South King and Eastside Sales Neck and Neck

South King and Eastside Sales Neck and Neck

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 March data:

  • low end: $197,995—$407,000
  • mid range: $250,000—$650,000
  • high end: $425,000—$1,262,500

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

The median price in the low end regions was basically flat, while median in the high and mid-tier regions both saw a bump in March.

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

Month over month the low end regions accounted for basically the same share of sales. The high end lost a little share and the mid-tier gained. As of March 2013, 34.3% of sales were in the low end regions, 31.8% in the mid range, and 33.9% in the high end. A year ago the low end regions had a bit more of the share and the high end less: In March 2012 the low end made up 35.8% of the sales, the mid range was 32.1%, and the high end was 32.1%.

Here’s that information in a visual format:

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

Finally, here’s an updated look at the percentage of sales data all the way back through 2000:

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

We’re still in odd, uncharted territory, with the low and high ends both taking up about the same share of sales and the middle tier coming in last. We haven’t seen a market with this kind of mix at all, as far back as this data goes.

  

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.

One comment:

  1. 1
    mike says:

    Any clue how much of this is due to new construction sales in areas outside Seattle?

    Rate this comment: Thumb up 0

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