Real Estate news
My take on current events in the local real estate market
May showers are helping to keep the market going strong
The Fed INTEREST RATE INCREASE REALLY HASN’T AFFECTED THE LOCAL MARKET YET.
Lake Forest Forest Park has seen great gains so far this year. Currently, there are 9 active listings with an average list price of just over 1 million dollars. They have average days on the market of 9 which is up just a little from the average of the year overall.
Pending properties are up to 12 so far for the month with an average of 7 days on market.
Sold properties for the last 30 days are up to 24 with an average list price close to 1.1 million dollars. The average sold price was up close to 1.25 million dollars at about 118% of list price.
March News
-
Active Listings
At the end of March Lake Forest Park has 4 active listings.
There was a sighting of an extremely rare bird in the Sheridan Heights neighborhood. I spotted a bird I could not recognize, so I consulted with the amazing birding community in the area, and found that I had a Red-flanked Bluetail in my yard. It is normally found in Asia and Russia, and is only the third confirmed sighting in Washington State ever.
On February 18, following a public hearing, the City Council members voted to adopt the Planning Commission recommendations for increased flexibility for Accessory Dwelling Units (ADUs) and Detached Bungalows (DADUs).
-
Sold Listings
Over the month of March, there have been 37 sold properties. These properties only stay on the market for an average of six days. The average sold price was $1,303,914.00 and 25% over the list price.
The City now fully owns the Lakefront Park property (next to Lyon Creek Park). Thanks to State and County funding, and assistance from the Forterra land conservancy, LFP was able to purchase this unique and beautiful waterfront using only 10% of its own money. For liability reasons, the park is not yet open to the public, but you can see it from the Lyon Creek dock.
Did you know that redistricting means that LFP is moving from the 46th to the 1st Legislative District beginning in 2023? We’ll be connected to Kenmore, Bothell, and Woodinville, rather than Seattle, and have new State legislators. LFP representatives will be getting to know our new representatives in the year ahead.
King County property tax bills are arriving soon. 2022
Property tax bills arriving soon will deliver tax hikes for King County homeowners ranging from 1.5% to 15%, depending on where they live.
Among those at the low end: Algona, Mercer Island, and Shoreline. In the double-digits: Tukwila, Sammamish, Kent, and Covington. Seattle homeowners will see an average increase of about 7%
Countywide, the average increase will be about 3%, which amounts to a third of the 9% jump in property values, according to King County Assessor John Wilson.
That’s because voter-approved tax measures, such as school levies, are a bigger driver of property tax increases than rising values. More than half of property taxes collected this year in King County, 57%, will pay for K-12 schools, according to the assessor’s office.
Inventory - February 2022
According to new data released by the Northwest Multiple Listing Service for January 2022, an increase in coronavirus cases, and depleted inventory were among the factors contributing to last month's slower-than-year-ago sales. Therefore, the number of closed sales decreased year over year (YOY), falling from 5,896 to 5,085 (a decrease of nearly 13.8 percent)
Seattle Residential prices and where they will
go in 2022
Between January 2021 and January 2022 the Seattle Market has seen a 7.7% rise in residential real estate prices. The factors involved are many but the combination of virus-related buying habits, a volatile stock market, historic low-interest rates, a shortage of and rise in prices of building materials, and an increase in high-paying new jobs are the major factors behind the increase.
These higher-income new households need places to live and Seattle and the surrounding areas have struggled to keep pace with the demand for new construction. Seattle has gained about 2 new jobs for every one new housing unit created.
Overall home inventory is at an all-time low currently King county had around 2,600 homes for sale in January. With that number not expected to improve throughout 2022, expected rise in mortgage rates over that same time period, and rental rate increases, we should see a large number of buyers rushing to secure properties this year putting even more strain on the available number of homes.
Apricot
Blood Oranges
Grapefruit
Mandarins
Mango
cauliflower
Celery
Chicory
Dandelion Greens
Fava Beans
Leeks
parsnips
peas
radishes
Scallion
Salad Leaves
spinach
Wild garlic
Parsley
asparagus
