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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!

As the temperature starts to slowly drop, sale prices in Madison Park continue to rise. There were 4 single-family homes sold last month, compared to 3 in August 2016. The highest list price last month was $2,370,000 and sold for $2,368,000. In August 2016, the highest list price was $1,495,000 and sold for $1,545,000. According to the Northwest Multiple Listing Service, the median home price in Madison Park is at a high of $1,528,000, $243,000 more than August 2016.

Condominium sales are also showing strength in the Madison Park neighborhood. Like single-family homes, condos had one more sale last month than August 2016. The average sold price has jumped from $555,500 (2016) to $679,800 (2017). The median price for a condo is now up to $697,000, double than where numbers were in August 2016. The cumulative days on market have dropped from 28 days to just 13 days.

Washington Park is keeping up with Madison Park is the market with their rising prices! The highest list price last month was $4,330,000 and sold for $4,000,000. In August 2016, the highest list price was $1,750,000 and sold for $1,925,000. The median list price has increased from $1,860,000 (2016) to $3,035,000.

There are currently 11 active listings in Madison Park and 8 pending. In Washington Park, there are 4 active listings and 0 pending. For more information about real estate in Seattle contact Ewing and Clark or stop by our office at 4108 E Madison Street!

 

We are halfway through the year and the Seattle real estate market is still the talk of the nation. Inventory is still low and prices are still high throughout King County. The real estate market in Madison Park & Washington Park is still strong compared to the first half of 2016. The median cost for a single-family home as jumped from $1,430,000 (2016) to $1,800,000 (2017) and the lowest price has gone up from $656,000 to $885,000. The average list price has increased from $1,628,767 to $1,810,310, as well as the sold price that saw a climb from $1,662,492 to $1,818,759. There were 2 fewer sales these last 6 months, but all sold in the same time frame of about 35 days. There are currently 22 active single-family homes in the Madison Park & Washington Park neighborhood and 11 pending.

Condominium in the area are also rising in price. The median price for a condo has gone up from $545,000 to $622,000 and the lowest has increased from $255,000 to $310,000. The average sold price for a condo is now $787,200, last year’s price was a bit lower at $722,814. There is currently 3 active condominium listing and 2 pending.