Housing Trends in Maple Leaf, Seattle

The tight-knit Maple Leaf neighborhood is flanked on either side by the busy I-5 and 522 freeways. With the main thoroughfare, Roosevelt Way Northeast heading straight up to Northgate Way, residents enjoy ample commute options in any direction. As a result, this region attracts high wage earners who crave a quiet neighborhood atmosphere. To provide this calm, quiet aura, most of the Maple Leaf area is entirely made up of residential blocks. A small neighborhood park to the south and spotty commercial spaces down the central thoroughfare provides enough community gathering spaces for all to enjoy. The sheer popularity of this slice of Seattle incites bidding wars over the properties almost as soon as they hit the listings. Most home prices sit within the Seattle average of $500,000, with single family houses on the most popular blocks topping $1,000,000.

Architectural Options

Like most of Seattle, Maple Leaf's original tract of single family houses was built around the local saw mill. Modern builders started constructing large scale Seattle condos for sale along Northeast 80th Street, Roosevelt Way and Northgate Way to give prospective residents a way to buy into this attractive neighborhood. Houses You will find that most homes throughout Maple Leaf are brick and clapboard Tudors. The Tudor design features a steep roofline, exposed chimneys, large windows and decorative entrance facades. The picture perfect homes sit side by side on modest lots with beautiful landscaping throughout. Historic Historic homes are also made in the Tudor style for the most part, though you will also find vintage Craftsman bungalow homes on the market from time to time. The historic dwellings showcase the pride residents have in their Maple Leaf homes. Most of the vintage buildings look amazingly well maintained for their age. Condominiums Modern condominiums line many of the main roads throughout the neighborhood. The condos have colorful facades and large windows, which helps brighten up the local landscape. Small commercial spots sit between the condo buildings to help bring the community together as much as possible.

Current Market State

The inclusive community feel of Maple Leaf keeps this neighborhood on the top real estate charts. Most households in this area boast earnings of $30,000 to nearly $75,000 a year. Notably, at 8%, household income levels above $150,000 are nearly double the rate of the Seattle average of 4%. As is found in much of Seattle, the average household of two to three people live in homes with three or fewer bedrooms. Since the single family houses are only approximately 2,100 square feet each, most Maple Leaf residents pay about $293 per square foot for their home.

In the last thirty days, single family home costs have remained steady at their $598,000 price point. The reason for the current stagnant prices is likely related to the winter slump that occurs each year. In the twelve months prior, however, homes were selling for just $539,950, which points to an overall upward trend in this seller's market. As the springtime nears, individuals and families will start their home search anew to pick up the properties that recently hit the market. Even so, the number of days single family homes are remaining on the market has increased more than 33% in the last twelve months. At the current time, homes only remain on the market for just over 60 days before a buyer is found for the property. Part of the reason why it even takes that long for the home to sell is due to bidding wars on desirable properties. Buyers will compete with each other by placing higher and higher bids to net the perfect Maple Leaf home. When it comes to condos, home prices are sitting just below $440,000, which is a notable increase from last year's average of $379,000. Unlike single family homes, condo prices are currently continuing to rise at a rate of 2% per month. Most condos sell for about $470 per square foot. The amount of time each unit spends on the market is increasing as well, however, from 53 days to over 70.

Future Sales Projections

In 2014, the market saw a similar decrease in single family home prices that quickly turned around in March of 2015. Therefore, with the springtime coming soon, the demand for Maple Leaf homes is sure to increase. In response, bidding wars may once again drive the final sales price far above the original asking rate. If this occurs, the neighborhood average home price will definitely increase over the next twelve months. With housing prices continuing to rise, residents are turning their attention to the condominiums in the area. Many individuals who cannot pay the rising single family home costs gladly switch to condo living to retain their place in this tight-knit community. Individuals who actually decide to move out of the neighborhood for other reasons often retain their home and rent it out to avoid losing their investment. Rental properties make up nearly 1/3 of the homes in the area, with that number sure to rise in the coming years. Homeowners who choose to rent out their Maple Leaf dwelling tend to return as retirees to enjoy the quiet, calm neighborhood atmosphere. Since half of the single family homes were built in the 1950s, property owners will need to perform renovations to modernize the dwellings and protect the home values. Condos built in the 1990s and beyond may also need large scale repairs to retain their current values. As individuals perform these necessary renovations, home price increases could accelerate.

At the current growth rate, homes will top more than $650,000 on average. If homes drop back to their median days on the market of a month ago, buyers will need to make the purchase in just over a month to avoid missing out. The Maple Leaf neighborhood offers an incredible range of properties for individuals and families to enjoy throughout their lifetime. The popularity of the region demands buyers act fast and bid high to net the property of their dreams.