Upper Percentiles Rapidly Approach YoY Break Even

Let’s take another look at the King County single-family sale price percentiles.

Here’s how I break down the price percentiles for these posts. Each bucket is a cutoff where some percentage of homes sold below that price, while the remaining percentage sold above that price.

  • Bottom: 10% below, 90% above.
  • Low: 25% below, 75% above.
  • Median: 50% below, 50% above.
  • High: 75% below, 25% above.
  • Top: 90% below, 10% above.

First up, a long-term view of the five percentiles, going all the way back to January 2007, shortly before King County’s peak pricing.

King County SFH Sales: Price & Volume

In March, 44% of homes sold for under $300,000 (the 10th percentile level at the peak). Meanwhile, 72% of homes sold in March went for less than the $481,000 median price at the peak.

Here’s a closeup look at just 2010, 2011, and 2012 so far:

King County SFH Sales: Price & Volume

All five tiers saw a bit of an uptick in March. Here’s where all five percentiles fall compared to their respective peaks as of March:

  • Bottom: 53% off peak
  • Low: 41% off peak
  • Median: 32% off peak
  • High: 24% off peak
  • Top: 27% off peak

Lastly, here’s a look at the year-over-year price changes in each of the five percentiles.

King County SFH Sales: YoY Price

At this rate, it seems likely that the high and top tiers will break into positive territory in the next three months. Here’s where the tiers stand as of March:

  • Bottom: down 14%
  • Low: down 10%
  • Median: down 5%
  • High: down 2%
  • Top: down 3%

Quite the turnaround from just three months ago, when all five tiers were in double-digit negative territory.

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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. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.