Eastside Median Home Price Hits New All-Time High

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: $247,500-$428,450
  • mid range: $363,500-$725,975
  • high end: $467,000-$1,419,000

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

It’s hard to tell from that chart, but the median-median in the Eastside regions hit a new all-time high of $687,500 in November. The previous high was $687,225 set in April of 2007. Eastside prices bottomed out in February 2012.

Month-over-month, only the low tier saw the median price fall between October and November. The low tier fell 2.3 percent in the month, the middle tier increased 3.3 percent, and the high tier gained 6.7 percent.

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

Here’s how the median prices changed year-over-year. Low tier: up 4.2 percent, middle tier: up 16.7 percent, high tier: up 13.3 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

Sales in all three regions fell between October and November, but the mix changed slightly as the expensive Eastside continued to make up less of the total volume.

Year-over-year sales were mixed across the three tiers. Compared to a year ago, sales increased 14.6 percent in the low tier, rose 6.8 percent in the middle tier, and dropped 4.4 percent in the high tier. This is the fourth month in a row of declining sales volumes in the Eastside. It’s possible that is related to the record high home prices I mentioned above.

As of November 2014, 33.1 percent of sales were in the low end regions (up from 30.4 percent a year ago), 35.9 percent in the mid range (up slightly from 35.4 percent a year ago), and 31.0 percent in the high end (down from 34.2 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

It’s more historically common for the Eastside to make up the smallest share of sales as it does now, but all three tiers are relatively even compared to some of the differences we’ve seen in the past. It’s hard to get a strong read on any big regional shifts with the middling data we’ve seen the last few months.

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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.

8 comments:

  1. 1
    Blurtman says:

    Sammamish will secede from King County soon. Efforts are underway to created a gated republic with a strict immigration policy. (Erik, that means you.)

  2. 2
    Mike Bates says:

    Oahu’s housing statistics are trending similar to your neighborhoods. Our median home price set an all time high of $719,500 in November. The number of homes sold decreased by 24%.

    Buyer demand easily surpasses supply in the the popular neighborhoods. Economists predict the median home price will reach $1 million within the next three years.

    Where does all this money to buy homes come from? Asia and the U.S. mainland.

  3. 3

    RE: Mike Bates @ 2 – San Fran hit over $1M earlier this year.

  4. 4

    RE: Blurtman @ 1

    They Already Do That in Overpopulated India

    Soon, at a Seattle theater near you…..just hope the “guarded” [armed?] gate includes your house too.

    In Fresno CA the rich elite farm owners have 20′ steel fences and barbed wire surrounding their mansions from their migrant workers. The sanctuary city [about 7 years ago] had no restaurant(s) for an American steak….just fast food, mostly ethnic variety….you had to go to Yosemite National Park for a decent meal.

  5. 5
    Blurtman says:

    RE: softwarengineer @ 4 – Viva feudalism!

  6. 6
    Erik says:

    RE: Blurtman @ 1
    Haha! I plan to jump the boarder soon and get into samammish. I will pretend to fit in and then once I get there, I will park a broken down car in my front yard and drink PBR daily.

    Viva samammish!

  7. 7
    pfft says:

    By softwarengineer @ 4:

    RE: Blurtman @ 1

    They Already Do That in Overpopulated India

    Soon, at a Seattle theater near you…..just hope the “guarded” [armed?] gate includes your house too.

    In Fresno CA the rich elite farm owners have 20′ steel fences and barbed wire surrounding their mansions from their migrant workers. The sanctuary city [about 7 years ago] had no restaurant(s) for an American steak….just fast food, mostly ethnic variety….you had to go to Yosemite National Park for a decent meal.

    do I sense some anti-immigrant sentiment here? maybe latent racism?

    anyway I googled steakhouses in fresno and yelp has four pages of them. maybe they all just opened?

    http://www.yelp.com/search?cflt=steak&find_loc=Fresno%2C+CA#find_desc&start=20

    why is everyone of your posts, no matter what the topic, comes back to overpopulation, open borders or illegal immigrants?

  8. 8

    RE: pfft @ 7

    What Does Racism Have to Do With Demographic Science?

    Or the Democrat Earthday from Dr. Martin Luther King Jr.? Who demanded depopulation.

    “…Unlike plagues of the dark ages or contemporary diseases we do not understand, the modern plague of overpopulation is soluble by means we have discovered and with resources we posses. What is lacking is not sufficient knowledge of the solution but universal consciousness of the gravity of the problem and education of the billions who are its victim.

    -Martin Luther King, Jr.,
    1929-1968…”

    Most open border pundits [like you Pfft?] resort to defamation of character and/or the race card to allow them to overpopulate America in a stagnant total labor base…..pure hogwash Pffft.

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