just sign up with Gravatar, and make sure to use the same email address in the form below. It's that easy!

Please read the rules before posting a comment.

You have 3 comments remaining on this post.

Archives

Find us on Google+