Wallingford Real Estate

(This real estate snapshot provided by Kris Murphy and Daniela Dombrowski, Wallingford-based realtors and Wallyhood sponsors)

Home sales prices have increased a whopping 11.95% from a median sales price of $581,770 in first quarter of 2013 to $651,281 in first quarter of 2014. So the trend of 12% annual price increases that we have seen in 2013 is continuing.  Inventory is still extremely low, contributing to this high appreciation: with limited selection, multiple offers become the norm and drive prices upward. Sales prices in the 1st quarter of 2014 were on average 3% higher than list prices, as opposed to 2013 where sales prices came in around 2% higher than list price.

As real estate brokers, we are certainly feeling the shortage of inventory, as it is becoming increasingly difficult to find homes for our buyer clients, and then to compete for them.  As listing agents we often see buyers waiving all of their contingencies (inspection, financing, and appraisal) in order to get the house of their dreams. Some homes in the neighborhood have received 10 or more offers, and occasionally the price is driven up by more than $100,000 or even $150,000. At this rate, we will quickly approach California real estate prices.

Mortgage rates have actually come down a bit since the beginning of the year to about 4.25%, but surprisingly for the first time ever, jumbo rates are often 1 to 2 points lower than for conventional loans.  (Jumbo rates apply to loans greater than $506,000 in King County).

1st Quarter 2013 to 1st Quarter 2014 Home Sales Comparison

2013 2014 Difference %
Number of Closed Sales

43

39

-4

Average Days on Market

26

33

7

Median List Price

$569,838

$632,622

$62,784

11.02%

Median Sales Price

$581,770

$651,281

$69,511

11.95%

List to Sales Price Ratio

101.94

103.07

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

wallingford-map

The Trend toward Urban Living

Why are so many buyers attracted to these close-in Seattle Neighborhoods?

Recently Gene Balk of the Seattle Times wrote an article based on recent census figures:

He found that for the first time in 100 years, Seattle’s population is growing faster than in its suburbs: “Between 2011 and 2012, Seattle’s population grew at a rate 25 percent faster than that of surrounding King County. During this period, Seattle’s growth rate was 67 percent faster than Bellevue’s.”

Many believe that we might be witnessing “a major demographic shift, with younger people rejecting a culture of sprawl and car-dependency associated with suburbs, and instead choosing the lifestyle offered by dense, walkable cities.”

We have certainly heard that time and again from buyers moving to Seattle.  Everybody seems to want to live in a  location where they can walk to get their groceries and coffee.  In fact, walkscore.com has become one of the primary tools for buyers to determine what is close by, especially walkable, to a home they may be considering.

This is all good news for Wallingfordians as our homes continue to appreciate.

Kris Murphy and Daniela Dombrowski are Wallyhood 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. They can be contacted at [email protected] / [email protected] and through their web site, www.Key2SeattleRealEstate.com.

  1. wildnwonderful said,

    My rent was increased 12.65%.. more than the sales increase percentage

    Tue, April 15 at 5:14 pm
  2. Sarah Doyle-Brown said,

    I am not sure if they are “choosing the lifestyle offered by dense, walkable cities” but more so forced to given the added expense of a vehicle and insurance onto of student loans. I like being able to walk to a cafe and easily get on a bus to work but honestly I am over taking the bus to get groceries and would like the freedoms that a car provides. But more so, to own a home in this neighborhood. Unfortunatly we are being priced out.

    Tue, April 15 at 7:51 pm
  3. jt said,

    Yeah, I’m not sure it’s great for all Wallingfordians. I’ve been here for a decade and the last two years have seen my rent go up 25%.

    Tue, April 15 at 9:47 pm
  4. Donn said,

    I walk to a fair number of my destinations. I rarely encounter anyone else on the sidewalks – other than people walking their dogs! Life is a little different here, than in the suburbs, but for those who are looking for that evolutionary step away from the motor vehicle, it’s going to take more than just moving to Wallingford.

    Wed, April 16 at 4:46 pm
  5. Greg Lyons said,

    That’s awful, sorry to hear that. I saw the fire truck and wondered what had happened. Speedy recovery for your husband.

    Thu, April 17 at 7:26 pm
  6. Donn said,

    Likewise, I guess, I would wish a speedy recovery for whoever this fellow might be, but actually I’m a dude myself, there’s no husband in the picture and haven’t noticed any fire trucks around.

    Thu, April 17 at 10:56 pm
  7. KD said,

    Nice for existing homeowners… Tough for renters or those who wish to buy someday, though. We exist here, too.

    Sun, April 20 at 11:50 pm
  8. Donn said,

    The story I’ve been hearing is that a couple major factors in the current market are investment firms, and changes in immigration policies, including Canada. Canada had been admitting Chinese immigrants for the price of a 5 year loan of $800K, and run down bungalows in Vancouver are now million dollar homes. That program is over. I’m not sure those affluent foreigners are really living in those houses, might be just part of a residency process during which they’re rented. The investment firms rent.

    Mon, April 21 at 10:15 am
  9. E30 Memorial said,

    When large investment groups no longer see Seattle as a the best profit maker, the lower end housing market will be flooded with supply driving prices down.

    Mon, April 21 at 12:36 pm

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