{"id":18937,"date":"2012-02-13T12:00:56","date_gmt":"2012-02-13T20:00:56","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=18937"},"modified":"2014-09-09T07:39:54","modified_gmt":"2014-09-09T14:39:54","slug":"cheap-sales-in-south-king-county-picking-up-steam","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2012\/02\/13\/cheap-sales-in-south-king-county-picking-up-steam\/","title":{"rendered":"Cheap Sales in South King County Picking Up Steam"},"content":{"rendered":"<p>It&#8217;s been quite a while since we&#8217;ve had a look at how <a href=\"http:\/\/seattlebubble.com\/blog\/2010\/03\/10\/declines-in-kings-median-price-softened-by-sales-shifts\/\" title=\"Declines in King's Median Price Softened by Sales Shifts\">King County&#8217;s sales are shifting<\/a> between the different regions around the county, and it&#8217;s way past time for an update.<\/p>\n<p>The reason this is interesting is the interplay between sales shifts and median price.  For example, as more sales occur in lower-priced areas, it can shift the median price down further than the individual areas&#8217; median prices may have moved.<\/p>\n<p>In order to explore this concept, we break King County down into three regions, based on <a href=\"http:\/\/seattlebubble.com\/blog\/nwmls-kc-breakouts\/\" title=\"NWMLS Area Map\">the NWMLS-defined &#8220;areas&#8221;<\/a>:<\/p>\n<ul>\n<li><strong>low end:<\/strong> South County <em>(areas 100-130 &amp; 300-360)<\/em><\/li>\n<li><strong>mid range:<\/strong> Seattle \/ North County <em>(areas 140, 380-390, &amp; 700-800)<\/em><\/li>\n<li><strong>high end:<\/strong> Eastside <em>(areas 500-600)<\/em><\/li>\n<\/ul>\n<p>Here&#8217;s where each region&#8217;s median prices came in as of January&#8217;s data:<\/p>\n<ul>\n<li><strong>low end:<\/strong> $155,000&mdash;$322,500<\/li>\n<li><strong>mid range:<\/strong> $222,250&mdash;$605,000<\/li>\n<li><strong>high end:<\/strong> $365,000&mdash;$1,190,000<\/li>\n<\/ul>\n<p>In the following chart I have plotted the percentage of each month&#8217;s closed sales that took place in each of the three regions.  The dotted line is a four-month rolling average.<\/p>\n<p style=\"margin: 5px auto; width: 600px; font-size: 0.8em; text-align: center;\"><a href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2012\/02\/NWMLS-King-Region-Breakdown_2012-01.png\" title=\"% of Total King Co. SFH Sales by NWMLS Area\" rel=\"lightbox[18937]\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2012\/02\/NWMLS-King-Region-Breakdown_2012-01-600x436.png\" style=\"border: 0;\" title=\"% of Total King Co. SFH Sales by NWMLS Area - Click to enlarge\" alt=\"% of Total King Co. SFH Sales by NWMLS Area\" width=\"600\" height=\"436\" \/><\/a><\/p>\n<p>Interestingly, sales in the mid range region have been steadily dipping over the last few years, while sales in the high end region have been gaining ground.  That is, until October or so, when sales in the low end region started shooting up, taking share away from the mid range and high end.  Not coincidentally, that shift coincided with the big drop in the county-wide median in October.<\/p>\n<p>Here&#8217;s a look at just January 2011 and January 2012:<\/p>\n<p style=\"margin: 5px auto; width: 600px; font-size: 0.8em; text-align: center;\"><a href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2012\/02\/NWMLS-King-Region-Breakdown-bars_2012-01.png\" title=\"% of Total King Co. SFH Sales by NWMLS Area\" rel=\"lightbox[18937]\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2012\/02\/NWMLS-King-Region-Breakdown-bars_2012-01-600x436.png\" style=\"border: 0;\" title=\"% of Total King Co. SFH Sales by NWMLS Area - Click to enlarge\" alt=\"% of Total King Co. SFH Sales by NWMLS Area\" width=\"600\" height=\"436\" \/><\/a><\/p>\n<p>Compared to exactly a year ago, South King&#8217;s share of the sales grew, taking from both Seattle and the Eastside.<\/p>\n<p>Lastly, here&#8217;s an updated look at this same set of data all the way back through 2000:<\/p>\n<p style=\"margin: 5px auto; width: 600px; font-size: 0.8em; text-align: center;\"><a href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2012\/02\/NWMLS-King-Region-Breakdown-LT_2012-01.png\" title=\"% of Total King Co. SFH Sales by NWMLS Area since 2000\" rel=\"lightbox[18937]\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2012\/02\/NWMLS-King-Region-Breakdown-LT_2012-01-600x436.png\" style=\"border: 0;\" title=\"% of Total King Co. SFH Sales by NWMLS Area since 2000 - Click to enlarge\" alt=\"% of Total King Co. SFH Sales by NWMLS Area since 2000\" width=\"600\" height=\"436\" \/><\/a><\/p>\n<p>The move since last October seems to be going back toward a mix more like what we saw during the heyday of the bubble between 2004 and 2006.  Hopefully the uptick in action at the low end isn&#8217;t a portent to another feeding frenzy.<\/p>\n<p>It will be interesting to see if this pattern continues through 2012.  My sense is that the low end is picking up because we&#8217;re seeing a bit of an uptick in value-shoppers and investors looking for homes to rent out or flip.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s been quite a while since we&#8217;ve had a look at how King County&#8217;s sales are shifting between the different regions around the county, and it&#8217;s way past time for an update. The reason this is interesting is the interplay between sales shifts and median price. For example, as more sales occur in lower-priced areas,&#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":[8,217],"tags":[841,149,6,200],"coauthors":[],"class_list":["post-18937","post","type-post","status-publish","format-standard","hentry","category-stats","category-neighborhoods","tag-king-geographic-sales","tag-median","tag-nwmls","tag-statistics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cheap Sales in South King County Picking Up Steam \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\/2012\/02\/13\/cheap-sales-in-south-king-county-picking-up-steam\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Cheap Sales in South King County Picking Up Steam \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"It&#8217;s been quite a while since we&#8217;ve had a look at how King County&#8217;s sales are shifting between the different regions around the county, and it&#8217;s way past time for an update. 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