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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

http://www.ewingandclark.com/nwmls-sold/917506-400-39th-ave-e-seattle-wa-98112/

 

Sold for $5,195,000 in April 2015 by Ewing and Clark

http://www.ewingandclark.com/nwmls-sold/755640-438-39th-ave-e-seattle-wa-98112/

 

Madison Park, Seattle
Madison Park, Seattle

The Madison Park real estate market was steady in February.  There were six sales last month compared to eight (2015), four (2014), and eight (2013) sales in the same month for the previous three years.  Currently, there are 12 active listings totaling just over $28 million and 7 pending sales totaling just below $11 million.  The median year-to-date sales price in Madison Park is up from $1,284,000 to $1,465,000 and the average year-to-date sales price is up from $1,242,364 to $1,689,641.

For similar information on Capitol HillDenny Blaine real estate, or Madrona real estate please click the links to each of these Seattle neighborhoods.

Madison Park is a part of “Central Seattle” as defined by Seattle real estate agents.  Central Seattle real estate basically includes the area from the Montlake Cut to I-90 and from Lake Washington to I-5.  The first two months are down ever-so-slightly with 165 sales in 2015 versus 158 sales in 2016.  Currently, in this central Seattle area, there are 177 active listings.

If you have any questions about the Seattle real estate market, please feel free to reach out to a local Seattle real estate agent.

Madison Park - 1510 37th Ave. E - $2,895,000
Madison Park – 1510 37th Ave. E – $2,895,000

It’s no secret that 2014 was a huge success for the real estate market in Seattle, and particularly in central Seattle neighborhoods. Homes were purchased, sold, and many transactions were agreed upon last year. Now that we are a couple of months into 2015, let’s get an update on what the real estate market is looking like thus far in Broadmoor, Denny Blaine, Madison Park, and Washington Park.

According to the Northwest Multiple Listing Service, 30 homes in the four neighborhoods were sold between January 1, 2015 and April 20, 2015. The median sales price of those 30 homes was $1,400,800, and they were on the open market for an average of 56 days before they were purchased. The total volume of those 30 transactions totals $42,024,000. 2015 is certainly not off to a bad start!

The breakdown of the homes that have sold thus far in each neighborhood are as follows:

So far in 2015, eight homes have sold in Broadmoor at an average sales price of $1,872,250. Those homes averaged being on the market for 18 days. Four homes have sold in Denny Blaine so far this year at an average sales price of $1,060,750. Thirteen homes have sold in Madison Park at an average price of $1,090,769. Those 13 homes averaged being on the market for 79 days. Five homes have sold in Washington Park this year at an average sales price of $1,724,600, and were on the market for an average of just 19 days.

As always, these closed sales statistics have to be taken with a grain of salt, as the number of sales is low enough that one or two sales can distort the average. However, these numbers are tough to ignore, especially when considered within the King County and Seattle real estate marketplace as a whole.

Please note that while these numbers were gathered by the Northwest Multiple Listing Service; Statistics were not compiled or published by the Northwest Multiple Listing Service.

Feel free to contact me for a complimentary price opinion of your home, or click here to see what is currently available in Madison Park, Washington Park, Denny Blaine, and Broadmoor.

Kristine Losh

Ewing & Clark, Inc.