Madison Park Real Estate: Big Sales Can Cause Big Swings
A quick update on the Madison Park real estate market. When looking at Central Seattle, the area that includes not only Madison Park but homes for sale from Montlake to Leschi and everything in between (including Capitol Hill), the active residential listings are down from last May from 150 to 140 this May. As in the rest of King County, the average list price is down. In Central Seattle the average list price has dropped from $1,746,083 to $1,609,493, but unlike King County the average sales price is also down in the local neighborhoods. Central Seattle average sales price has dropped nearly $200,000 from $975,857 to $784,780. Looking deeper in the numbers, last May was a exceptionally strong month for luxury home sales in Central Seattle. Six homes sold in May 2013 for over $2,500,000 while there was zero sales for over $2,500,000 this May. Last May’s sales in Central Seattle are even more impressive considering there were only 17 sales over $2,500,000 for the entire year and six of them were in May. Last May’s real estate sales included the highest sale of the year a Denny Blaine home that sold for $6,500,000; four homes that sold in Broadmoor (two for over $4 million); and a Washington Park home that sold for over $3 million. This May the highest sale in the area (Madison Park, Washington Park, and Broadmoor) was a Madison Park home that sold for $1,840,000. To be fair a month is a short window of time to look at the real estate market and a couple big sales, as the numbers show here, can cause a huge swing in the numbers. The May numbers may fool someone into thinking this has been a slow year for the luxury market as compared to last year, but Central Seattle has already had nine sales over $2,500,000 compared to eight last year during the same time. Thus luxury sales are still strong even with a little lull in May.
Pictured is Broadmoor Home for Sale available for $6,450,000.
Statistics not compiled or published by the Northwest Multiple Listing Service.