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 1^st 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

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

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 45^th St. They can be contacted at [email protected] / [email protected] and through their web site, www.Key2SeattleRealEstate.com.