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ARDELL's Seattle Area Real Estate Blog

Jan. 2, 2010 - Green Lake - Seattle Home Prices

Green Lake Home Prices - for these stats I am using zip code 98103 which includes Green Lake, Fremont, Wallingford, Lake Union, Greenwood and parts of Phinney Ridge.

For accurate reference compare the zip code map from my first post in this series to the official City map of the Green Lake neighborhood below. Often, agents will tag homes as "Green Lake" that border the lake by x number of streets, but that mls reference of "community" does not always fit the street borders of the actual neighborhood. The stats in this post include all of Green Lake and the other neighborhoods noted in the first paragraph, in whole or in part.

Results are slightly different than 98117 in that the square footage of the homes did not remain a constant through the decade from 2000 to 2009. I will note that again when we get to prices, but let's look at volume of homes sold first.

The trend as to volume in 98103 was considerably different than 98117. It will be harder to sustain volume of sales in this zip code, given the second half of 2009 was not only up, it was up to 2000 - 2001 levels, unlike 98117 which was short 40 or more units sold than 2000-2001 levels. The reason is the same as the home price variance, so let's pull that graph in first.

Prices are running in the very early 2005 range and even late 2004 levels. However the difference is in the median square footage of homes sold. Unlike Ballard with less than 10% of recent sales being newer townhomes, 33% of all sales of single family homes in 98103 were townhomes.

There was virtually no difference in square footage of a home sold in 98117 in 2009 vs. 2000. But in Green Lake and the rest of 98103, the median square footage dropped from 1,810 to 1,600 as a result of the number of townhomes built and sold during that time.

That would put the final price of $411,000 showing in the price graph up at $464,000, adjusting back to median square footage of a home in 2000. But then you would have to adjust going back to 2003 when the number of townhomes in the mix started growing at a fast pace.

More importantly we have to watch the mix of townhomes sold as we move forward. 29 of the current 89 properties for sale in 98103 are townhomes.


(Required Disclosure - Stats are not compiled, verified or posted by The Northwest Multiple Listing Service

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Feb. 22, 2011 - RE: Green Lake - Seattle Home Prices

Posted by real estate agents Toronto

Hi thanks for the informative article and for the graph. Glad i came across your blog!

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ARDELL DellaLoggia of Sound Realty on Seattle Real Estate process and market including Kirkland, Bellevue, Redmond, Green Lake and most areas around the top of Lake Washington North of Downtown Seattle. Phone: 206-910-1000 - Mailto:ARDELLd@gmail.com

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