{"id":15953,"date":"2011-06-15T12:00:47","date_gmt":"2011-06-15T19:00:47","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=15953"},"modified":"2011-06-15T14:43:29","modified_gmt":"2011-06-15T21:43:29","slug":"exploring-the-median-priced-home-at-the-peak-today","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2011\/06\/15\/exploring-the-median-priced-home-at-the-peak-today\/","title":{"rendered":"Exploring the Median-Priced Home at the Peak &#038; Today"},"content":{"rendered":"<p>I thought it might be interesting to take a little look around the market today by comparing some of what&#8217;s out there with the peak median-priced home.<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2011\/06\/124-Martin-Luther-250.jpg\" title=\"124 Martin Luther King Jr. Way East Seattle, WA 98112\" alt=\"124 Martin Luther King Jr. Way East Seattle, WA 98112\" style=\"border:1px solid #000000; float:right; margin:0 0 0 10px;\" \/>As you know if you&#8217;ve been following along since 2007, King County&#8217;s single-family median sale price peaked at <strong>$481,000 in July 2007<\/strong>.  After doing a bit of digging through the sale records, I was able to locate <em>the<\/em> peak median-price home: <a href=\"http:\/\/www.redfin.com\/WA\/Seattle\/124-Martin-Luther-King-Jr-Way-E-98112\/home\/147411\" title=\"124 Martin Luther King Jr Way E Seattle, WA 98112\">124 Martin Luther King Jr. Way East<\/a> in Seattle sold for $481,000 on July 12, 2007.<\/p>\n<p>According to King County public records, this home has 3 bedrooms, 1.0 bathrooms, and 1,230 square feet of finished space, and sits on a 4,800 square foot lot in Madison Valley.  The July 2007 buyer paid $391 per square foot.<\/p>\n<p>Let&#8217;s take a look at three questions.  First, what can you get today in King County for $481,000?  Since list prices are frequently nothing more than a seller&#8217;s fantasy, let&#8217;s look at homes that have actually sold in the last month for that price (\u00b11%).  Here are a few samples&#8230;<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2011\/06\/3802-46th-Ave-SW-250.jpg\" title=\"3802 46th Ave SW Seattle, WA 98116\" alt=\"3802 46th Ave SW Seattle, WA 98116\" style=\"border:1px solid #000000; float:left; margin:0 10px 10px 0;\" \/>For <strong>$478,800<\/strong>, someone bought <a href=\"http:\/\/www.redfin.com\/WA\/Seattle\/3802-46th-Ave-SW-98116\/home\/330178\" title=\"3802 46th Ave SW Seattle, WA 98116\">3802 46th Ave SW<\/a> in West Seattle.<\/p>\n<p>It&#8217;s got 2 bedrooms, 2 bathrooms, 1,390 finished square feet (plus a 670 square foot &#8220;partially finished&#8221; basement) and sits on an 8,509 square foot lot with views of Puget Sound.<\/p>\n<p>Price per square foot: $344<\/p>\n<div style=\"clear:both;\"><\/div>\n<p><img decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2011\/06\/6546-27th-Ave-NE-250.jpg\" title=\"6546 27th Ave NE Seattle, WA 98115\" alt=\"6546 27th Ave NE Seattle, WA 98115\" style=\"border:1px solid #000000; float:right; margin:0 0 10px 10px;\" \/>For <strong>$480,000<\/strong>, someone else purchased <a href=\"http:\/\/www.redfin.com\/WA\/Seattle\/6546-27th-Ave-NE-98115\/home\/316541\" title=\"6546 27th Ave NE Seattle, WA 98115\">6546 27th Ave NE<\/a> in Ravenna.<\/p>\n<p>This home has 4 bedrooms, 2.75 bathrooms, and 2,950 square feet (includes the finished basement).  It sits on a 4,950 square foot lot and has a pool.<\/p>\n<p>Price per square foot: $163<\/p>\n<div style=\"clear:both;\"><\/div>\n<p><img decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2011\/06\/16010-SE-31-St-250.jpg\" title=\"16010 SE 31 St Bellevue, WA 98008\" alt=\"16010 SE 31 St Bellevue, WA 98008\" style=\"border:1px solid #000000; float:left; margin:0 10px 10px 0;\" \/>Over on the Eastside, for <strong>$480,000<\/strong>, someone bought <a href=\"http:\/\/www.redfin.com\/WA\/Bellevue\/16010-SE-31st-St-98008\/home\/428716\" title=\"16010 SE 31 St Bellevue, WA 98008\">16010 SE 31 St<\/a> in Bellevue&#8217;s West Lake Sammamish neighborhood.<\/p>\n<p>This one&#8217;s got 4 beds, 2.5 baths, and 2,370 square feet.  It sits on an 8,655 square foot corner lot.<\/p>\n<p>Price per square foot: $203<\/p>\n<div style=\"clear:both;\"><\/div>\n<p>The second question that I thought would be interesting to explore is how much it would cost you if you were to buy a home similar to the peak median-price home today.  According to <a href=\"http:\/\/www.redfin.com\/homes-for-sale#!lat=47.62349455602893&#038;long=-122.24057133398439&#038;market=seattle&#038;max_listing_approx_size=1500&#038;max_num_beds=3&#038;min_listing_approx_size=1000&#038;num_baths=1.0&#038;num_beds=3&#038;region_id=118&#038;region_type=5&#038;sf=&#038;sold_within_days=30&#038;uipt=1&#038;v=6&#038;zoomLevel=9\">a Redfin search of homes sold in the last month<\/a>, 48 homes have sold in the last month with 3 bedrooms, 1 bathroom, and 1,230 (\u00b115%) square feet.  The sale prices of these homes range between $90,000 and $485,000, with a median price of <strong>$202,500<\/strong> (<em>58% off the peak!<\/em>) and an average price of $218,368.  if you limit the results to just the City of Seattle, the 14 homes sold in the last month have a median price of $248,599 and an average price of $249,407.<\/p>\n<p>The last question I&#8217;d like to answer is what kind of home can you buy for today&#8217;s median price ($345,000 as of last month)?  Here are a few examples&#8230;<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2011\/06\/2715-Mayfair-Ave-N-250.jpg\" title=\"2715 Mayfair Ave N Seattle, WA 98109\" alt=\"2715 Mayfair Ave N Seattle, WA 98109\" style=\"border:1px solid #000000; float:right; margin:0 0 10px 10px;\" \/>For <strong>$340,000<\/strong>, a buyer closed on <a href=\"http:\/\/www.redfin.com\/WA\/Seattle\/2715-Mayfair-Ave-N-98109\/home\/129662\" title=\"2715 Mayfair Ave N Seattle, WA 98109\">2715 Mayfair Ave N<\/a> on the north side of Queen Anne.<\/p>\n<p>It&#8217;s got 3 bedrooms, 1 bathroom, 1,030 finished square feet (plus another 1,030 square foot &#8220;partially finished&#8221; basement) and sits on a 3,760 square foot lot.<\/p>\n<p>Price per square foot: $330<\/p>\n<div style=\"clear:both;\"><\/div>\n<p><img decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2011\/06\/4570-36th-Ave-W-250.jpg\" title=\"4570 36th Ave W Seattle, WA 98199\" alt=\"4570 36th Ave W Seattle, WA 98199\" style=\"border:1px solid #000000; float:left; margin:0 10px 10px 0;\" \/>For <strong>$344,950<\/strong>, a buyer purchased <a href=\"http:\/\/www.redfin.com\/WA\/Seattle\/4570-36th-Ave-W-98199\/home\/123883\" title=\"4570 36th Ave W Seattle, WA 98199\">4570 36th Ave W<\/a> in Magnolia.<\/p>\n<p>This home has 3 bedrooms, 1.75 bathrooms, and 1,930 square feet (plus 520 square feet in the partially finished basement).  It sits on a 6,000 square foot lot just a short walk from Discovery Park.<\/p>\n<p>Price per square foot: $179<\/p>\n<div style=\"clear:both;\"><\/div>\n<p><img decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2011\/06\/1903-147th-Pl-SE-250.jpg\" title=\"1903 147th Place SE Bellevue, WA 98007\" alt=\"1903 147th Place SE Bellevue, WA 98007\" style=\"border:1px solid #000000; float:right; margin:0 0 10px 10px;\" \/>Finally, on the Eastside, for <strong>$350,000<\/strong>, someone bought <a href=\"http:\/\/www.redfin.com\/WA\/Bellevue\/1903-147th-Pl-SE-98007\/home\/426609\" title=\"1903 147th Place SE Bellevue, WA 98007\">1903 147th Place SE<\/a> in Bellevue&#8217;s West Lake Hills neighborhood.<\/p>\n<p>This one&#8217;s got 5 beds, 1.5 baths, and 2,040 square feet.  It sits on a 7,200 square foot lot.<\/p>\n<p>Price per square foot: $172<\/p>\n<div style=\"clear:both;\"><\/div>\n<p>So what&#8217;s the point of all this?  Nothing terribly specific.  Like I said, I just thought it might be interesting and instructive to take a look at what&#8217;s selling these days compared to the insanity at the peak of the market.  I definitely found it interesting that homes similar to the peak median-price home are selling for so much less today, and it&#8217;s certainly nice to see that even at today&#8217;s median price buyers seem to be getting a lot more home and much nicer neighborhoods for their money than they were in 2007.<\/p>\n<p>Does anything especially interesting jump out to you?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I thought it might be interesting to take a little look around the market today by comparing some of what&#8217;s out there with the peak median-priced home. As you know if you&#8217;ve been following along since 2007, King County&#8217;s single-family median sale price peaked at $481,000 in July 2007. After doing a bit of digging&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[206],"tags":[149],"coauthors":[],"class_list":["post-15953","post","type-post","status-publish","format-standard","hentry","category-features","tag-median"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Exploring the Median-Priced Home at the Peak &amp; Today \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2011\/06\/15\/exploring-the-median-priced-home-at-the-peak-today\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Exploring the Median-Priced Home at the Peak &amp; Today \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"I thought it might be interesting to take a little look around the market today by comparing some of what&#8217;s out there with the peak median-priced home. 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