Redfin: Seattle-Area Prices Creep Up Through Spring

Redfin: Seattle-Area Prices Creep Up Through Spring

Full disclosure: The Tim is employed by Redfin.

It’s been quite a while since I’ve posted any of the monthly market stats published by my employer, but since I’ve been spending a lot more time than usual knee-deep in these spreadsheets lately, I thought I’d share a few charts from the May update (xls).

First up, here’s median price per square foot, both for listings and sales, for King, Snohomish, and Pierce Counties:

Single-Family Homes: Median Price per SqFt

All three counties are basically moving in tandem on the price front, with listing prices and sale prices both on the rise since January. Snohomish and Pierce showed some signs of slowing, turning flat in May, but King County turned in another increase, gaining 2.8% month-over-month.

Next up: Listings and sales volume:

Single-Family Homes: Supply & Demand

Here’s how each county’s months of supply (listings / closed sales) has changed, May 2011 to May 2012:

  • King: 4.4 to 2.4
  • Snohomish: 5.3 to 2.4
  • Pierce: 6.1 to 3.9

Does anything in the full spreadsheet jump out to you?

  

About 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.

6 comments:

  1. 1

    Zillow says Homes are Getting Smaller

    It appears Seattle isn’t immune from this trend too. I’m sure the $/sf for smaller construction is higher…especially Rambler vs two story design [less roof lumber on two story vs one story]. Perhaps this is driving down the $/sf too, albeit what is the primary driver?

    http://www.zillow.com/advice-thread/Homes-are-Getting-Smaller/364498/

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  2. 2

    RE: softwarengineer @ 1 – The amount buyers are willing to pay per square foot also goes down as the house gets bigger.

    Picking up on the comment in the other thread, someone pays a lot for that first 150 square feet. Once you get over 5,000 square feet, that extra 150 square isn’t even noticeable!

    I hardly ever pay attention to square foot cost in the resale market. It’s just not that useful.

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  3. 3
    Pegasus says:

    Tim do you have a way of extending those numbers backwards for 18 months? I would like to see the numbers for the spring of 2011 since we know there is a seasonal impact. We can see what happened to prices this year but can’t see them for last year.

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  4. 4
    kyle says:

    Just hoping for some help understanding. If the charts in the post show sales and list prices then shouldn’t they align with the sales to lise ratios in the spreadsheet? The charts indicate a sales to list closer to 93% then the 99% in the spreadsheet. Is that a discepency between spreadsheet and the chart or am I readin this wrong?

    I am also interested in some numbers that go back more than a year. Maybe back to the end of the tax credit would be great to see how the market has been reacting since it was no longer propped up by the credit.

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  5. 5
    The Tim says:

    RE: kyle @ 4 – The plot of median list price per square foot is all listings, not just those that sell. In order to be included in a sale to list ratio, a listing has to sell.

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  6. 6
    kyle says:

    Great thanks!

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