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Case-Shiller Tiers: Only Seattle’s High Tier Rose in March

Posted on June 1, 2011June 1, 2011 by The Tim

Let’s check out the three price tiers for the Seattle area, as measured by Case-Shiller. Remember, Case-Shiller’s “Seattle” data is based on single-family home repeat sales in King, Pierce, and Snohomish counties.

Note that the tiers are determined by sale volume. In other words, 1/3 of all sales fall into each tier. For more details on the tier methodologies, hit the full methodology pdf. Here are the current tier breakpoints:

  • Low Tier: < $241,624 (up <0.1%)
  • Mid Tier: $241,624 – $380,492
  • Hi Tier: > $380,492 (up <0.1%)

First up is the straight graph of the index from January 2000 through March 2011.

Case-Shiller Tiered Index - Seattle

Here’s a zoom-in, showing just the last year:

Case-Shiller Tiered Index - Seattle

Oddly, only the high tier gained any ground in March. Both the low and middle tier continued to drop like a rock. The low tier dropped 2.2% MOM, the middle tier fell 1.6%, and the high tier rose 1.1%.

Here’s a chart of the year-over-year change in the index from January 2003 through March 2011.

Case-Shiller HPI - YOY Change in Seattle Tiers

The low and middle tier both continued their march well into double-digit territory, while the high tier improved slightly. Here’s where the tiers sit YOY as of March – Low: -11.9%, Med: -11.6%, Hi: -5.2%.

Lastly, here’s a decline-from-peak graph like the one posted yesterday, but looking only at the Seattle tiers.

Case-Shiller: Decline from Peak - Seattle Tiers

Current standing is 38.0% off peak for the low tier, 33.4% off peak for the middle tier, and 28.2% off peak for the high tier.

(Home Price Indices, Standard & Poor’s, 05.31.2011)

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Case-Shiller: Seattle Gets a Teeny Tiny Spring Bounce
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