Non-Distressed Median Up 6.5% in December

Non-Distressed Median Up 6.5% in December

As promised on Wednesday, it’s time to check up on median home sale prices broken down by distress status: Non-distressed, bank-owned, and short sales.

King County Single Family Median Price - Non-Distressed, Bank Owned, & Short Sales

As of December, the non-distressed median price for King County single family home sales sits at $409,475, up 6.5% from a year earlier.

An increase of 6.5% year-over-year is pretty strong, and makes me wonder whether December saw another shift of sales away from the cheaper parts of the county and toward the more expensive regions. We’ll take a look at that next week.

The bank-owned median sale price was at $208,000 in December, up 4.0% from a year earlier. The short sale median price came in at $250,000 in December, down 10.7% from 2012.

  

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
    Sam says:

    I find this graph to be EXTREMELY instructive at parsing all of the YoY stats the press is always clamoring over. By looking at this graph you can pretty much determine that the only source of median home price growth in 2012 is from the dramatic reduction in bank-owned sales as a fraction of the whole market. Thanks for the clarity, Tim!

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  2. 2

    RE: Sam @ 1 – Exactly (although I’d have used the word “mainly” rather than “only”). For all practical purposes, the non-distressed median has been flat, and as Tim notes, some of the variation could be due to a change in mix between the areas.

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  3. 3
    corndogs says:

    RE: Sam @ 1 – “By looking at this graph you can pretty much determine that the only source of median home price growth in 2012 is from the dramatic reduction in bank-owned sales as a fraction of the whole market. Thanks for the clarity, Tim!”

    It might be even more clear to you if you read the title of the piece. Non-distressed is up 6.5%. That does not include bank-owned sales. The fact is, not only did the non-distressed median price increase but the sales volume of non-distressed increased. That translates to a big increase of dollars changing hands over the year. More people spending more, not something to be discounted.

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  4. 4

    I wonder what the reason is for the drop in the short sale median? The only thing that I can think of is people in better neighborhoods might have been more concerned (better advised) about the tax consequences of doing a short sale with the Mortgage Debt Relief Act expiring. That could have affected sales months in advance, but that seems unlikely.

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  5. 5
    Todd Miller says:

    RE: Kary L. Krismer @ 4

    The short sale median drop is misleading I’m sure. Its probably because initially, agents wouldn’t handle a short sale unless it was worth it. Not that they are easier, agents will take short sales in all price ranges, so those individual homes aren’t really worth less, the number could just show that agents are now will to help people with short sales on lower priced homes.

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  6. 6

    RE: Todd Miller @ 5 – That’s a good possibility.

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  7. 7
    Lo Ball Jones says:

    Seems to me that demand in this area has to be nearly null.

    With so little inventory, one would expect a 64%…not a 6.4% rise if people were cramming to migrate to Puget Sound. Also declining or stagnant rents. These point me to estimating a stagnant or potentially declining population here.

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  8. 8
    No Name Guy says:

    RE: corndogs @ 3

    I don’t know there ‘dogs…..that solid green line could be covered with a horizontal line from a fat tip sharpie. I’d call that range bound or with no trend (at least for the time period plotted). 6.5 YOY….yawn……when it breaks out of that horizontal band, THEN I’ll believe prices are going up for non-distressed. Oh, and look at today versus 2 years ago….’bout the same.

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