Madison Park Times 02-01-21

Page 1

FEBRUARY 2021

Madison Park Times

Serving East-Central Seattle since 1983

Real Estate

MADISON PARK - WASHINGTON PARK - MADISON VALLEY - DENNY-BLAINE - MADRONA - LESCHI www .M adison P ark T imes . com

Is love in the air for Seattle’s real estate market?

T

he onset of weeks on the market. the COWith new conVID-19 tracts for purchase pandemic disrupted exceeding new much of the sealistings, inventory sonality we rely on levels are markedly in the Seattle real low and contributestate market, and it ing to a steady climb continued to do so as in median home we said goodbye to prices, with Seattle 2020. single-family homes At the end of the rounding out the year Laura Halliday year, when many are at $840,000. Property Views gathering for the Taking a closer holidays, real estate look at our microactivity has historimarket in the Central cally slowed. Seattle region (Area 390), we saw But in this unusual year, the an even larger flurry of activity number of single-family homes in Q4-2020, with the number of for sale in Seattle during 2020’s homes sold and pended both up fourth quarter was up 24 percent. over 30 percent. Buyer activity also remained Despite the disruption in strong, with the number of sales seasonality, some trends we in the final quarter up 28 percent expect in our neighborhoods held year-over-year and a sense of strong. As is typically the case, the urgency in the market, with the median sales price and days on average home spending only three market tend to be slightly higher

Madison Park Homes and Condos Address

(Arboretum, Broadmoor, Denny-Blaine, Leschi, Madison Park, Madison Valley, Washington Park) Bed

Bath 1 2 2 2 2 2 3 3 3 2 4 3 3 4 4 5 4

2040 43rd Avenue East #314 2817 South Norman Street 616 29th Avenue East #2 616 29th Avenue East #2 1835 24th Avenue #A 1605 25th Avenue 223 27th Avenue East #C 925 B 28th Avenue South 537 30th Avenue East 2020 42nd Avenue East 456 24th Avenue East 1615 40th Avenue 116 37th Avenue East 2215 40th Avenue East 1649 Shenandoah Drive East 1427 39th Avenue East 1019 39th Avenue East

here than in Seattle at large. In Q4-2020, the median sales price was $980,000, and homes spent an average of one month on the market. So, what’s ahead? The enviable market fundamentals of our region will keep

Sq Ft Built Days on Mkt Asking Price Sold Price

1 1.75 1.75 1.75 1.5 1 1.75 3 2 1.75 3 2 3.5 2.25 4 4.75 3

553 720 940 940 893 1,220 1,430 1,825 1,575 1,550 2,620 3,200 3,859 3,040 4,728 4,420 3,930

1961 2003 1988 1988 2007 1918 2020 2020 1954 1985 1908 1947 1947 1964 1928 1926 1995

105 5 50 50 9 73 64 7 4 65 55 8 7 5 263 84 73

$450,000 $499,000 $599,000 $599,000 $599,500 $650,000 $749,999 $879,950 $950,000 $1,325,000 $1,548,750 $1,945,000 $2,600,000 $2,595,000 $3,100,000 $3,998,000 $4,625,000

primary residences here while attracting like-minded followers who will take advantage of the relative home values, lower cost of living and greater prospect for capital appreciation compared with West Coast peer cities. We also expect to witness

$440,000 $521,500 $599,000 $599,000 $600,000 $635,000 $735,000 $879,950 $1,000,000 $1,240,000 $1,500,000 $1,945,000 $2,600,000 $2,722,000 $2,900,000 $3,800,000 $4,625,000

Asking vs. Sold -2.27% 4.31% 0.00% 0.00% 0.08% -2.36% -2.04% 0.00% 5.00% -6.85% -3.25% 0.00% 0.00% 4.67% -6.90% -5.21% 0.00%

a massive downsizing cycle in the next decade, as Generation X’ers become empty-nesters, and retirees seek a “lock-and-leave” lifestyle and harvest equity for second homes in destination

PROPERTY, PAGE 7

UNIT #22A

An incredible opportunity to purchase a single sub-penthouse or an entire floor high atop Washington Park Tower. #22A OFFERED AT $3,500,000 | #22B OFFERED AT $2,650,000

MOIRA E. HOLLEY moirα@moirαpresents.com 206.612.5771 moirαpresents.com


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Madison Park Times 02-01-21 by Pacific Publishing Company - Issuu