Green Lake real estate by the numbers: 2011 in review ? prices ...

February 5, 2012 at 4:26PM

Photo credit: Daniela Dombrowski

This update on the Green Lake real estate market comes to us via?Daniela Dombrowski & Kris Murphy?of?The Murphy & Dombrowski Real Estate Group.

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Number of Homes for Sale, Closed and Pending Sales

This graph shows the number of available homes for sale, the home sales that closed and the pending sales (i.e. offers accepted) in zip code 98103 over the last year. The number of available homes on the market has gone down steadily and dramatically (by 41.6%) and buyer activity has increased by 14.3% year over year showing very strong demand but shrinking supply i.e. fewer choice for buyers.

Inventory

Inventory continues to be very low in zip code 98103. Even in December, generally a slow season for home sales, we only had 1.9 months of inventory which made for a great seller?s market. On the other hand, if you are out looking to buy, you will find that good homes sell very quickly and often in multiple offers, driving prices upward. The market is very competitive for buyers, the likes of which we haven?t seen for the last 4-5 years. Generally, 0-2 months of inventory is characterized as a seller?s market, between 2-5 months of inventory is considered a balanced market, and 5-6 months or more is considered a buyer?s market.

List vs. Sales Prices

Average home prices have increased by 14.8% in zip code 98103 over the last 12 months. The green line on this graph indicates the average list price and the red line shows the average sales price. Starting in July 2011, there is a clear trend with sales prices considerably exceeding list prices. Prices are going up and multiple offers are a common challenge these days, even in the upper price ranges.

Median Price Increase

The median price in zip code 98103 has increased 11.5% over the last 12 months! See for yourself.

Want data or analysis for another zip code, neighborhood or your own home? Feel free to contact us, we are happy to assist.

Source: http://www.mygreenlake.com/2012/02/green-lake-real-estate-review/

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