Ravenna-Roosevelt May 2011 Market Report

The 16 closings in May was double that of the 8 closings of residential property in the Ravenna and Roosevelt neighborhoods of Seattle during April. Surely a good sign that the people who took the plunge actually made it to the closing table.  Active listings have been pretty steady for the past three months coming in currently at 33 . We still could use more inventory in these neighborhoods. There are buyers out there looking for homes.

Status	#	Low $	High $	Average	Median	Days on Market
Active	33	170,000	775,000	493,004	459,000	59
Pending Inspection	10	159,950	528,000	335,070	355,00	36
Under Contract	19	144,500	839,500	471,579	425,000	39
Sold	16	300,000	640,000	442,538	415,000,	30

 

Last month there were 25 listings pending inspection or otherwise resolved and just waiting to close. Now there are 29 such properties, so expect June totals to be up slightly.

For in-city Seattle north of the ship canal the statics include 219 closed sales in April, 469 pending sales (up 130) and 912 active listings up 121 since last month. Absorption rate is now 4.2.Still a sellers market.

This report includes single family homes, townhomes and condominiums.



If you live in the Seattle area, and in particular the North Seattle and the Ravenna or Roosevelt areas, give me a call and let’s discuss how to resolve your real estate issues.

April 2011 Ravenna Roosevelt Market Report

The data is in for April is in and the results are pretty much as predicted. Closed sales are up 100%! There were only 8 closed sales in March, but there were 17 in April. Inventory has remained at 31 active single-family units including condos for the Roosevelt Ravenna neighborhoods. 

The map below shows the sales in red, the pendings in yellow and the active listings in green.

 

What does the data have to say about the month of April? Let's take a look.

 

Status	#	Low $	High $	Average	Median	Days on Market
Active	31	159,950	775,000	411,838	400,000	60
Pending Inspection	7	144,500	499,000	320,833	319,000	123
Under Contract	24	199,950	839,500	492,464	457,450	43
Sold	17	125,500	596,500	380,441	420,000	62

 

We see that the average days on market for the pending and sold properties went way up. This indicates that those sellers who were too high have lowered their prices to meet the market, or that the market has improved and in spite of what Case-Shiller says and what you read in the paper, the housing market in the Seattle neighborhoods of Roosevelt and Ravenna is alive and well.

If you would like to be a part of this activity, give me a call. Let's take a close look at how the light rail station in Roosevelt will affect the growth in this neighborhood.

Ravenna-Roosevelt March 2011 Market Report

There were 8 closings of residential property in the Ravenna and Roosevelt neighborhoods of Seattle during March. That is up from 5 last month and reflects that more of the 19 pendings from last month have made into the closed category. Active listings went from 36 to 31. Where are the sellers? I wish I knew. There are buyers out there looking for homes.

Status	#	Low $	High $	Average	Median	Days on Market
Active	31	144,500	748,000	408,986	399,500	61
Pending Inspection	11	129,950	629,500	424,479	408,000	60
Under Contract	17	133,500	839,500	475,000	473,000	43
Sold	8	350,000	630,000	416,875	384,000	37

 

This month we have 17 pending sales and 8 more awaiting resolution of the inspections. Market time for the Actives is down but for the solds, it’s up. Buyers must have taken advantage of some over-priced listings and negotiated a good deal.

For in-city Seattle north of the ship canal the statics include 235 closed sales in March, 336 pending sales and 783 active listings, for an astounding absorption rate of 3.0. Houses are flying off the shelf again.

This report includes single family homes, townhomes and condominiums.

You can see the active Roosevelt and Ravenna listings included: Ravenna Roosevelt March 2011 Market Report.

If you live in the Seattle area, and in particular the North Seattle and the Ravenna or Roosevelt areas, give me a call and let’s discuss how to resolve your real estate issues.

Ravenna- Roosevelt February 2011 Market Report

There were 5 closings of residential property in the Ravenna and Roosevelt neighborhoods of Seattle during February. And, I am not surprised. Last month end I reported that there were only 6 pending sales. I am much encouraged by the 19 pending sales on the books for the short month. The numbers are slightly skewed since I’ve combined Roosevelt and Ravenna for this report as well as keeping condos in with the single family units. Because of the light rail station now under construction in this neighborhood I expect to see growth beyond expectations.

 

Status	#	Low $	High $	Average	Median	Days on Market
Active	36	129,950	748,000	411,532	425,000	74
Pending Inspection	10	133,000	839,500	549,407		37
Under Contract	9	300,000	839,500	466,483	425,000	36
Sold	5	315,000	710,000	465,660	439,000	30

 

With 19 contracts compared to the 36 active listings we should see more sellers in this area take the plunge. There is a pent up demand by buyers who have been waiting for interest rates to bottom out. 

 

For in-city Seattle north of the ship canal the statics include 57 closed sales in February, 143 pending sales and 344 active listings, for an Absorption rate of 6.0. All of these numbers are lower than last month.

This report includes single family homes, townhomes and condominiums.

You can see the active listings included: Ravenna Roosevelt February 2011 Market Report.

With 19 possible closings if March and the current shortage of listings I look forward to a month that will busy as more sellers will probably put their homes on the market.

If you live in the Seattle area, and in particular the North Seattle and the Ravenna or Roosevelt areas, give me a call and let’s discuss how to resolve your real estate issues.

LaVassar Florists in Ravenna has been a family owned and operated full service floral business since 1968. You'll find them just of NE 75th Street at 20th NE in one of the smallest strip malls in Seattle. LaVassar Florists is now owned and managed by two of the founders' daughters, Judy and Joanne.

I've bought flowers there for over twenty years and have never been disappointed. My company's office, Lake and Company Real Estate has been having flowers delivered weekly for at least ten years. Judy and Joanne consistently deliver interesting bouquets which last and last. They have two vans and their delivery area includes Bellevue, Edmonds, Lynnwood and Seattle.

The LaVassar Florists website is easy to use. Here is an excert:

Fresh flowers are a wonderful gift for every occasion. LaVassar Florist, Inc., a leading Seattle florist, has a wide selection of flowers and gifts, from romantic Valentine's Day roses to tasteful sympathy arrangements to gift baskets and Mother's Day flowers . No matter the reason, whether it’s your anniversary, a birthday or a get well gesture, LaVassar Florist, Inc. can provide beautiful and inexpensive arrangements to suit your budget. Trust LaVassar Florist, Inc. to deliver exquisite flowers and gift baskets in Seattle WA.

You can order flowers online but for the best experience stop in the store for a visit. I did and came away with this video tour:

Normally, the number of listings decline as the year wends its way to a close. This year is no exception. Some homes are taken off the market and will reappear in January. Others that might come on now will be delayed until after the first of the year. There is just too much to do this time of year.

There are some serious shoppers out there though. There always are. The changes that cause people to move don't pay much attention to holidays. Be that as it may, the Ravenna neighborhood in Seattle currently has 18 single family homes on the market. The average asking price is just under $500,000 and the median price is just over that. The high and low are $725,000 and $247,000.

Ten homes are currently under contract. The median listing price of these homes is $399,000. So one can see that the entry level buyer is active in this market while the move-up and higher end buyers are currently standing pat. That's somewhat surprising as there may never be another opportunity to get a fairly hefty mortgage at such a low interest rate.

Over the past 90 days there have been 20 closings for Ravenna. The lowest sale price was $325,000 while the highest was $771,900. The average sales price for the 20 listings was $492,099 and the median was $481,000. Very similar to the data on the active listings while the pendings show a much lower profile.

The solds are in red on the map below. The pendings in yellow and the active listings in green.

If you have any questions about the Ravenna market please give me a call. I'd be happy to help you with your real estate needs.

Whenever I take a few days off I like to stop in my favorite book store and grab a little something to enjoy on my travels. Recently, with a little down time coming up, I stopped in at Third Place Books in Ravenna for a couple of reasons. It was near noon and Third Place shares space with Vios Cafe. In addition to that the Pub at Third Place occupies the lower level. One can find a variety of craft brews on tap there as well as some neighborhood camaraderie, but since it was only noon, on a work day I opted for a seat in the cafe upstairs.

Soup was all I needed to take the chill off and the soup du jour was an amazing eggplant, potato, cauliflower blend that was completely satisfactory. Next, it was on to make a book selection. But first, you might be wondering about the name "Third Place" and how it came to be. From their website, here's the story.

Sociologist Ray Oldenberg suggests that each of us needs three places: first is the home; second is the workplace or school; and beyond lies the place where people from all walks of life interact, experiencing and celebrating their commonality as well as their diversity. It is a third place. In his celebrated book, The Great Good Place, Oldenberg discusses how the cafes, pubs, town squares and other gathering places make a community stronger and bring people together. 

Ron Sher, a Seattle area developer, applied the idea to the renovation of a shopping center in Lake Forest Park. That building supports a large open commons area adjacent to the book store and includes a food court. People meet there at all times when the center is open. He saw another opportunity in the Ravenna neighborhood and converted a former Puget Consumer Coop grocery store into the 3 entities mentioned above.

I did spot the Best American Short Stories for 2010. This is a series I buy every year and it is great for vacations as you won't  for your whole vacation by some page turner.  But since I've just started the Active Rain Book Club Group, I thought to pick up something I might report on in December. I found what  looks to be promising, but I'll know more about that when I return. Speaking of the book club, my first report was on Trust Agents as I am finished with that I'd like to pass it on. So the first person to ask for it may have it. Just send me your mailing address in an email and I'll get it off to you when I return from this trip.

 

Ravenna Homes for Sale: Market Report

There are currently 38 single family homes for sale in the Ravenna neighborhood of Seattle. There are 7 homes now under contract with an astonishing average listing price of $579,000. The average market time for these 7 homes is less than 30 days. There seems to be a renaissance in the move up market in this area. I mentioned my findings to my broker yesterday and he said that he is seeing fast sales on well-prepared, well-priced properties in the $600-900K range all across north Seattle.

  

There have been 5 properties in Ravenna which have closed since September 1st, and the highest of these was for $500,000. Three of the closed properties sold for less than $400,000.

I have a client who is going to be selling a home in a Seattle suburb  for about a $300,000 loss in perceived value. He wants to buy in Seattle and hopes to find a property taking a similar loss. Hopefully we can find something soon as this current trend may push into the higher end as well.

Seattle has seen excellent job growth and the potential for more recently. Facebook is opening a Seattle office. A new biotech firm is moving to South Lake Union. Paul Allen has many of his properties in SLU under construction with leases or sales negotiated with other companies expanding here. All of that bodes well for the near north neighborhoods or Bryant, Ravenna, Green Lake, Phinney Ridge, Fremont and Ballard.

If you are interested in purchasing a home in Ravenna or any of the north Seattle neighborhoods, let's talk.

 

Homes for sale in Ravenna, a Seattle neighborhood.

The Ravenna neighborhood is just north of the University of Washington campus but is separated from the campus and campus housing by a deep ravine. Only one bridge crosses the ravine between 15th and 25th Aves NE, and that is for bike and foot traffic only. This makes for limited north south car traffic thourgh this desireable neighborhood.

Currently there are 26 listings in the area. They range in price from $299,500 to $999,999. The median price is $559,321 and the average time on the market is 75 days. The average square footage of these homes is 2,458 and the average cost per squre foot is $249.12.

There are now 11 sales under contract. The median price of those is $480,929. That's almost $80,000 less than the median price of what's listed, an indication that, like many areas, the more affordable homes are the ones that are selling in this market. Average market time for these sales is only 41 days.

There have been 61 sales in Ravenna since January 1, 2010 with an average market time of 49 days and an median sales price of $464,146.

I live in Ravenna and watch the market here closely. A few of the homes still on the market were originally over-priced, and have been reduced but seem to be forgotten by buyers and brokers because of their long market time. For a selection of these homes please send me an email and I'll pull them out for you. There are good deals to be had by the dilligent.