News Blog for Seattle's Wallingford Neighborhood

 

Entries from October 2016

Learn more about the future University of Washington Seattle Campus

October 7th, 2016 by sarawilly

The 2018 Draft Seattle Campus Master Plan provides the framework for the University of Washington’s future campus development. Progressive and sustainable, it balances the preservation of the core campus with the need to accommodate increasing density. The plan integrates the University’s academic, research, and service missions with its capital plan objectives.

The Draft CMP and EIS has been issued today, October 5, 2016. This begins a 45-day comment period that ends November 21, 2016. To view or download the draft documents, visit the project website.

Learn more about the draft plan and share your input with project staff at our public events:

Campus Master Plan (CMP) Online Open House
Wednesday, October 12
Noon – 1 p.m.
Sign up at: tinyurl.com/UWSeattleCampus-2018MasterPlan

Open House
Tuesday, October 18
Noon – 2 p.m.
Haggett Hall Cascade Room
University of Washington Campus

Open House
Thursday, October 20
7 – 9 p.m.
UW Tower 22nd Floor Auditorium
4333 Brooklyn Ave NE

Environmental Impact Statement (EIS) Online Open House
Tuesday, October 25
Noon – 1 p.m.
Sign up at: tinyurl.com/UWSeattleCampus-2018MasterPlanEIS

SEPA Public Hearing
Wednesday, October 26
6:30 – 9 p.m.
UW Tower 22nd Floor Auditorium
4333 Brooklyn Ave NE

Drop-in Office Hours

Suzzallo Library Café
Wednesday, October 19
1 – 3 p.m.
University of Washington Campus

Café Allegro
Monday, October 24
3– 5 p.m.
4214 University Way NE
(Enter from the alley behind Magus Books)

Post Alley Café
Wednesday, November 2
2:30 – 4:30 p.m.
4507 Brooklyn Ave NE
In the Hotel Deca

Can’t attend our open houses or office hours?

You may also review the draft plan and EIS online at pm.uw.edu/campus-master-plan and send comments to cmpinfo@uw.edu.

The University of Washington will take public comments on the Draft CMP and EIS for 45 days after its publication date.

The CMP and EIS schedule as well as all public open house information is posted on our website: pm.uw.edu/campus-master-plan

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Wallingford – Hot Housing Market Continues!

October 3rd, 2016 by sarawilly

Wallingford and Tangletown continue to be highly sought after by today’s home buyers.

It is no wonder with our continuing technology boom that people want to live close to the job centers and avoid the I-5 commute at all costs.  As we know, our neighborhood is very accessible and convenient and it offers restaurants, shops, parks and other goodies and you don’t even need to leave to cover your daily needs or for entertainment and recreation.

Statistics in the table below are based on home sales in the area outlined on the map above and are derived from the Northwest Multiple Listing Service data.

June – Sept 28 2015 to 2016 Home Sales Comparison 2015 2016 Difference %
Number of Closed Sales 111 101 -10 -9.0%
Average Days on Market 11.6 14.1 +2.5 +21.5%
Median  List Price $665,000 $725,000 +$60,000 +9.0%
Median  Sales Price $707,000 $759,000 +$52,000 +7.4%
List to Sales Price Ratio 106.3% 104.6% -1.7%
# List Price DOM
Pending & Pending Inspection – Current September 28 2016 23 799,950 14
Active Capture – Current September 28 2016 22 744,750 27.3

We captured all closed sales for June 1 – Sept 28, both for 2015 and 2016. The number of closed sales has decreased by 9.0% from 111 closed sales in 2015 to 101 closed sales in 2016. In June, we were seeing an uptick in inventory predicting a possible slow down.  In our neighborhood, the higher inventory was gobbled up in no time by hungry consumers.  However, we are seeing a slowdown in home sales in the higher price brackets, over 1 million in outlying neighborhoods.

The median sales price has increased by 7.4% year over year, so we are still experiencing significant appreciation and the median sales price in the neighborhood for those three months was $759,000.

The average home sold 4.6% over the list price.

There are currently 22 active single family homes, including townhomes on the market in Wallingford.  In reviewing this list, it is often homes in less desirable locations (arterial locations or close to the freeway), or homes that are overshooting a bit on price and may need to come down that are experiencing longer market times.

What the Trends are Telling Us

The following charts capture Wallingford and Green Lake (area as defined by NWMLS data) real estate trends for 2015 and 2016. This bar graph tells us how many homes were available for sale (light green), how many went under contract (red line), and how many sales closed each month (dark green).  The dark green bars and red line tell us that demand is far outpacing supply and is buying/selling activity is even stronger than last year at this time. The low number of listings in August is fairly typical as we usually see a slow down at the end of summer when the weather is hot and people are on vacation.  When September numbers become available, we will see that inventory has been on the rise again after Labor Day. The highest number of homes (56) went pending in May but buying/selling activity has remained over the summer as well.

In the chart below, the line at the top represents the relationship between sales and original list price.  You can see that most months this year have seen a higher percentage of increases than in 2015. Between 3% and 10% over list price in 2016 versus between 0% and 6% over list in 2015. To receive a solid offer 10% over list price is no longer unusual even with just a couple of buyers competing.  The days a home stays on the market is still very low and properties are kept on the market for one week or so before taking offers in order for the market to see the listing and gather as many offers as possible as well as give buyers the chance to make their offers as compelling as possible.

Generally, with the diverse housing stock in our neighborhood we don’t feel that the price per square foot is a very consistent measure.  The reason for this is that condition and finishes vary widely, and often agents list unfinished space as finished so the price per sqft is often not a very reliable metric. However, this chart shows an upward trend in price per square foot for most months in 2016 compared to 2015.  We are essentially at $400 per square foot in our neighborhood.  Of course, this is an average and quite often smaller homes have a higher price per square foot and larger homes have a lesser price per square foot.

Finally, this chart illustrates months of inventory (or absorption).  It is derived based on a calculation dividing the number of active  homes for sale by the number of homes that have closed in a given month and attempts to project how many months it will take for the entire available inventory to sell.  Anything under 2 months of inventory represents a sellers’ market. You can see that for the last 15 months, inventory was almost always under 1 month, illustrating our current crazy sellers’ market.

What does this mean for the consumer?

It is still a great time to sell and you have not missed the hot market, at least in our neighborhood.  However, consumers are selective, so don’t think you can slap on a high price tag and do nothing to get your home ready for market.

If you are a buyer looking to purchase in Green Lake or Tangletown, strap on your seatbelts and get a great agent who knows how to navigate this market effectively so you can place a winning bid on the home of your dreams.

Kris Murphy and Daniela Dombrowski are My Wallingford sponsors and real estate brokers who live and specialize in the Wallingford and Green Lake neighborhoods.  They practice out of the Keller Williams Greater Seattle office located on the corner of Stone Way and N 45th St.

Kris Murphy & Daniela Dombrowski
kris@key2seattleRE.com / Daniela@key2seattleRE.com
www.Key2SeattleRealEstate.com

http://www.zillow.com/profile/krismurphy/

Keller Williams Greater Seattle
1307 N 45th St, Suite 300
Seattle, WA  98103

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