photo credit: Stuck in Customs
The Case-Shiller numbers came out today and put another point on the scoreboard for Seattle. The Seattle MSA (Metropolitan Statistical Area) which includes Seattle, Bellevue, Everett and Tacoma showed a 1.1% price increase. Yahoo! This is the third straight month in a row that C-S has a shown price increase for our area. Keep in mind that C-S is a 3 month rolling average and lags the real-time market by 2-3 months. We are now seeing the numbers for May and those of us in the Seattle and Bellevue area know, the market has been scorching hot the last couple of months. It will be interesting to see what June and July look like.
The Price Drag
Although Seattle and Bellevue have been moving along, Everett and Tacoma are still much tougher markets and will drag the numbers down for the entire CSA. When the C-S numbers are broken out into price tiers, you see that the mid-tier and higher-end market is doing much better than the low end. This is what we would expect if prices in higher-priced Bellevue and Seattle were selling better than Tacoma and Everett. Here is what the numbers look like:
Case-Shiller Breakout by Price Range
Low Tier (About $250K and below): April 126.21 May 124.94 (Prices in this segment continued to drop)
Middle Tier (About $250k to $400k): April 130.65 May 133.09 (This segment had the best performance)
High Tier (About $400k and above): April 136.99 May 138.48
Although we are still down about 7% YOY, and we are not out of the woods yet, I think it’s ok to give ourselves a pat on the back every once in a while.
If you want more info, check out the Seattle Times story here.
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