Seattle has been ranked the hottest housing market of the year 2017 for 16 months in a row. Many neighborhoods have reached median home prices over one million dollars. Though the inventory remains low, prices are expected to continue rising. According to Zillow, home values will increase another 5.4 percent in 2018. Madison Park and Washington Park saw less sales this month and small price decreases.
Madison Park had 38 sales in total in both 2016 and 2017. The median price for a home sold for $1,528,000 last year compared to $1,262,500 in 2016. The highest single-family home sale in the Madison Park area was $3,200,000. There were ten less condo sales in 2017 compared to 2016 (37 vs 27). The median sale price jumped from $490,000 (2016) to $639,995 (2017). The highest sale for a condo was $2,155,000. There are currently 2 active listings in Madison Park, one single family home and one condo. There are 0 pending.
Washington Park had 24 sales last year, compared to 19 in 2016. The median sales price for a single-family home dropped to $1,876,250 from $1,998,000. The highest single-family home sale was $4,000,000 and the lowest was $770,000. There were 0 condominium sales last year, compared to 2 in 2016. There are currently 5 active listings and 0 pending.
With such a highly competitive market, professional knowledge and guidance is crucial when you’re looking for your new home in Seattle. Our team of experienced, customer-focused brokers and leasing agents can help you navigate the process and find your next dream home. Contact us to get started!