Green Lake Real Estate: A look at Inventory

I’m not the only real estate broker who has been talking nonstop about the lack of inventory in the Seattle area.  So if there’s no inventory, why do I keep seeing “for sale” signs on every block – does that mean ?

In January, I wrote a post about the current state of the market and there were seven active listings – six single family homes and one condo.  So where are we at today?  Well, it’s Spring – a time when the market generally picks up and this year is no change.  There are currently 14 single family homes on the market and two condominiums.  Not including the condominiums, the average size of the homes on the market is 2,199 square feet and the average price is $611,268. This gives us an average price per foot of $278.

5608 Latona Ave

This home at 5608 Latona Ave NE is currently listed for $730,000. It has 5 bedrooms and 2.25 baths.

In April, fifteen homes sold in Green Lake (three condominiums and twelve single family homes).  Despite the amount of homes being added to the market, the average time these homes spent on the market was 13 days – and ten of the homes were on the market for a week or less.

Compared to 2012, we had just a few less homes on the market.  There were 18 homes sold last year in April, but at an average market time of 51 days – that’s almost two months compared to our current time of two weeks!  And in 2011, the average time on the market for April was 61 days.

To sum up: More houses are coming on the market, but we’re not balanced yet.  We still have a lot of home buyers out there and not enough houses to sell them.  Houses in Green Lake are selling quickly, often for more than asking price.  We’re still out of whack, but the addition of new listings each week is putting us on the right track to a balanced market.

 

 

2 responses to “Green Lake Real Estate: A look at Inventory

  1. I do worry that we’re on a bit of a fast-track recovery due to the lack of inventory, and not just in the “for-sale” area. Seattle rental rates have skyrocketed in the past six months – this, plus the difficulty that first time buyers are having breaking into the market here (due to competition and rising prices), is forcing people to move further out. The idea of the mini-bubble is definitely in the back of my mind and I tend to advise clients to really look at the numbers when purchasing a house so they don’t overpay.

    I don’t necessarily think there’s a good time and a bad time to become a broker, but I think it would be hard for a new broker at the moment – there’s a lot of buyers out there needing agents, but if I was one of them in this competitive, bidding-war kind of market, I’d be looking for someone with a lot of experience – it’s a lot harder to get your clients the perfect home when there’s this kind of competition, than it is in a quieter, slower market. While we’re enjoying all the added business right now, we’re also working a lot harder and a lot more hours!

  2. Do think that this trend could start a sort of “mini-bubble” effect of overpricing that may be followed with an increase in supply and sudden drop in home values? It was mentioned in a UW article I read that this could possibly occur here. That said, would now be a good time to start a career in real estate as a broker given the current market?

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