Seattle’s Green Lake Real Estate Market In 2015
“So what do you think, Molly? How much will this one go for?” It’s a question I get asked a lot.
Much of the real estate bidding wars here in Seattle originate from the supply and demand struggle. Whether it’s a craftsman charmer or new construction built this year, the number of units (or Seattle homes) available is not keeping up with the number of buyers (both natives and newbies to Seattle) moving to our beautiful city.
Green Lake Real Estate 2015 Market By Numbers – I thought I would share with you the data I pour over to better educate my clients, starting with Seattle’s Green Lake Real Estate Market so far this year. Active, sold, and pending are on the chart below – these come from Trendgraphix which pulls data from all sources – not just the NWMLS for listings. This date is compiled from January 2015 thru July 2015 for all of King County, but is a good indicator of just how the Seattle real estate market and Green Lake specifically are going.
Home For Sale (Active) in July 2015: 3591 units.
||Up 1.2% compared to the last month
||Down 27.7% compared to the last year
Home Closed in July 2015: 2747 units.
||Down 7.2% compared to the last month
||Up 5.7% compared to the last year
Home Placed under Contract (Pending to Close) in July 2015: 2896 units.
||Up 0.1% compared to the last month
||Up 24.3% compared to the last year
Seattle will end strong in 2015. But will there be a shift in 2016? Yes. And here’s why:
- The Election Year. Undoubtedly this requires change of some type and change is unpredictable.
- Interest rates. Again, unpredictable. It’s not a bad idea to keep your pulse on China and the stock market.
- With appreciation up in the double digits, it can only rest there for so long. We are going on two years now of double digit appreciation. I see the market softening in 2016.
For Green Lake buyers and sellers, you should know the median price in Green Lake rests at $580,000. The most modest property sold for $177,000 while the highest sold was $1,685,000. This is nearly $360.00 per square foot. You can see the 26 homes that have sold in the last 30 days: Seattle Real Estate Green Lake Market 30 Days. (LP= List Price SP= Sold Price)
For Green Lake buyers and sellers, here are the active properties: Green Lake Homes For Sale. And I’m happy to answer any questions about these properties.
As a 17 year resident of Green Lake, I’ve seen a huge surge of new home owners in the neighborhood and explosive new construction. The transformation is starting to resemble a mini Belltown in east Green Lake. Build it and they will come!
206-841-6800 or firstname.lastname@example.org
Green Lake Real Estate Market In 2015: It is difficult to believe that we are already almost halfway through January of 2015!
I am still telling people happy new year, but figured it is time to catch you up on the residential Green Lake real estate market going into 2015. New Year. Same Problem for buyers and same opportunity for sellers: The inventory problem still haunts Green Lake buyers. There isn’t much. Currently there are exactly 8 Green Lake homes for sale on the market in the NWMLS. These range in price form $460,000 to $1,295,000. If you have a Green Lake home to sell, then right now you have a great environment to get the most return. There is a perfect freak storm of no inventory, a buyer boom – even more so than usual, and contingent historic low interest rates. If you own a tear down Green Lake property, then add on the extra opportunity that every builder in town is eagerly looking for a new infill project to build more Seattle new construction homes.
There are 16 Green Lake homes for sale that are currently pending in the NWMLS. These range in price from $279,900 to $1,375,000. In the last month alone – even with the two weeks of the holidays, there have been 12 Green Lake homes sold and closed in escrow through the NWMLS. The list price on these ranges form $359,950 to $1,278,000 and the sold price ranges form $360,000 to $1,380,000. Seven of the 12 Green Lake homes that sold received over asking price. The highest one was 107.98% of list price. The average sale price to list price percentage of these 12 is 101.84%. The average days on market for these was 24 days with 6 of the 12 homes being sold in one week or less and 8 of the 12 homes being sold in the first two weeks.
So, yes, it’s a great time to sell your Green Lake home. You can see some of the details of the above stats here:
Green Lake Homes For Sale and Sold January 2015
Green Lake Real Estate Market January 2015
If you’re interested in more information on Green Lake properties or other Seattle neighborhood real estate, please drop us a line at GreenLake@CooperJacobs.com or Call 206-841-6800 Now .
– Photos are courtesy of Molly Cartwright, One of our Green Lake Realtors
Green Lake Condominiums: 911 N 73rd St is for sale!
If you have been looking around for a well maintained and affordable Green Lake condo, then this is a great opportunity! With Green Lake Condos, it’s all about location with regard to proximity to the lake itself as well as overall walkability. This is the case with Green lake real estate in general as well. Having a view is a plus. This particular unit is a South facing condominium and there are Seattle views of Mt. Rainier and Green Lake.
Here are the marketing remarks from this Green Lake condo listing:
Solid well managed building in a very convenient Green Lake location with an easy walk to shops, restaurants, bars and PCC grocery store. Walk the lake with friends! Views of Mt. Rainier and Green Lake in this south facing unit with large balcony. Rapid Ride Busline just blocks away for quick trip downtown. Laundry on site, as well as bike storage and storage locker. Large closet in hall and bedroom. Plenty of room to expand the kitchen and add a dishwasher, more counter space and eating area.
Taxes are low at $1668/year and monthly dues are $295. Price? $199,950
Call Kirk Griswold, Green Lake Realtor, for more info: 206-226-8919
A little kept secret by the locals, Meadowbrook is one of those neighborhoods you can’t help but fall in love with. You won’t find any cookie cutter homes here. Enjoy private lots with mid century, ramblers, or craftsman homes, a bird sanctuary with lush trees and creeks, and walkable to shops and grocery stores. The Fiddler’s Inn, Javasti Coffee, The Strutting Owl, and of course the Wedgwood Ale House are just a few of the locals’ favorites.
The affordability is out of the park too. Average square footage is 2000 square feet compared to Green Lake’s average 1480 square feet.
You’ll see homes typically priced in the $330,000 to $530,000 mostly for a 3 to 5 bedroom home. Great schools close by such as Wedgwood Elementary, Nathan Hale High School, and now Jane Adams middle school, home to the new APP program. Right across from the Meadowbrook Community Center is the most beautiful Meadowbrook Pond complete with eight different types of fish, eleven types of mammals, a plethora of birds like bald eagles and blue herons, amphibians, and invertebrates. It’s like a little bit of country but still within the city.
Meadowbrook is one of the great northeast neighborhood and just 3 miles from Green Lake, blocks from Wedgwood and down the hill is Matthews Beach! You’re still within minutes to the Burke Gilman Trail and Matthews Beach.
If you’d like more information about Meadowbrook, Wedgwood, View Ridge, Matthews Beach and other Northeast neighborhoods, drop me an email at email@example.com
It’s been a good year for real estate. Sellers are happy to receive higher than list price for their homes. Buyers are happy to, well, have found a home with multiple offers. Real estate professionals are happy to see the upswing in median home values to the tune of 7.5% from last year at this time. If you remember, July 2007 was our peak with a median price of a single family home was $481,000. Wowsers. The low was back in February 2012 at $308,000. Now we’re resting nicely at $455,000. Home values have steadily increased since the 2012 but not so fast that we see double digits.
North King County, including Green Lake, saw the highest percentage of closed home sales with 40% growth from November 2012. This would make sense with the low (two months) of inventory we’ve consistently seen through this year. Six months or more of inventory is considered a buyer’s market. Anything less is a seller’s market.
Condos really did great this year of 2013. The median price for condos in King County jumped 17% from a year ago.
Green Lake has 18 active single family listings right now – with 7 being townhomes. I’ve seen it fluctuate between 33 and 18 active listings this year and the homes have been selling quickly with offers being reviewed in 7 days or less. Yes, it was a great time to sell and likewise buy since the sale of your home usually brought in $10k to $80k more than list price.
This is a perfect example of why, if you’re a home owner or own a rental, you should keep up on any deferred maintenance. By keeping up on the general maintenance, it could save you weeks of market preparation AND the difference of thousands of dollars – particularly during a buyers frenzy. Always be ready to sell! So are you?
Green Lake Open Sat & Sunday 1-3 PM
Interested in living in one of Seattle’s hottest neighborhoods? Want to live just a block or so off the highly acclaimed Green Lake? If you want to take a peek BEFORE the open house and beat the rush of traffic, let us know and we can get you in. firstname.lastname@example.org
From the listing remarks:
Freshly painted inside & out, welcome home to this light & bright home just a block up from Green Lake! Large yard w/ lush mature plantings & garden space, + detached garage for your toys. Main level boasts a covered porch, hardwood in living room, fireplace, nice sized bath, & kitchen. Upstairs is a surprise w/ hip studio w/ bamboo floors and nice spaces. Basement offers room to grow + finished shop already plumbed for dark room (or create another bath). Peek a boo views of the lake, too! also: 2nd Kitchen, Dining Room
Additional Information on this Green lake home for sale:
- Property DescriptionCable TV, High Speed Internet, Outbuildings, Shop
- Built in 1925
- ViewLake, Partial
- Lot Size0.11 Acre (4,675 SqFt)
- Garage Size1 Car
- Fireplaces1 Fireplace
- Heating/CoolingForced Air
- RoofComposition Roof
- FlooringConcrete Floor, Hardwood Floor, Laminate
Green Lake Seller Alert:
There is a demand for Green Lake homes. We would like to offer you a clear plan on selling your Green Lake real estate.
A recent Cooper Jacobs Green Lake sale
Combined with historic low interest rates and low inventory, June 2013 proved to be a huge gain in Seattle’s real estate market compared to a year ago. Green Lake, and the neighboring communities, made big strides.
The combination of closed condos and single family homes for King County in June gained 14.08% from a year ago. I believe once July’s numbers are disclosed, the percentage will be even greater since I’ve seen some impressive competing offers and pending (to close) sales for July are already over 10% for King County.
Green Lake had 42 sold homes in the last 31 days. The median home selling in Green Lake was nearly 2,000 square feet, averaged 14 days on the market, was listed for $564,592 and sold for $578,253 or 2.86% over asking. High sold property in Green Lake was $1.36M and lowest (which was a condo) was $265,000.
Whether you’re a buyer or seller and would like more info on Green Lake and surround neighborhoods, feel free to call or email me.
Molly Cartwright, Broker
206.841.6800 direct line
Is Seattle’s real estate turning into E-Bay?
It’s a fact that Seattle’s real estate market is looking more like spring time in the Pacific Northwest; not the quiet winter month’s people tend to expect. Buyers are out in full force and it’s not unusual to have 100 buyers through a Saturday or Sunday open house. This is simply due to supply and demand: low inventory of homes for sale. Are buyers frustrated or has it become the norm? Is Seattle real estate turning into E-Bay?
I couldn’t help but smile when my client asked me if the property I was showing him was going to turn into an E-Bay auction. The property was a luxury home and on the market for less than 24 hours. I simply told him “yes”. I then followed by “but what do you have to lose?” If you don’t try then you’ll never know.
Here’s the deal: buyers will either see a new listing (priced accordingly) and the listing agent delays reviewing any offers after 6 days of market exposure. Or buyers will see a new listing where the listing agent omits this remark and its first come, first serve. I’ve sold several homes by just being first in this instance. It saves buyers a lot of money and anxiety. Thankfully I’ve had buyers who are accessible and are motivated to meet me at the property very quickly. If you run into the first scenario, however, chances are the property will most likely go to “the highest bidder”. So how do you get there?
Have a buyer’s agent who is on the ball and can educate you about the market. I’ve seen things selling for about 7% over list price or about $50k. Obviously buyers need to have their finances together. I haven’t seen an FHA in a long, long time. Everything is conventional or cash now. Good thing interest rates are crazy low right now. Get the home pre-inspected IF IT MAKES SENSE TO. If it’s a short sale, probably don’t need to get it pre-inspected. Buyers: if you can’t go enough above the list price (and this is where a good buyer’s agent comes in) then don’t waste $300 to $500 for a pre-inspection. There are other terms and conditions and of course every situation is unique. Feel free to contact me if you’d like more market conditions or making your offer stand out.
I don’t see buyers getting frustrated, at least not the buyers I’m working with. I see more buyers making more offers and if I didn’t know better, I think they’re enjoying the excitement.
Oh and my client with the E-Bay question got the house of his dreams, with multiple offers and his family moves in next month.
See ya next time,
Molly Cartwright, Broker and Green Lake resident
How To Buy When You Already Own
Do you own your home or condo but want to sell it and buy something with more space, a different location, or perhaps a view?
One option is to take out a HELOC. A Home Equity Line of Credit (ask me for a lender with great programs of these right now) lets you take out a certain percentage of your home’s equity to use as a downpayment on your new home. To find out how much equity you have, contact a Realtor, like myself, to research the value of your home (it changes ALL the time). If you have a certain percentage of equity, you can qualify for a new loan. And if you’re preapproved for your new home loan, I can get the home you want to sell prepped for the market pronto!
Another option is a bridge loan. A bridge loan has some ramifications though. They generally tend to have higher interest rates and need to be paid back in a specified amount of time. It’s like a short term loan on your current property to buy a different property. It’s all about timing with a bridge loan. You can find out more about bridge loans HERE.
You can always make an offer contingent on your home selling. This is perhaps the option offering the least amount of risk. Of course with our current market today, properties are moving fast and a contingent offer isn’t as clean as an offer with a definitive close date, for example. But if are you a homeowner considering the contingent offer option, consider the right list price and a home in tip-top shape, it won’t take long to sell.
molly a. cartwright | seattle realtor
cooper jacobs real estate, llc
“Serving home buyers and sellers in Seattle’s most popular neighborhoods”