Hollywood Hill June 2012 Real Estate Stats
I know it’s been awhile since I’ve posted news on the local real estate market. I’m catching my breath after a busy first quarter, starting Lakeshore Realty West and bootlegging Washington wines into Montana (don’t worry it’s all legal).
Hollywood Hill has fast become an iconic Washington wine neighborhood. The wine industry has officially set up shop at the bottom of the hill. Known as the “tourist district” the Hollywood district or district 83 (after the schoolhouse) wineries from Walla Walla, Yakima, Prosser, Tri-cities and all points in between have staked their claim with tasting rooms in this coveted corner of the wine world.
Before the explosion of wineries Hollywood Hill was just another Woodinville suburb. As the “great recession” took its toll Hollywood Hill real estate languished with no signs of life. But it’s back and showing significant signs of a healthy recovery well before many other Eastside suburbs. Is it the wineries?
June real estate stats for Hollywood Hill.
Active Listings 14 – Average price: $978,375
Pending Inspection 4 – Average price: $484,988
Pending 8 – Average price: $555,063
Sold 23 – Average price: $634,331 (year to date)
In summary, the Hollywood Hill neighborhood is a SELLERS market. The absorption rate is now under 2. The inventory is so low that at the pace buyers are buying homes there is less than a two month supply. So, if you are a seller and have been thinking of selling now appears to be a very good time…..finally! Wine anyone?