Madison Park Real Estate Market for 2016
Madison Park real estate, including Washington Park, continues to be strong in 2016 as was the previous year. Fifty-seven (57) single-family homes sold in 2016 and fifty-five (55) sold in 2015. The median sales price in Madison Park & Washington Park actually went down in 2016 ($1,545,000 from $1,650,000), but the price per square foot actually increased to $558.14 from $513.21. The highest sale in 2015 was a Washington Park home in $5,750,000 and the highest sale in 2016 was a Washington Park waterfront home for $5,000,0000.
Madison Park and Washington Park condos also were strong. Condos sales increase in 2016 (39 sales) versus 31 sales in 2015. Unlike single family homes in the area, the condos median price went up in 2016 ($510,000) from 2015 ($505,000). The price per square feet also increased $593.94 from $523.53. The highest condo sale in 2016 was $2,000,000 while in 2015 was $2,390,000.
The overall real estate market in the region (area covered by Northwest Multiple Listing Service which serves 23 Washington State counties) saw an 8.1 increase of sales in 2016 when compared to 2015 with inventory at a record low for most of the year. For the 23 counties, the median sales price increased 8.9 percent from $310,000 in 2015 to $337,500 in 2016. Condos, which make up a smaller share of the market, were actually up 12.6% while single-family homes increased 8.7%.
Inventory was tight throughout the year, there was an average of 1.86 months of inventory in 2016, compared to 2.4 months in 2015. King County was the tightest with only 1.1 months of supply. A balanced market is generally considered to be between 4 and 6 months of inventory.
The luxury real estate market was strong in 2016, with over 3,251 home sales over $ 1million compared to 2,676 in 2015: over a 21 percent increase. The number of condos over $500,000 also increased with 1,711 sold in 2016 versus 1,459 half-million dollar sales in 2015: also over a 21 percent increase.
2017 seems to be taking over where 2016 left off. Low inventory remains and prices remain strong. As always, to maneuver the market, reach out to your local real estate broker to navigating the Seattle real estate market.
Sold by Ewing and Clark in Summer of 2016 for $5,000,0000
Sold for $5,195,000 in April 2015 by Ewing and Clark