From time to time, we feature guest posts from people in the neighborhood who have expertise to share. Today, we’re giving the floor to Green Lake resident Daniela Dombrowski of The Murphy & Dombrowski Real Estate Group.
Looking at the latest real estate statistics for Green Lake, we see a stabilization of prices and even a slow but steady upward trend, with the average sale price between 2009 and 2010 having increased from $518,259 to $537,840. Overall, average prices are about 18% lower than at the peak of 2007. This compares quite favorably to King County as a whole, which has seen a 25% overall decline since 2007.
Current prices in our area are about at the 2005-06 level. Overall Green Lake, Wallingford and other close-in Seattle communities have fared relatively well during the downturn. But all neighborhoods have been affected to some degree over the last couple of years by the impact of short sales, foreclosures, bankruptcy sales and the glut of bank-owned properties, which continue to have the effect of lowering average sale prices.
115 homes sold in our area in 2010. The lowest priced sale was $225,000 and the highest price was $1,280,000. In December, we saw a significant increase in overall sales volume which may be attributed to rising interest rates, the effects of the tax credit earlier in the year – which led to a slowing in overall market activity after its expiration mid-year – and some renewed optimism. Let’s hope that this signals a positive trend for 2011.
For more details see Eric Pryne’s Jan. 5, 2011 Seattle Times article, ‘Hot December for King County home sales‘.
Wondering what home prices will do in 2011? CNN Money predicts a 3.9% increase in Seattle area home prices by this time next year.
Would you like to learn more about area market statistics? Median home price charts for Seattle, zip codes 98103, 98105, 98115 and others, can be found here.
Murphy & Dombrowski of Key2SeattleRealEstate.com wish all our neighbors a happy and abundant 2011. And in closing, we’d like to invite you to enjoy a meditative walk around Green Lake – without having to leave your seat! (Of course we highly recommend the real experience as well – it’s what we do on those occasions when we need to take our minds off of the real estate market ☺ )
Note: For the purposes of this article, we used My Green Lake’s defined boundaries as the basis for Green Lake data. This does not correspond to “Green Lake” as defined by the NWMLS or zip code based real estate data tools. There may be some overlaps with Wallingford related data.