Let’s have another look at our monthly sales histogram.
After sharpening in January, the sales curve flattened out again in February, with home sales between $200,000 and $300,000 taking a hit while home sales between $400,000 and $500,000 bumped up. The mode (i.e. the bucket with the most sales) for non-distressed sales moved from the $250,000 to $300,000 bucket in January back up to the $350,000 to $400,000 bucket in February, but the $400,000 to $450,000 bucket was just one sale shy of matching that level.
These results match up with my expecations that the mode will continue to shift toward the expensive ranges as we head into spring.
To generate the chart below, I took all the sales data for single-family homes sold in King, Snohomish, and Pierce Counties from the beginning of 2010 through the end of February. Since my data download puts late-reported sales into the month that the sale actually took place rather than in the month they were reported, there is a slight difference in the number of sales I’m counting vs. what the NWMLS reports each month.
By default the chart shows just King County sales in February. Use the controls below to scroll through different months, or to see what the mix looks like for Snohomish or Pierce County. I’ve also added color-coding and controls to separate out “non-distressed” sales from the sales of bank-owned homes and short sales.
As you explore the data for yourself I’d love to hear what stands out to you. Let me know in the comments!