October 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
Housing market remains competitive in area I think you will agree that these are certainly interesting times we are living in. The real estate market in greater Seattle is no exception. The latest data from the Northwest Multiple Listing Service confirms what those of us on the ground are experiencing: The lowest interest rates in more than 20 years and sparse inventory has resulted in a very active market, with many homebuyers feeling frustrated. The market is moving fast, and staying on top of current statistics and trends is important if buying or selling a home is in your future. Let’s dig into the most recent numbers: For Denny Blaine, Broadmoor, Washington/Madison Park 2019 through September 25: 57 sold homes Average Sales Price: $2,006,646 Average Days on Market: 74 Average Price Per Square Foot: $664 Lowest Sales Price: $395,000 Highest Sales Price: $6,895,000 Selling at 96.41 percent of last listed price 2020 through September 25: 87 sold homes Average Sales Price: $1,987,405 Average Days on Market: 49
Average Price Per Square Foot: $754 Lowest Sales Price: $459,900 Highest Sales Price: $10,000,000 Selling at 98.5 percent of last listed price Over $2.5M market time is 66 days, and there were 17 sales with an average price of $4,363,109 for 98112 2019 through September 25: 236 sold homes Average Sales Price: $1,312,456 Average Days on Market: 39 Average Price Per Square Foot: $566 Lowest Sales Price: $255,000 Highest Sales Price: $6,895,000 Selling at 98.71 percent of original listed price 2020 through Sept. 25: 273 sold homes Average Sales Price: $1,418,508 Average Days on Market: 37 Average Price Per Square Foot: $631 Lowest Sales Price: $265,000 Highest Sales Price: $10,000,000 Selling at 100.56 percent of original listed price 21 of these are $2 million+, and this market and the market time over $2.5 million is 132 days In looking at Seattle as a whole:
In the period of Jan. 1, 2019, to Sept. 25, 2019, sales of homes over $2 million rose from 154 in 2019 to 171 in 2020. The average price of these sales was slightly lower — $2,872,514 in 2019 and $2,813,548 in 2020. Since May 25 this year, under $2 million the number was 3,124, while during the same period last year the number of homes sold under $2 million was near the same at 3,027. My takeaways: • The Seattle area housing market was very competitive before the coronavirus pandemic, and that has not changed. • The pause we experienced in the spring during the stay home order resulted in a very active summer market. • Year-over-year real estate activity in our neighborhood remains strong and steady with sales up and DOM down. • Overall in 98112, an 8 percent average price increase year over year. • The market time for homes over $2.5 million is over three times longer than those under that price point. • We continue to see multiple offer situations at certain price points and with unique, show-ready homes.
• Historically, low interest rates mean would-be home buyers have more buying power. Lack of inventory continues to be one of the biggest drivers in our market. During the stay home order, many sellers waited on the sidelines to put their homes on the market, either because of COVID itself, or because they were waiting to see the effects of the pandemic on the real estate market. So while the market took a pause in the spring, it came roaring back this summer. While typically we see a slowdown in the Seattle summer market, essentially the active spring market was delayed until summer. Real estate brokers across the area report seeing the busiest market ever in the last several months. When compared to last summer, 2020 saw a 57 percent increase in closings compared with the 2019 summer months. With children going back to school this fall, there is a chance the market will be quiet as many families take on remotelearning responsibilities. However, at this HOUSING Page 7
QUEEN ANNE RESIDENCE OFFERED AND SOLD IN 5 DAYS AT $1,795,000 Representing sellers of distinctive homes and residences and buyers making the next move.
MOIRA E. HOLLEY moirα@moirαpresents.com 206.612.5771 moirαpresents.com