Seattle Real Estate 2008: Green Lake Townhouse Market vs. Other Residential…Townhomes in Seattle Neighborhoods
Seattle neighborhoods have a pretty big townhome market in some areas. Green Lake in Seattle is one of those. In some ways this has been good because it has allowed buyers to be able to afford Green Lake living when stand alone houses in Green Lake got to expensive for them. Buying a townhouse in Green Lake isn’t that inexpensive, however, but let’s look at some of the numbers for March 2008 as of today. These are from the MLS (NWMLS) search and compiled by me.
It is interesting to look at the total impact of townhomes on the Green Lake real estate market next to other residential listings. Looking at Active (Active, Contingent, and Subject to Inspection ) listings in the MLS, 50 of those are townhouse or style 32. There are 81 of these Green Lake residential homes in this same Active category of houses for sale that are not townhomes. Looking at 2008 Pending numbers, 8 are townhouses and 13 are other residential Green Lake homes. Closed sales in 2008 only for townhomes are 15 and 35 Green Lake residential properties that are not townhomes have been sold. Clearly other residential in Green Lake is moving faster than townhomes in 2008.
The Median price for a townhouse in Green Lake? $461,450 from the active inventory if you are in the market, but definitely look to negotiate because with the average days on market creeping over 62 days and the median sales price for closed townhouses at $366,000, there is room for some bargaining to live in this wonderful Seattle neighborhood! The days on market for other residential properties in Green Lake are at 76 days with a median active price of $599,973 and a median closed sales transaction price of $507,500 so far for 2008. Bargaining can be beneficial to a Green Lake buyer in either case, but a townhouse might be easier financially to get into.