Green Lake & North Seattle Real Estate March 2012: Where’s the Inventory?

If you’ve found the perfect house in Green Lake but have decided to “sleep on it,” you can probably kiss it goodbye.  Don’t think. Just make your decision before the house sells to someone else.

That’s the attitude buyers in the neighborhood need to take right now as we look at a seriously diminishing lack of supply and a strong market of buyers out shopping.  Within our Green Lake boundaries (80th to 50th, Aurora to I-5), there are 11 residential listings on the market right now and 4 condominiums.  Of the 11 residential listings, 4 have been on the market over 100 days (often, but not always, an indication of over-pricing or something physically wrong with the home), and 5 have been on the market for less than a month.

At the same time, there are 16 pending residential homes that are currently waiting to close, and 6 homes that closed in March in the neighborhood.  9 of the 16 pending homes occurred in March – that means that we’re carrying barely a one-month supply of homes in Green Lake right now.  OUCH!  In  a “normal” real estate market, a 3-month supply of homes is considered healthy.

Looking at the homes that closed in March, the average size was 1,572 square feet and the average sale price was $465,032 – giving us a general price per foot of $302.25.  The average amount of time these homes sat on the market?  23 days. And here’s another fun fact – half of those homes closed for more than asking price.

This Ravenna charmer on 32nd Ave NE was just listed for $469,000. It has 3 beds, 2 baths and 1,630 sq ft.

I’m going to put our inventory and sales in perspective for you.  In March of 2011, Green Lake closed 15 homes.  In March 2010, Green Lake closed 23 homes.  Now, for those of you thinking “wait a minute, if we only closed 6 homes in March we’re doing worse” – think for a second longer.  We don’t have 23 homes, or even 15 homes, to close.  We HAVE NO INVENTORY.  The buyers are there, but the product is missing.

As for the rest of north Seattle, there are 310 single family homes on the market and 145 condominiums.  204 total homes closed in March of this year – 166 of those were single family.  The average time of the sold homes on the market in all of north Seattle was 64 days – a little over two months, which is a fairly normal time period.

This Ballard home has 4 beds, 2 baths and 2,280 square feet. It was listed this past week at $419,000.

Phew! Was that enough numbers for you?  The bottom line is this: If you’re looking to buy a home in Green Lake or other popular north Seattle pockets, you are NOT the only one.  Be prepared for multiple offers, homes sold before you can even get inside to see them, and some possible heartache as you miss out on your favorite. Spring has arrived to real estate.

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