Southwest King County Still Most-Distressed

Southwest King County Still Most-Distressed

I haven’t posted this in a few months, but here’s a chart that I keep of the share of sales in each NWMLS region that were bank-owned.

In this chart I’ve grouped zip codes into their approximate NWMLS regions, which break South County into SE King and SW King and display Seattle and N King separately.

Bank-Owned: Share of Total Sales - King County Single-Family

Southwest King County is still the leader, where nearly a quarter (22.5%) of sales are still bank-owned homes. Unsurprisingly, Seattle and the Eastside are still the lowest, where bank-owned homes made up just 4.3% and 4.4% of sales in March.

Interestingly, sales of bank-owned homes in North King County (Shoreline, Lake Forest Park, Kenmore) have shot up from just 1.4% in December (lower than Seattle and the Eastside) to 12.7% in March. From what I have seen of the inventory situation in those areas, this is probably just because very few non-distressed listings have been hitting the market in the last few months.

  

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
    masaba says:

    Given the location distribution of distressed sales, it’s no surprise that they have a much lower median than that of non-distressed sales. Of course, I missed this chart the other times you posted this, so my observation may be well-known among your other readers.

    This seems like an important caveat when posting the ‘non-distressed’ vs ‘distressed’ median prices.

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  2. 2
    mike says:

    Also I don’t think it’s coincidence that SW King had the last *cough* “affordable” neighborhoods just before the bubble popped. They hosted a disproportionate share of marginal buyers right at the worst possible time.

    Interesting on the North King stats. I’d bet most of these distress sales are north of about 105th. South of that point we’re seeing a lot more new construction and fix/flip activity priced at $450K up to over a $mil depending on the hood. Even the previously run down sunken part of Greenwood is seeing quite a bit of activity. Whoda thunk people would willing to fork over $600K+ to live in the Greenwood peat bog?

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  3. 3

    Tim, if Ballard, Greenlake, and Lake City are all “North King Co.” then what is the geographic area for “Seattle”? I certainly would have assumed that “North King Co.” would be north of 145th St., i.e. outside of the city limits, and the neighborhoods you identified would be within the area of “Seattle” (since those areas in fact are). But that’s not right?

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  4. 4

    Is That Jet Exhaust from SEATAC in SW King County

    Still linked to a higher cancer rate?

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  5. 5

    RE: softwarengineer @ 4

    I Imagine the Jet Rumbling Noise from SEATAC is a Bit Quiter Now

    With more quiet engines today.

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  6. 6
    The Tim says:

    RE: Craig Blackmon @ 3 – You’re right, I mis-spoke. North King is just Shoreline, Lake Forest Park, and Kenmore. I’ve updated the post to correct the error. Sorry about that!

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