Eco friendly Green properties are outselling the rest of the real estate market in some parts of the US, according to new research. They are selling faster and for higher prices per square foot with the most eco friendly obtaining prices that are 25% higher, according to research from Seattle based Green Works Realty.
Its report shows that environmentally certified new homes in King County sold between November 2009 and February 2010 sold for $71 more per square foot in 7% less time and made up 26% of the market. Environmentally certified new homes in Seattle in the same period sold for 9.2% more per
square foot in 24% less time and made up 34% of the market. While third party verified new homes with an environmental certification in the City of Seattle sold for 22% more per square foot in 12% less time and made up 6% of the market.
The homes that underwent the strictest certification, being tested by third parties, and thus likely to be the greenest, did even better. They commanded prices 25% higher than regular homes, says the report.
The trend is not confined to the north west of the US. In the Portland, Oregon, metro area, green certified homes sold for 12% more, an average of $408,915, than non certified homes between May 2008 and April 2009, according to research from the Earth Advantage Institute.
Its analysis, based on data from the Regional Multiple Listing Service, also saw a premium per square foot, as eco homes got $193 compared with $173 for other homes. Read More