Every now and then, I provide stats on the local real estate market. I moved from Green Lake to Maple Leaf last year, but Green Lake is still a big neighborhood of focus for many of my clients. I can’t blame them, it’s a fantastic place to live and just keeps getting better (yay second PCC!). Here’s a look at where things are at for June – keep in mind this is obeying the street borders that most people commonly recognize as “Green Lake” and not the outskirts that some try to sneak in. We stay within the outline of Aurora Ave and I-5 to the west and east, and N 85th Street south to 50th.
Stats and Facts
In June, there were 10 residential homes that closed in Green Lake (and 5 condos, but we’ll exclude them from this data). The lowest price home sold at $452,000 and the highest at $1,125,000, with an average price per foot in the area of $332.58. On average, a home sold for 104.3% of asking price – but the biggest difference was one home that sold for 116.7% above asking price. The average time a home spent on the market was 7 days.
So with all our complaining about bidding wars, is this much different than last year? Not really, although competition might be tighter. In June of 2013, there were 19 residential homes that closed – almost twice as many – BUT, the average time on market was still only 10 days, and the average home sold for 103.15% of it’s asking price.
Of course, if we look back at June 2012, we see a little more normalcy. The average time a home spent on that market back then was 20 days, and the average home sold for 100.08% of it’s asking price – so most homes sold for exactly what they are listed at.
Looking Outside the Box
Feeling the frustration? Join the club. Many buyers are upping their game, and some are stepping out and waiting until things get a little less competitive. Others, like me, looked outside of the most desirable neighborhoods: In Maple Leaf, there were 7 homes that closed in June 2014. They ranged in price from $360,000 to $545,000 and the average price per foot was just $299.45. That means that on average, a 1500 square foot home that would cost close to $500,000 in Green Lake would only be about $450,000 a few blocks north.
Upping Your Game
If you’re determined to keep trying in the most desirable areas of Green Lake, Wallingford, Fremont, Phinney Ridge and Ballard, you’ll need to up your game and be prepared to maybe take on less square footage than you originally wanted or something that potentially needs work instead of a newly updated home. Preapproved for $600,000? You should be looking at homes in the $500,000-$550,000 range so that you have room to over-bid. Many buyers these days are waiving contingencies, making their earnest money deposits non-refundable, and waiving appraisals. If you’re going to do something like that, you must make sure you have the cash reserves to make up a difference in price, should one occur.