A brief update to my recent post on Walkscore…Redfin bought it.
Redfin bought Walkscore
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Author Archives: ARDELL
Real Estate – Why DATA is the New Black
Early Friday evening one of my favorite long term clients asked me this question: “Why is the market so slow these days? I have an alert for ($) houses in (zip code) and I barely get a couple of hits every week west of (the freeway). Almost always tear-downs.” (actual specifics from his email removed)
My first data set pulled was a line up the number of homes sold where I primarily work (North King County – North of I-90), by month, over the last 6 years from 2009 to 2014 YTD. This to answer only the first 8 words of his question “Why is the market so slow these days?” The easy answer would be “because it is past October 15th”. I test my knee jerk response by pulling all of the relevant data to be sure I am not answering like grandma in a rocking chair pulling some now irrelevant data from her long term memory bank. I also do this because I need to discover why this person’s current perspective may vary from the long term norm.
Something may recently have happened leading this person to believe that the standard progression is no longer the realistic expectation. I value his thought process as part of how I answer the question…by first pulling the data…lots and lots of data.
The line graph below documents the data pulled for the last 6 years. But as I almost always do when pulling stats, I went back 12 years because data expires! More on that in graphs 4 and 5. Since I almost never regurgitate already documented data from other sources, but rather only trust the data if I calculate it myself, I usually go back as far as my data source will allow, which in this case was 12 years.
First I test my perception that 2014 is not a low inventory year, even though there are tons of articles saying that inventory is low. Many articles talking about the frustration of buyers with “low inventory”. But look…no…my perception is indeed correct. The red line is the “low” or at least the first half of 2009 depicted in the red line. The green line of this year is not only NOT “low”…it is pretty close to the high over the last 6 years.
To be clear, I am using “homes worth buying” as “inventory” and the proof that they ARE homes worth buying…is someone actually bought them.
After I peruse some of the recent data as an attempt to start at the point where he may be coming from when asking the question, I dive into my own “expert opinion” perspective, which is my 2001 baseline. This information is really already carved in my brain, but since I turned 60 this year I figure it wouldn’t hurt to double check that my memory is still accurate. 🙂
I actually did all 12 years before honing in on the actual answer to the question, which comes from comparing 2014 with 2013 and 2013 with both 2001 and 2005.
To determine which were the correct comparison years, I had to first pull ALL of the data that the data source would allow.
While yes…my knee jerk answer of “because it is October” would have been correct, by pulling all of the data I can see from the variance of the actual stats from 2013 against the baseline of 2001 exactly why the question made 100% sense from this person’s perspective at the time he asked it.
This person, along with every average homebuyer, is looking week to week over a period of 6 months to 18 months for a home to buy. They have no “baseline perspective”. Their expectations come from more recent history’s actual activity, and rightly so, with no way to tell if the last 6 months was exceeding or under performing standard market expectations.
The bar graph below explains where the expectation may come from. I have 2005 in there just because it is the one year over the last 12 years when the most number of homes were purchased (ipso facto “available” to be purchased), so highest inventory year. But the key to answering the question is in the 12% of June 2013.
If you look at every piece of data on this page which looks at all 12 months for all 12 years in 6 different comparative charts…12% of a full year’s total inventory being available to buy in one 30 day period is pretty much unheard of! That was June of 2013.
I had another client who started looking in early 2013 and did not buy the house they could-should have purchased in June of 2013. After that they were progressively and continuously disappointed with the number of homes that came on market for months and months afterward. They had no way to know that the volume of homes coming on market since they started looking were many more than the normal market expectation.
In hindsight every subsequent month looked pss-poor in comparison. Pretty much all activity if you started looking in April of 2013, and didn’t purchase by June-July of 2013, is looking relatively dim. BUT in reality inventory is not dim. Inventory, the number of homes you can expect to choose from, is in fact currently performing at or over market expectations adjusted weekly for seasonality. All this can be gleaned from the 12% spike in that bar graph, noting the rational explanation as to why your expectations may be “off” by comparing relatively recent actual data against 12 years of data comparisons.
Basically that makes us both right. I’m right at “because it’s October” and the person asking the question is right to consider the options dim based on more recent relative comparison.
Posting the data and graphs that helped formulate the above. Worth noting, while I brought forward the Red Line year of 2009 to note inventory low point, the graph below shows that the 12 months of low inventory started in the 2nd half of the gold line of 2008 and proceeded to the lowest point of Jan and Feb of 2009, which some of my readers may remember as “my bottom call” that made front page news at the time.
Looking above and below at the thick green line of 2014 inventory against the high inventory years of both 2004 and 2005 you can easily see why all of the articles calling 2014 low…and actually they were saying that last year in 2013 as well, are simply not true.
While my analysis will continue to use 2001 as a baseline, you may want to use the bar graph below to set your expectations. This is the average good homes on market based on the average of 12 years worth of data.
I use 2001, as many of the variances over the last 12 years are influenced by Tax Credit Incentives coming in and out and artificial interest rate jockyings…not to mention all of the massive changes in loan approval criteria over this same period. For that reason 2001 is still the purist baseline by which to compare and contrast other market influences as they come and go from time to time.
WHY IS THE MARKET SO SLOW THESE DAYS?
Getting back to the first 8 words of the original question…because based on normal seasonal activity you can expect that there will be HALF the number of homes coming on market that are worth buying by December than in May. “coming on market” activity is the month prior to the sold month. So highest SOLD volume in June will = highest number of instant alerts of new listings coming to your phone in May.
Expect the numbers to increase from December through May and then begin a decrease through year end before beginning the next climb.
WHY IS DATA THE NEW BLACK?
Because it saves you time and reduces your stress to DRILL down the data from the general comparisons above and fine tune your actual parameters before you waste any time looking for something that doesn’t exist in the place where you are looking. That brings us to the 2nd and 3rd part of this person’s question ” I have an alert for ($) houses in (zip code) and I barely get a couple of hits every week west of (the freeway). Almost always tear-downs.” (actual specifics from his email removed)”
Only 25 houses were sold using a full $150,000 spread with your $ amount as the cap in the whole 6 months of “high season”. So expecting 2 a MONTH in low season let alone 2 a week…is an invalid expectation. Expect ONE really good one a month from here to February of 2015.
“Almost always tear-downs” means you are looking for a nice home at the price of the land alone. Again an invalid expectation. Changing your price to what that home will sell for there is not an option. Changing your choice of what to a tear down is also not a reasonable option.
The only answer to your dilemma is to change the where and not the price or the what.
(Required Disclosure: Stats in this post are not compiled, verified or published by The Northwest Multiple Listing Service.)
VERY “Walkable”…but is it SAFE to walk there?
I am very happy to report yesterday’s news that WalkScore has added a crime overlay, something I have been asking for since WalkScore first came about.
Local residents often roll their eyes when they see an awesome walk score attached to an area where it is simply not very safe to walk after dark AT ALL. Not a big problem for local residents, but what about the many people relocating to The Seattle Area who are relying on various internet tools to guide them in their search for a home in their new City?
I have not tried the new tool out extensively, but from what I have seen the crime grade does NOT reduce the walk SCORE, so a previous score of 87 will still be a score of 87. BUT if you take the time to study the color coded crime map after viewing the score, you will be better able to judge an area now than ever before. Previous to this change I have always recommended that people use Homefacts.com to pull the crime data and photos of local registered sex offenders. Not sure if the changes to walk score will replace that need or not, but I am very happy to see that they are finally acknowledging that some very “walkable” neighborhoods as to their scoring…are in reality sometimes not very safe to walk in at all.
Try it out, as I will, and let me know what you think.
Costco Signs Major Lease With Vulcan – Issaquah
Just received a press release that Costco is leasing 176,656 sf of space from Vulcan (Paul Allen) Real Estate at Sammamish Park Place in Issaquah. Sammamish Park Place is a 3 building complex totalling 586,823 sf with the other two buildings being occupied by Microsoft.
This complex was built in or around 2000, so I am wondering who left that Costco is replacing. I don’t see any stories on this move yet, but will post a link if and when someone else picks it up with more info.
How much for stainless appliances?
Stainless has become a preferred color option. Most people who say “stainless” are not always talking about expensive Stainless STEEL. As long as the color is the same, most people don’t care. Easy way to tell if it is Stainless “Look” is to carry a fridge magnet when you are shopping for appliances or houses and if the magnet doesn’t stick to the front door then stainless is the color and not the material used.
For this post I am pricing out some basic upgrades for a client. Earlier today I did the carpet cost and now am moving to the appliances. We’re looking for relatively low prices for standard sized everyday appliances. The type you might use if you were selling a property or upgrading a modestly priced home. A quick change in the look from white or black and basic clean and new appliances. Nothing too fancy.
REFRIGERATOR
I would say $1,000 or less including tax and delivery. I found a few good ones for about $750 which are sometimes $685 or so on sale. There are many in the $800 to $900 range. The property has a standard opening from the 1970s, so 18 cubic feet or so at 65″ high and 30″ wide will probably fit better than a 21 or 22 cubic foot fridge that requires more height between the floor and the upper cabinet of about 70″. For the family I’m doing this for, the $750 fridge on sale for $685 shown in the picture below should be fine. This would work for any full sized 30″ wide opening. The opening is usually 32″ to 34″ and the 30″ has a little room on both sides.
RANGE
In this case we will be using a standard 30″ wide electric range in mostly stainless and partly black. I will post all the photos together at the bottom so the client can see how they look side by side. For some reason the power cord is often sold separately and the total cost should come in at around $650. The lower priced ones are black or white and we want to stay with a full stainless steel or stainless look result in the kitchen.
DISHWASHER
All of the appliances are white and we are replacing with stainless, but worth mentioning that the current appliances are all in working order and can probably be sold on Craigslist for a few hundred dollars for all of them or donated to charity for a write off. Most people just let the company bringing the new appliances haul them away. But I do have a few resourceful clients that sell everything, like the young man who actually sold his old carpet that he tore out. 🙂 I haven’t had to replace a dishwasher when selling a home…well pretty much ever. So I’m pricing these off of Home Depot. In this case I used a $600 Dishwasher in the photo. You can get a cheaper one in the same black and silver version as the range…but this all stainless dishwasher is so much better looking and impressive in person for a little more cost. I recommend you not skimp on this appliance and not get the one with some black plastic on it. You need some black on the range for the knobs and digital display. But not on the dishwasher. Speaking of which the fridge can have black sides and sometimes better to have that as fridge magnets will adhere to the sides usually if they are black. Since the range is mixed silver and black, that usually makes a lot of sense.
MICROWAVE
I’m showing a picture of a $260 over the range microwave. You can find them a little cheaper or pricier, but we’re just trying to get a total price to move out the white appliances and bring in Stainless Steel or Stainless Look appliances. I thought this one was as showy as the dishwasher, and when the nicer looking one is only $60 more…why skimp? USED TO BE you would just put a range hood there, and nothing wrong with that. BUT the last time I tried to do that with stainless vs white or black…it cost an arm and a leg! Might as well go with a Microwave that has a vent fan. You can look at both, but I wouldn’t pay the same for a plain vent as I would for a Microwave. YMMV
So we’re looking at $700 to $800 for the Fridge. $650 or so for the Range including tax and power cord, $600 or so for the dishwasher and another $250 for a microwave or $2,200 to $2,500 total. Roughly the same price as the carpet in the other post. So let’s say we are at $5,000 for all new appliances in the kitchen and all new carpet in the house. Not bad.
First pictures of the kitchen appliances, then I’ll move to washer and dryer which can be simple full sized white top load washer and front load dryer. Note that I just cut and paste these pictures together. I didn’t put model numbers or brand names as you want to be sure they are matching color. Usually best to stick to one brand name for that reason or at least see them together in a store. If you buy the full 4 piece appliance package in the same store you can usually get a better deal of about 20% off.
I’m just going to throw in the washer and dryer at $1,000 for both. People have been getting carried away with washers and dryers costing $3,000 or more for both. But for the purpose of this modestly priced home and knowing the clients as I do, they actually can probably do all of this including the washer and dryer, kitchen appliances and all new carpet for $5,000…$6,000 tops.
Carpet Credits do not help sell your home
I think most people know that offering a carpet credit does not work…except that many sellers and real estate agents still fall back on the language “$5,000 allowance for carpet” as a lazy way out.
1) It doesn’t work because once people see filthy, pet stained carpet, they don’t buy the house period unless it is a super discount of well over the cost of replacing carpet.
2) It doesn’t work because the seller’s idea of what carpet will cost and the buyer’s idea of what carpet will cost is not nearly the same.
3) It doesn’t work because many areas where there is carpet in the home will not be replaced with carpet by the new owner. If there is nice fresh clean carpet there, they will buy the house and change some areas to wood later. But if there is dirty filthy carpet there then they have to come up with the money right away to put wood, and that is usually not practical for many people buying a home.
Back in the 90’s through 2004 or so the answer was easy. You went to Home Depot and said “Realtor Beige” and you were done. But Realtor beige went out of style. Realtor Beige was replaced with caramel colored or sage frieze, but that fad only lasted about 18 months on the sage and never worked for higher end homes.
If you have filthy carpet then you have to replace it with clean carpet. You don’t want to spend a ton of money on that carpet for a lot of reasons, not the least of which is that the buyer may cut it out and throw it away in short order in some, but not all, of the places where you put it. You need a nice clean blank canvass that someone can live with for two to five years. If you have a higher end home costing $700,000 or more…stop reading now. This is more for the standard $450,000 or less townhome or split-entry or tri-level. Once you get to a full and newer two story home costing $650,000 plus…different answer. This answer is also good for condos, apartments and rental properties.
Below is a picture of the carpet. I might not choose this color, which is a fleck blend, but this carpet is so low in cost that it only comes in one color. 🙂 You want to minimize cost and maximize clean and odor free and utilitarian type serviceable for most people…i.e. neutral as to color but not too white-light.
Let’s jump straight to cost since cost is the reason why I use this carpet over and over again. It is a Home Depot product called…uh oh. They don’t have it anymore. 🙂 I am writing this post for a client so I will proceed with a suitable replacement carpet and update the costing. The carpet I was using was only 55 cents per square foot and then it went up to 62 cents a square foot. But the option is not currently available and the lowest priced replacement is 90 cents a square foot. Let’s allow $1.00 a square foot for a “twist” carpet. There are several options at Home Depot between $.90 and $.98 cents a sf. The benefit of a twist carpet is it has a thicker look without added cost and the padding is not meant to be bouncy thick. So you can use cheap padding at about $4.50 a square yard.
Rough cost for a whole house of 1,200 to 1,500 sf is $2,500 all things included IF you do it the way I am suggesting below. Of course not all of the floors in the house are carpet. The bathrooms and kitchens are not carpet. The last 1,750 sf house had 1,460 sf of carpet. That is the one in the picture. The one I’m working numbers for up right now is a 1,500 sf house so I’m estimating 1,200 sf of carpet. The total price should come out the same at $2,000 to $2,500 as the carpet price went up but the house is smaller.
I haven’t found anyone that can beat Home Depot prices and I’ve shopped around. Once I found someone who could match the price with a higher quality carpet, but higher quality is not always better as many of those colors have gone out of style…as in too light or too white. You are better off with current color cheaper carpet.
Get new padding!!! Often we are trying to freshen up not only look but smell. Even without pets you have “dusty old house smell” or cooking odors stuck in the carpet and padding. Not worth the savings usually to not get new padding.
TO GET LOWEST COST pull the old carpet and padding out yourself. Leave the tack boards (wood strips around the room edge with nails sticking up.
1,200 sf of carpet at 90 cents to a dollar a sf is $1,200. Padding should be about half that cost, so $1,800 for carpet and padding. Usually Home Depot has a whole house installation special for about $100. I don’t know how they do it, but they do. That special may not always be running, but let’s assume you have some flexibility in timing. STEPS are additional! so if it is a one level condo or apartment or a 1 story home you can still bring it in for $2,000 including installation and tax. Steps cost about $8 each for a simple box step. The properties I have done are either a 14 step tri-level or a one flight up 2 story. But a lot of steps like an extra full flight up or down you have to add $8 per step or thereabouts.
In the job I am costing and the one in the picture there are about 14 steps for a total extra cost of $110.
So “Hall Up, Master bedroom and closet, 2 additional bedrooms and closets, additional up hall closet, family room, and stairs”. $1,200 carpet, $600 padding, $110 for steps, $100 for installation is $2,010 which is exactly what it cost for the house in the picture including the tax with the cheaper carpet. So plan on $2,500 for a little wiggle room.
If you are a seller, spending $2,500 for new carpet is MORE EFFECTIVE than giving a “$5,000 carpet allowance”. Your home will sell faster and for more money and cost you half as much or less. A buyer thinks carpet will cost at least $10,000, so they won’t like your $5,000 offer for new carpet. Don’t be lazy. Spend the $2,500 on new carpet vs a “sorry my carpet is dirty credit”.
Selling a Kirkland Condo – Staging and Photos
Whether I am helping a client sell a house or a condo, my thought process is generally the same.
Start at “buyer profiling”. Who is likely to buy this property? Then make a list of the top 3 to 5 reasons why THAT person, whom you have targeted as the likely buyer, will choose THIS property over others that are for sale.
The first part, “buyer profiling” is an old method I learned when I was a Certified Corporate Property Specialist for Coldwell Banker back in the 90s selling vacant properties where the owner was relocated for job reasons. There is less of an emotional pull from the owner, and the process is more of a business effort to sell, with little to no accommodations for the seller’s emotional “triggers”.
For this condo, which was sold about a month ago, I determined the individual would likely be a single professional person…or at least that would be the person who might pay the highest price for it. I also determined that the person (or possibly couple) would likely be younger vs older because there were a lot of steps up to the front door. Not likely an “empty nester”, as might be the case for a ground floor unit with no steps.
Next I listed the reasons why someone would choose THIS condo over the other 65 or so condos for sale in Kirkland at the time priced at $250,000 or less.
1) View of Lake Washington (only 6 of 65 have a view of Lake Washington)
2) 1,000+ square feet (only 11 of 65 are over 1,000 sf)
3) Super high ceilings on the inside interior walls of the main living space
4) Clerestory Windows at the top of the high ceilings
5) Travertine and “wood” floors vs carpet
It is very important that you match your staging and photos to the main selling features of the property. NICE is not good enough. This particular condo is a great example of that because the owner hired a professional stager and I had the photographer take photos…but…
I just wasn’t happy. I didn’t feel the property would sell at its highest possible price based on that in person and online presentation. It was nice, the photos were “good” and better than most if not ALL other properties for sale. But they just didn’t tell the STORY of THIS condo well.
full set of before photos and the full set of after photos click on those links from the photographers site at HD Estates.
I use Brooke at HD Estates for my listing photos, and it was funny that when she first came she knew immediately that I had not staged the condo. She had done several of my properties this year, all of which I had staged myself, and she just knew. The tired old floor lamp with the fern…the granny orange shaw vs the red throw…the weeds on the table vs the art deco glass bowl…even in the bedrooms and bathrooms she just knew something wasn’t quite right. 🙂
I’m glad I went to the extra time, trouble and cost. The owner paid $92,700 for this condo just two years ago and we were able to sell it in less than a week with five offers at $233,000 with no home inspection contingency and no must appraise clause.
Might that same result have happened if I did not re-stage it myself and have the photos redone? I don’t really know for sure. What do you think?
Lower Conforming Loan Limits
Back on December 12th, Rhonda posted that FHA etc Loan Limits would be coming down to the same level as previously lowered conventional rates. This came up in a recent discussion I was having with a client and thought the news, which I believe became effective 1/1/2014, should be highlighted a little better, as this is very important news for some people.
Not surprising to us inside the industry. But definitely important to anyone thinking about buying with minimum down and even for those who were not aware of the previously lowered limit for conventional financing.
Disclosure: I am not a lender. Just bringing this news to the forefront now that these limits have become effective so that more people heading out to buy a house in 2014 are aware of the changes.
I also think it is interesting to compare our loan limits to the much lower limits around the State of Washington.
Seattle listed as 2nd hottest housing market for 2014
The new Zillow predictions for the 2014 housing market show Seattle as the second hottest market in 2014.
They also predict only 3% increase in prices overall, so “hottest” could be kind of cool. 🙂
Personally I think it all depends on how many sellers come out to play this year. You will have your same average turnover for must sell reasons. Relocations as example. But with most sources predicting a slower increase in home prices and possibly a slight turn down, perhaps those sellers waiting for a better housing market will succumb to the fear that it might not get any better than this.
No one knows how “hot” the market will be, but the more sellers there are the “better” it will be whether there is growth or not. Zillow is also predicting rates will get to 5% by year end, but that looks more like someone trying to create a sense of urgency where
there really isn’t one.
Selling a Home in King County 2014
Selling a home in King County has been fairly easy to do for most people since early 2012 when the market started taking off again. We don’t have the same momentum in first quarter 2014 as we did in first quarter 2013. There are still many more home buyers than home sellers, so supply and demand hasn’t changed much. What has changed is there is not the same sense of urgency to beat out interest rate increases.
In early 2013 interest rates were as low as 3.25% in many cases and there was a lot of talk about them going up to over 4%. They in fact did go up to 4.5% – 4.625% by mid 2013 and no one is talking seriously about them going up further from here to over 5%. So same supply and demand factors…decreased sense of urgency. (chuckling as I just got an email while typing this that rates went down from 4.5% to 4.375% confirming no worries that rates will increase much if at all from 4.5% or at least that worry is not being factored into the market.)
There has been a LOT of confusing talk about “low inventory” for quite some time now and even some recent talk that inventory is improving for home buyers. Not really the case IMO and as you can see from the arguing going on in the comments on that post. Most people are not buying that there are or will be a better selection anytime soon for most home buyers. That is continued good news for sellers and more frustration for home buyers. New on market if priced right…IF PRICED RIGHT the key phrase here, will still sell quickly in multiple offers. So not a lot of change in 2014…just a little less chaos.
Now let’s talk about how inventory can be UP a bit on an overall basis and still be non-existent for MOST home buyers. The graph below illustrates this fairly well. Until you get to a million dollars, EVERY segment is running at less than 2 months of inventory. I would venture to say that probably 80% of those are homes no one wants…or someone would have bought them, except for the 20% or so that are very new on market and some of those are coming out the gate overpriced as well. Most sellers can still sell their homes in a week or less if they really put the right effort into selling their home, and keep the price at no more than 5% over the comps. So it goes without saying that for most buyers…there is nothing to buy.
As soon as something good that is priced right comes on market…still multiple offers after the interest rate increase to 4.5%. I haven’t witnessed it first hand so far in 2014 given it is early in the year, but that was the case throughout the 4th quarter of 2013, so no reason to expect that to change now. With less than 2 mos of inventory starting out the year, not likely we will get to any type of equilibrium as to sellers and buyers at all in 2014 except in the highest of prices. Even then…not so much in places like Clyde Hill where highest of prices still sells very well. More on that in the third price graph.
To better understand the absorption rate bar chart and why the price breakpoints appear to be “odd”, see the pie charts below. First using 2013 sold homes I broke the market into 5 pieces. So the first column above represents 20% of King County buyers. Each of the second, third and fourth columns also represent 20% of home buyers.
That puts 80% of buyers in the 1.25 to 1.63 months of inventory range. 80% of people looking to buy a home are looking at less than a two month supply of inventory and in many cases a 2 week to 5 week supply of inventory. Subtract the houses that no one wants…and you basically have NO inventory for 80% of the people looking for homes.
ALL of the last FIVE columns represent a breakdown of only the top 20% of the market. This in an effort to see where the inventory actually starts moving up.
It is not until you get to TWO MILLION and up that you actually see a buyer’s market. Everything up to $2 Million is a Seller’s Market at less than 4 months of inventory and for more than 80% of buyers less than a 2 months supply of inventory. Now let’s drop down to the last graph and check on home prices.
One of the reasons I check the stats at the beginning of each year is to test both my perception and also things I have been hearing and reading.
My perception was that Bellevue 98004 and 98005 were taking off like a rocket last year! To check that I added stats for just those two zip codes to my King County median price line graph. It is the purple line at the top with the light blue squares, and yes, my perception was correct. Up way out of proportion to the rest of the market. But the earlier part of the graph also showed a steeper decline which looked like “the bigger they are the harder they fall”. Still…almost back to peak pricing in 98004 and 98005.
The County as a whole also way up toward all time highs. Not quite there, but looking pretty “recovered” for now. As usual I am not really just “writing a blog post”, I am doing my own early work for my business. So in that regard I have to see how Kirkland, Bellevue and Redmond are generally faring compared to the County as a whole.
I need to study what is going on with Kirkland stats. For the Eastside line (green with pink squares) I combined 98033, 98034, 98011, 98052, 98004 and 98005. Not all of “The Eastside”, but a good balance of representation. It might make more sense to throw in more of the Bellevue Zip Codes instead of one of the three Bothell Zip Codes, but you can’t do that if you are going to track prices back to 2007. Kirkland, the blue line with the light blue squares, starts running under the main Eastside line. This because most of the large land mass annexed by Kirkland in 2011 was lower priced than the Kirkland before annexation. You see that dip between first quarter 2011 and first quarter 2012 when the median price went all the way down to $401k.
Considering that dip…for Kirkland to be back up to $510,000 is really quite amazing. I thought maybe the higher priced 98033 was carrying all of the increase similar to the big swing in 98004 and 98005. But not so. I tried to add that line here, but it just made the whole chart too confusing with all of the numbers overlapping. But the amazing part of the increase in Kirkland (which looks like a decrease because of the added properties) is that much of the increase happened in the annexed areas, especially in that part of Kirkland 98034 that used to be Bothell 98011. Back to why I added Bothell 98011 instead of more Bellevue Zip Codes. The later stats for Kirkland would automatically pull in some of what used to be Bothell 98011 prior to 2011, so the best answer was to keep all of 98011 in all the way through.
A little more explanation and graphs including Absorption Rate Data for Kirkland 98033, 98034, Redmond 98052 and Bellevue 98004 and 98005 in these links. Again just stuff I was working on for my own client reasons.
