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Woodinville, Cottage Lake property information and market report.

By
Real Estate Agent with Summit Properties NW, LLC

Everyone has an opinion on real estate.  Generally they are wrong.  This is because there is no right answer.  Every market, as you know, is different.  So when an agent or the “media” speaks to real estate trends or market recovery you have to take it with a big grain of salt. 

As a real estate agent and appraiser I get to see market information from both the buyer/seller’s side and from the prospective of the lender.  I am going to share with you a little bit about how the bank reviews market data in order to help them make lending decisions on a property.  A couple interesting points on this before we start:  lenders don’t check with real estate agents before they approve a loan on a house, lenders don’t check with the local media before they approve a loan, lenders are required to get an appraisal before they approve a loan on a property.

I recently (March 2012) did an appraisal in the Cottage Lake area of Woodinville, WA.  Based on the market data required by the bank here are some facts that I discovered based on my research:

The closed sales price of homes ranged from $250,000 to $829,000 with the average price being around $400,000. 

Typical marketing times (how long on the market before a closed sale) was under 3 months.

The appraisal I did was for a split entry styled home that had been updated.  It has 4 bedrooms, 3 baths and is approximately 2,500 square feet. 

cottage lake split entry

An inventory analysis of competing homes showed that sales prices were increasing and marketing times were declining for other similar homes.  Below is the completed grid for data that was compiled.

cottage lake market info

 

Overall the market data is favorable for the Cottage Lake area.  Woodinville continues to be a desirable location and I would expect that trend to continue.  Click here for more information on Woodinville.

Follow this link for a current search of homes in the Cottage Lake area.

 

And as always if you are thinking about buying or selling you can get great information here with no pressure!

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