Real estate inventory in Central Seattle, which includes Madison Park and Washington Park as well as Montlake, Capitol Hill, Madrona and Leschi, continues to be extremely low. Only 354 new homes have come on the market in Central Seattle this year (through April) compared to 423 last year, which had historically low inventory as well. But what is really amazing is that 135 new listings came on during the month of April, but by the end of the month there were only 131 active listings in Central Seattle. This means there were less active listings at the end of the month than what came on during the month. This indicates that not only did all the homes that were on the market prior to April become absorbed, but also some of the new listings as well.
Looking closer at Washington Park and Madison Park real estate we see the number of home sales are down from last year, but that seems to be due to the low inventory. In Madison Park, only 18 homes have sold through late-May as compared to 35 Madison Park homes at the same time last year. In Washington Park, there have been 11 sales this year while during the same time period in 2013 there were 14 sales.
Lower inventory is causing the average sale price in both Madison Park and Washington Park to skyrocket. The average sale price of Madison Park real estate is up almost 23% over last year while Washington Park real estate has increased even more: nearly 27%! These increases may not be a true indicator of change in house values since the sample size of homes sold is small, but both neighborhood sales still strongly imply a rise in home values. The neighborhood statistics plus the average sales price in Central Seattle (up 16%) and King County (up 11%) reveals this a great time to sell!
Feel free to contact a local real estate agent if you want a complimentary price opinion of your home.Photograph above is Roland Terry home available for purchase in Washington Park.