Wallingford Real Estate Update

6 Comments

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Wallingford single family residential real estate has been interesting this summer, with some great properties changing hands. Year over year numbers have reflected some surprising changes in the market. Wallingford is still faring better than many other Seattle neighborhoods and suburbs and although year over year quantity of sales has decreased, the median sales price has increased both on a monthly and a year to date basis.

What’s For Sale In Wallingford Right Now?

Active Wallingford Homes in the NWMLS – Again, looking at single family residential only, there are 13 Wallingford homes for sale currently ranging in price from $430,800 to $768,000 with a median list price of $622,000 and an average dollar per square foot of $245.10. The average days on market is at around 60 days for these properties.

Pending Wallingford homes in the NWMLS – these are homes that have offers on them and are waiting to close in escrow. There are 11 Wallingford homes that are marked Pending right now in the MLS. These range in price from $369,000 to $659,950 with a median price tag of $495,000.

Pending Back up and Pending Inspection – There are 2 Wallingford residential properties priced at $420,000 and $569,000.

What Is Selling In Wallingford?

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In the last 30 days, only 4 Wallingford single family homes have closed at escrow. These ranged in sales price from $312,925 for a 1440 square foot home around 47th and Thackeray PL NE to $815,000 for a 2305 square foot home around 40th and Woodlawn Ave N.  These sold Wallingford homes have a median final sales price of $576,000. The sales price to list price ratio on these is 96.27% and they had a final average days on market of 68 days.

Only 4 Closed Homes In 30 Days?

Only 4 closed sales in the last 30 days is pretty bad even though there are 13 Pending homes waiting to close, so I wanted to look at the same time period last year and see how we compared. Last year during the same period from late July to late August, there were 11 closed Wallingford single family residential sales. These ranged in sales price from $420,000 to $850,000 with a final median sales price of $571,000. So, year over year, we are seeing a higher median final sales price this year. In addition, the average days on market for last year is higher at 74 days and the sales price to list price ratio is lower at 95.72%. Wallingford homes are selling in less time and for closer to list price than they were last year, but in less quantity.

Looking at just 30 days might not show the entire picture so I always like to also look at year to date for the same time periods to see how we are faring in Wallingford.

2010 Numbers through 8/29/2010

  • 66 Sales
  • average days on market is 45 days
  • low sales price:  $275,000
  • high sales price:  $1,024,500
  • median sales price: $540,000
  • SP/LP%: 97.61%

2011 Numbers through 8/29/2011

  • 53 Sales
  • average days on market is 81 days
  • low sales price:  $280,000
  • high sales price:  $1,350,000
  • median sales price: $550,000
  • SP/LP%: 97.83%wallingford real estate
Looking at the two sets of numbers for year to date Wallingford homes sold, they are very consistent with the last 30 days in most aspects. We are still behind in the numbers year over year for closed homes. The median sales price is still higher than last year and Wallingford homes are still getting closer to list price on average compared to last year. The only difference is in the average days on market which is notably higher this year overall.

So Why Fewer Wallingford Homes Sold This Year?
Last year, sales numbers in the MLS throughout greater Seattle were higher possibly due to low interest rates. It is more likely, however, that the 2010 Federal tax credit advantage impacted these numbers greatly. Now, interest rates are even lower in some cases than a year ago but economic forces and available loan programs have limited the number of qualified buyers.  Additionally, I think Wallingford homeowners are staying put and prefer to wait for a hotter real estate market in the future. Again, overall Wallingford has fared well with the up and down conditions of 2011. We have great schools, beautiful parks, and a higher quality local neighborhood economy because of our many wonderful restaurants and shops! We also have great Walkscores and an easy commute to Downtown Seattle.  In short, Wallingford is just about perfect.

 

Written by Courtney Cooper, Designated Broker for Wallingford based Cooper Jacobs Real Estate LLC (3645C Wallingford Ave N). Data compiled by Courtney using NWMLS data. If you need help with Wallingford real estate or other Seattle neighborhood real estate, please feel free to get in touch with us – we have wonderful Seattle Realtors and love being a part of Wallingford!  [email protected] 206-850-8841

6 Comments

  1. SeattleAlan
    August 30, 2011 at 9:48 am

    Thanks for the rundown on our neighborhood, Courtney. I’ll bet you’re right – Wallyhoods just stay put. I’ve been here since ’64 and really like the area!

  2. Courtney Cooper
    August 30, 2011 at 10:17 am

    Hi there – thanks for the feedback – I like living and working here, too 🙂

  3. Judy
    August 31, 2011 at 11:22 am

    Any break out for condos/townhouses?

    Thanks for the info.

  4. Courtney Cooper
    August 31, 2011 at 11:25 am

    Hi Judy – I will be doing dedicated posts for those as well 🙂 They definitely need to be addressed! Thank you for your interest.

  5. clea
    September 1, 2011 at 10:15 am

    Thanks for the update. It is interesting that the median price varies so much in our neighborhood. Is there a way to calculate the numbers bsaed o nprice range so you can get a more accurate account of the market? e.g. $600,000 and under; $601,000 and higher. Just a thought….

  6. Courtney Cooper
    September 1, 2011 at 10:24 am

    Hi there Clea – I think that is another great idea and appreciate your input – I will break it out that way on my next one. Thank you!

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