Sales in Pricey Eastside Neighborhoods Strengthening

Let’s take an updated look at how King County’s sales are shifting between the different regions around the county, since geographic shifts can and do affect the median price.

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 September data:

  • low end: $192,500—$355,000
  • mid range: $249,950—$694,500
  • high end: $375,250—$1,012,000

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

After a strong spring, all three regions have been more or less flat for the last three months. Up a bit, back down a bit, or down a bit then back up a bit.

Next up, the percentage of each month’s closed sales that took place in each of the three regions. The dotted line is a four-month rolling average.

% of Total King Co. SFH Sales by NWMLS Area

Sales in the Eastside have had a strong showing recently, moving from 30.6% in February to 35.4% as of September, while sales in South King have taken a hit. This is no doubt one part of why the county-wide median price has climbed so much this year.

Lastly, here’s an updated look at this same set of data all the way back through 2000:

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

Sales in the Eastside currently make up a larger portion of overall sales than they have at any point in the last 12 years, save for one month in late 2003. My guess is that this is because home prices did not fall as much on the Eastside, and buyers typically made larger down payments, so that just happens to be where people can currently afford to sell their homes.

  

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.

8 comments:

  1. 1
    softwarengineer says:

    Will the Eastside Public Schools Still “RULE” If Charter Schools are Allowed That By-Pass Poverty Student Costs/Restrictions and School Quality Possibly Becomes Comparable in Cheaper Real Estate SE King County?

    Time will tell….but that sure would help Seattle area “cash-strapped” families buy cheaper homes and still get good schools too, if its possible.

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  2. 2
    Peter Witting says:

    Insert obligatory “North of I-90″ refence here.

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  3. 3

    As they say in Alabama, “The south shall rise again.”

    Rate this comment: Thumb up 0

  4. 4
    joe dirt says:

    RE: Peter Witting @ 2 – Somerset is south of I-90.

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  5. 5

    RE: joe dirt @ 4 -You can actually see north of I-90 from land in Somerset.

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  6. 6
    joe dirt says:

    RE: Kary L. Krismer @ 5 – There are a various strong neighborhoods south of I-90, Somerset, Lakemont, Newport Shores…

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  7. 7

    RE: joe dirt @ 6 – South of I-90 is sort of an inside joke here on this site.

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  8. 8
    redmondjp says:

    By joe dirt @ 6:

    RE: Kary L. Krismer @ 5 – There are a various strong neighborhoods south of I-90, Somerset, Lakemont, Newport Shores…

    But there are no Pink Ponies down there as they are afraid to cross the interstate ;)

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