Green Lake, Seattle Real Estate Sales, Prices Rise

Green Lake, Seattle Homes - Real Estate Sales, YTD 2010

The Green Lake neighborhood of North Seattle has continued a strong year of sales through May. Sales of single family homes are up 5% for the first half of 2010, and median prices of home sales continue to rise.

There were 26 houses sold in Green Lake in May, a solid month after a big April in which we had 32 houses sold. Condos make up a small portion of the sales in Green Lake, with an additional 6 condos sold in April and 4 in May.

Year-to-date, single family home prices in Green Lake are up significantly over last year. The median price at this point in 2009 was $390,000. This year we're at a median of $429,000, a price increase of 10%. Any price increases in the current market are a welcome sign, as Seattle has finally seen flat or slightly increasing prices for the past 6 months or so.

The current median sale price is actually quite a bit lower than the median value of all homes in the neighborhood, but a large number of lower-priced homes have been selling in the past couple of years. A large portion of the homes in Green Lake are $600,000 to over $1 million, but these home sales have been slowed significantly since late 2007. If I had to guess, I'd say the median value of all homes in Green Lake, on the market or not, would be about $525,000.

 

If you're searching for a Green Lake home to buy, you'll realize quickly that the definition of the neighborhood is a bit shaky, depending on who is classifying it. Most Seattle locals would generally associate anything West of I-5 and within maybe 10-15 blocks of the lake as Green Lake. The city clerk shows the South end at 60th St, but we usually classify homes as far South as 55th or 50th St as Green Lake. I've seen some homes that are practically as far North as Shoreline that are listed as Green Lake by some "creative" real estate agents. Just remember to always check the map first when you're looking at a Green Lake house listing.

There are no true waterfront homes on Green Lake, but the homes on Green Lake Way across the street from the lake are some of the most coveted homes in the area. The views of the lake are fantastic, and the bustle of constant pedestrian traffic on the walking/jogging/biking loop around the lake is a nice in-city alternative to a private beach. Green Lake remains one of the top neighborhood destinations in Seattle when local magazines survey readers for their favorite locales.

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Sam DeBord is a Realtor and real estate broker with SeattleHome.com, a division of Washington State Realty, LLC. He is a member of the Seattle-King County Association of Realtors and a Green-Certified Pro. Source: Individually compiled NWMLS statistics. The NWMLS did not compile or publish this information.

Have a question about this waterfront home, or Seattle real estate in general?
Sam can be contacted at (206) 658-3225 or Sam(at)SeattleHome.com.