South County Sales Slump in September

Category: Statistics,Neighborhoods
Tags: King-geographic-sales,median,NWMLS,REO,Statistics

It’s time once again to 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: $250,000-$416,500
  • mid range: $338,500-$731,000
  • high end: $495,000-$1,547,500

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 and middle tiers rose between August and September, but the high tier slipped. The low tier rose 1.3 percent in the month, the middle tier increased 9.3 percent, and the high tier lost 1.4 percent.

Twenty-three of the twenty-nine NWMLS regions in King County with single-family home sales in September had a higher median price than a year ago, while just sixteen had a month-over-month increase in the median price.

Here’s how the median prices changed year-over-year. Low tier: up 2.7 percent, middle tier: up 7.0 percent, high tier: up 12.0 percent.

Next up, the percentage of each month’s closed sales that took place in each of the three regions.

% of Total King Co. SFH Sales by NWMLS Area

The share of sales in the middle and high tiers of Seattle and the Eastside both gained ground in September, while South King County sales dipped. Yet again, this shift in the geographic sales mix explains the dramatic month-over-month change in the county-wide median price.

Year-over-year sales were down in all three tiers. Compared to a year ago, sales decreased 7.8 percent in the low tier, fell 1.3 percent in the middle tier, and dropped 3.1 percent in the high tier.

As of September 2014, 30.2 percent of sales were in the low end regions (down from 31.5 percent a year ago), 35.2 percent in the mid range (up from 34.2 percent a year ago), and 34.6 percent in the high end (up from 34.3 percent a year ago).

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

Once again the big shift in the county-wide median price (up 5.3 percent in a month after falling 6.6 percent the month before) is driven almost entirely by the shift between less expensive and more expensive parts of the county.


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.

2 comments:

  1. 1
    HappyRenter says:

    Amgen closes its Seattle based campus:

    http://seattletimes.com/html/businesstechnology/2024192920_amgenseattlexml.html

    Sounds like lots of space for the next Biotech company to move in.

  2. 2

    RE: HappyRenter @ 1

    A Good Place to Put the 300,000 Automotive Engineers Butcher Axed from Detroit in 2008

    Is the heathcare fields in bioengineering, inventing new medical techniques and tools to create efficiency to eliminate doctor and nurse jobs and reduce healthcare costs. Increase safety in healthcare at the same time too. You say it can’t be done?

    LOL….SWE volunteered bioengineering skills to a healthcare company the last couple decades and publishes research articles on this topic….it can be done. I had no previous experience in bioengineering either, just dived into the pool of “hardly no bioengineering research for labor hour reductions in healthcare”. But God forbid we do that, we must insource cheap foreign technicals [and replace domestic unemployed nurses with cheap foreign green card holders]….who cares about quality and Yankee innovation anymore, Newspeak tells us our American engineers are subpar [don’t say overpaid, we make less than Japanese and European ones]. LOL

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