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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!

Market Statistics provided here for Seattle’s Madison Valley neighborhood and are current as of this post date.

 

Single Family Properties SOLD in the last 90 days: 18

Average SqFt. for homes SOLD: 1,875

Average Price Per Square Foot: $364.42

Average Days On Market: 17

High $906,000 Low $370,000 Median $663,000

Sales Price To Listing Price 103.12

 

Number of Homes Currently FOR SALE: 4

Average Square Feet: 1,750

Average Price Per Square Foot. $378.90

Average Days On Market 51

High $799,999 Low $550,000 Median $662,487

 

Number Of Homes Currently PENDING: 6

Average Square Feet. 1,847

Average Price Per Square Foot. $376.31

Average Days On Market 6

High $1,125,000 Low $475,000 Median $699,999

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Condominiums SOLD in the last 90 days: 4

Average SqFt. for homes SOLD: 913

Average Price Per Square Foot: $480.21

Average Days On Market: 7

High $739,000 Low $295,000 Median $387,500

Sales Price To Listing Price 107.89

 

Number of Condominiums Currently FOR SALE: 0

 

Number of Condominiums Currently Pending: 3

Average Square Feet. 807

Average Price Per Square Foot. $497.43

Average Days On Market 6

High $730,000 Low $239,950 Median $310,000

Market Statistics provided here for Seattle’s Madison Valley neighborhood and are current as of this post date.

Single Family Properties SOLD in the last 90 days: 21

Average SqFt. for homes SOLD: 1,837

Average Price Per Square Foot: $330.26

Average Days On Market: 26

High $1,050,000 Low $330,000 Median $529,000

Sales Price To Listing Price 103.66%

Number of Homes Currently FOR SALE: 11

Average Square Feet: 1,742

Average Price Per Square Foot. $327.92

Average Days On Market 53

High $679,999 Low $325,000 Median $550,000

Number Of Homes Currently PENDING: 5

Average Square Feet. 1,649

Average Price Per Square Foot. $350.13

Average Days On Market 56

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Condominiums SOLD in the last 180 days: 3

Average SqFt. for homes SOLD: 764

Average Price Per Square Foot: $372.04

Average Days On Market: 34

High $405,000 Low $191,000 Median $274,500

Sales Price To Listing Price 98.44%

Number of Condominiums Currently FOR SALE: 0

Number Of Condominiums Currently Pending Inspection: 0

Number of Condominiums Currently Pending: 3

Average Square Feet. 844

Average Price Per Square Foot. $413.51

Average Days On Market 78

 

 

Madison Valley New Construction Home - Recently Sold
Madison Valley New Construction Home – Recently Sold
Madison Valley New Construction Home - Pending
Madison Valley New Construction Home – Pending
Madison Valley New Construction Home - Recently Sold
Madison Valley New Construction Home – Recently Sold
Madison Valley New Construction Home - Recently Sold
Madison Valley New Construction Home – Recently Sold

 

 

Over the course of the last couple of years Seattle’s Madison Valley neighborhood has seen an abundance of new construction homes sprout up, from single family residences to townhomes. With recent sales of these new construction homes fetching as much as $1,200,000+ and the cost of dirt being much more affordable than the surrounding neighborhoods, such as Capitol Hill or Madison Park, it’s easy to see why the neighborhood is a hot spot for developers right now. According to a recent article published by the Puget Sound Business Journal, Madison Valley is the second hottest neighborhood in Seattle, just behind the Phinney Ridge neighborhood. As a resident of the neighborhood for the past 6 years I can’t say I’m at all surprised by the recent boom the neighborhood is experiencing. The neighborhood’s proximity to the freeways, downtown, UW, Capitol Hill, Madison Park, Leschi, Montlake, Washington Park, University District, etc, make it an extremely desirable neighborhood to live, at least in my opinion. Not to mention the fact that the retail district of the neighborhood, which runs along East Madison Street, has a fantastic selection of restaurants to dine at.

I fully expect the housing trend we are currently seeing in the neighborhood to continue. New construction homes and existing homes are just flat out more affordable than those in the surrounding neighborhoods, such as Madison Park, Washington Park, Capitol Hill, Denny Blaine, etc. Affordable is a relative term, and I’m not sure how long I will define Madison Valley as an affordable neighborhood, but for now it is and I would highly recommend the neighborhood to home shoppers as I see it as having a tremendous amount of upside.