Green Lake, I love you. But if you don’t start providing inventory soon for my buyers that are still waiting in the wings to purchase, I’m going to get annoyed.
As I’ve done in the past, I’ve taken a look at current Green Lake inventory from 85th at the north end down to 50th at the south end, and between Aurora & I-5. And do you know what I’ve found? Seven homes for sale. Seven. That’s all. That’s one condominium and six homes, with price ranges from $205,000 (for the condo, the lowest price house is $399,000) to $859,000.
This 3,500 square foot house on Green Lake Way N is currently listed for sale for $765,000:
I don’t think this data will come as shock to anyone, and I’m sure everyone can make the interpretation as to what this is continuing to do. Limited inventory drives up house prices, causes bidding wars, and also reflects only a small amount of sales. So far in January, nine homes have closed in the Green Lake neighborhood.
Time to get frustrated? If you’re a buyer or a real estate agent, sure. Time to panic? Nope. Last January, Green Lake closed twelve homes – just three more than where we’re at today. And in January 2011, Green Lake only closed four homes. My biggest fear is that sellers who are waiting to list because they’re seeing prices rise will all list their homes around the same time, bringing on more inventory than necessary. However, the desirability of the Green Lake neighborhood should continue to move homes quickly into the hands of new buyers, no matter how many come on the market at once.
The other trend I’m seeing right now is the greedy seller. Yes, it is a seller’s market. Yes, prices are rising. But no, buyers out there aren’t actually stupid and still aren’t going to pay way more than market value for your home. If your home is listed in Green Lake (or most of the surrounding area) for more than 30 days, there’s a strong chance that you overpriced it so much, no one even wants to make a low offer.
Other neighborhoods seeing similar action: Ravenna, Greenwood, Phinney Ridge and particularly Maple Leaf after Redfin named it one of the up-and-coming neighborhoods in the country to watch.
As always, I’m happy to help any of my neighbors purchase or sell their home, and provide free extensive market analysis reports to sellers. You can reach me directly at email@example.com or at (253) 653-6299.