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Alan asked me to do a price histogram. I’m not sure if this qualifies as one, but it’s the best I could do for now. These are one bedroom condos in Bellevue Manor across from Microsoft on 148th since they were built in 1979. All identical square footage.
There are no one bedrooms for sale in The Manor or The Highlands, but one is in escrow in the highlands at $218,000 which is a substantial jump from the high of June of $176,000. We’re all waiting to see if it will close/appraise.
I’ll do some more as we go through 2008, but I won’t do medians. If most of the people are buying the cheapest thing they can get, that will turn the median sale price down. But it doesn’t mean any of those people paid less than the last one sold, as you can see from this price histogram.
I’m always more amazed that prices didn’t change much from 79 to 98 than I am that they have gone up so much since that time. They started at $30,000 or so in 1979. Fluctuated between $30,000 and $40,000 for 15 or so years. Jumped to $80,000 or so in the mid nineties through 2000 and jumped from $90,000 to $175,000 from 2005 to present. I think if one came on at $199,999 it would sell. The $218,000 in escrow in the Highlands was totally remodeled. Still, seems out of proportion to me.
There are a couple of little glitchy things there, but I’m out of time. I’ll try the two bedrooms later.
Is this some new form of spam? Commenting off topic? This is the second time we’ve had one of these from the same source on my posts. Is anyone else getting these off topic comments?
Hi Ardell,
Yes, I get them from time to time. I have found that these comments are often a copy and paste job from another blog article authored by the same person, looking to just do some cat-spray territory marking when it comes to whatever the topic happens to be.
I can usually find the article via google, and then I delete the person’s comment, sending him/her an email explaining why I deleted the comment.
If you just google the first sentence of the commment: “investors who engage….”
You’ll come upon the original article.
I emailed Dustin, but I know he’s at Inman Connect in NYC. Not sure how to handle these as people have commented on the off topic comments.
I think Dustin will just tag him so he goes straight to “in moderation”/
Dat sure is a purdy mountin ya drew dar cuzin ARDELL
Hi, Ardell,
That is quite a slope!
I think it’s a little bit difficult to gauge how much the prices changed over time because the time axis (along the bottom) isn’t linear. On that chart, it looks like all the dates of sales are bunched together–from the left edge to the middle represents 21 years, from the middle to the right edge represents 7 years. It’d be easier to see how things changed over time if each year was represented with the same distance. Shouldn’t be too hard to do with Excel…
Angie,
I will convert to excel after I get the basics down. The data represented every sale of every 1 bedroom going back to when they were built. So the dates are actual recording dates from the tax record. If only one sells in a given year and 10 sell in another year, wouldn’t that cause “bunching” no matter which program I use?
Thanks for your help. Alan, who requested price histograms has emailed me with some help as well, but he is using the latest version of Excel and I am not. I rarely use Excel, so any and all help appreciated.
Hi Ardell this is very interesting information. Waiting to see your other stats for areas like redmond, bellevue etc and predictions for 08
Very interesting information. Waiting to see your other stats for areas like redmond, bellevue etc and predictions for 08
Sandy,
I’m going to do part of Bellevue (1 zip code) next week, Redmond 98052 the week after that. I’ll do King County here, of course, as well.
If you would prefer I do Redmond first or if you want to pick the zip code of Bellevue that goes first, let me know. I prefer the area around Microsoft first, if that works for you.
Hi Ardell,
Seeing your graph in this post reminded me that it was from one of your posts on AR where I learned about a site where I could make a variety of graphs. Thank you for that info!
Ann ,
This one was a poor attempt at something different 🙂 Tells the story though. Too much data. I should have averaged out some of the similar pricings to avoid the crunched up data.