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.
If you are interested in seeing what is available in Madison Park, then click the link to see the available Madison Park Homes for Sale or contact a Madison Park agent to assist you.
Pictured is Broadmoor Home for Sale available for $6,450,000.
Statistics not compiled or published by the Northwest Multiple Listing Service.
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.
The Madison Park real estate market (including Washington Park real estate) had five sales in February. Five sales would be impressive if not for last year. Last year there were twelve sales in February compared to one sale in 2012 and two sales in 2011. There are currently thirteen active listings in the Madison Park / Washington Park area totaling nearly $22 million and twelve sales pending with a current list price of nearly $19 million.
Central Seattle real estate, which basically includes the area from the Montlake Cut to I-90 and from Lake Washington to I-5, is showing signs of strength. While the median year-to-date sales price is down from $619,000 to $577,475, the average year-to-date sales price is actually up from $729,042 to $736,659. In addition, year-to-date sales for the first two months are up with 88 sales in 2014 versus 79 sales in 2013. Inventory is also tighter than last year down from 128 to 93 active listings in the month of February.
If you have any questions about the Seattle real estate market, please feel to reach out to a local Seattle real estate agent.
Above pictured Washington Park home is available for purchase for $2,485,000. Click previous link for details.