Madison Park Times Real Estate 03-01-20

Page 1

March 2020

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

Spring Has Sprung in the Madison Park Real Estate Market

S

pring may not quite be upon us here in Madison Park, but the real estate market kicked off the season early, with an uptick in home sales and growing median sales prices. Soon, we’ll be fully immersed in the blooms— and unavoidable showers—of springtime, with longer days leading us to what is historically the busiest time of year for our regional real estate market. As you consider whether you might make a move, here’s the latest from Central Seattle to Madison Park. The Central Seattle region (Area 390) saw a sharp decline in the Neda number of homes for Perrina sale as we shifted into Property the end of 2019, with Views inventory down over 20 percent on a quarterly basis. The number of sales moved in the opposite direction, growing from 189 in the fourth quarter of 2018 to 237 in Q4-2019—representing a 25.4% increase. Median sales price trends

in Central Seattle were on a steady incline as we finished out 2019 and have hovered between $900K and just over $1M into the first part of 2020. Many of the trends that are impacting the Central Seattle area are also reflected in the Madison Park micro-market. In 2019, there were no more than nine homes for sale in any given month in Madison Park, a figure that gradually shrank to just two in the first month of 2020 (markedly lower than the nine homes we saw to start 2019). At this time last year, we were recovering from a bout of winter weather that contributed to a near halt in the market and with a hotter start to 2020, only time will tell if last year’s inventory trends will repeat themselves. In 2019, the number of homes on the market in Madison Park remained steady from February into the summer, when there were typically between five and seven homes available during any given month. Median sales prices and the average price per square foot figures in the Madison Park market are generally higher than in Central Seattle as a whole. The median

Homes Closed in Madison Park, Madison Valley, Washington Park, Arboretum, Broadmoor, Denny-Blaine and Leschi in February 2020 Address

Bedrooms Bathrooms

Sq. Foot

Built

DOM

Asking Price

Sold Price

2

2.5

1,261

2010

184

$759,950

$747,000

-1.73%

1620 43rd Avenue East #2A

1

1

980

1969

70

$865,000

$801,000

-7.99%

121 Lakeside Avenue #207

2

1.75

1,444

1998

60

$990,000

$965,000

-2.59%

113 27th Avenue East #A

3

2.25

1,927

2020

22

$1,075,000

$1,075,000

0.00%

1849 41st Avenue East

4

2.75

2,856

1929

129

$1,495,000

$1,460,000

-2.40%

3203 South Lane Street

4

3.25

3,200

1988

20

$1,750,000

$1,715,000

-2.04%

2414 East Helen Street

3

2.25

3,180

2013

4

$1,750,000

$1,750,000

0.00%

1038 Washington Place East

3

2.25

2,899

12

$1,699,980

$1,750,000

2.86%

3804 East Garfield Street

4

4

3,650

81

$2,395,000

$2,300,000

-4.13%

sales price reached $1,791,000 in Madison Park for January 2020, which was higher than all but one month in 2019 (home prices topped out at $1,925,000 in May). As one would expect, the average price per square foot is also on an upward trajectory, reaching $605 per square foot in the first month of the current year. At the time of this writing, there are three condominiums listed for sale in Madison Park, ranging in price from $750,000 to $975,000. Just two single-family residences are currently on the market, priced at $1,800,000 and

1997 1913

$2,095,000. Would you like to learn more about our local market fundamentals as you plan your approach to the spring real estate market? I would love for you to come visit me at Park House, the Realogics Sotheby’s International Realty office at 4031 East Madison Street. I am always happy to grab a cup of tea and talk trends! Here’s to a wonderful start to the season! Neda Perrina is a broker of the RSIR Madison Park Office. She can be reached at (206) 218-8589 or Neda.Perrina@rsir.com. More at PerrinaRealty.com.

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Lake Washington Waterfront Estate $4,950,000

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Asking vs. Sold

2451 East Ward Street

Representing sellers of distinctive homes and residences and buyers making the next move.

MOIRA E. HOLLEY moirα@moirαpresents.com 2 0 6 . 6 6 0 . 4 78 7 moirαpresents.com


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