June 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
Seattle housing market remains competitive despite pandemic
Evan Wyman Property Views The last few months have certainly not been easy, and our hearts go out to those who have struggled with loss or hardship during this unprecedented time. We are all incredibly grateful to the frontline workers, first responders, grocery store workers and delivery people who have worked so hard to keep us safe and healthy at home.
On the topic of real estate, we have the first data in from the Northwest Multiple Listing Service since the stay home order was implemented, and, as we expected, the market experienced a slight dip but certainly not the free fall that some predicted. While the spring market was not as active as it might have been without COVID-19, brokers have noticed a strong uptick in activity over the last several weeks with buyers actively seeking homes. Let’s dig into the recent numbers. For Denny Blaine, Broadmoor, Washington/Madison Park: 2019 through May 25: 25 sold homes Average Sales Price: $1,876,944 Average Days on Market: 79 Average Price Per Square Foot: $684 Lowest Sales Price: $395,000
Highest Sales Price: $6,895,000 Selling at 97.8 percent of last listed price 2020 through May 25: 23 sold homes Average Sales Price: $1,659.298 Average Days on Market: 42 Average Price Per Square Foot: $708 Lowest Sales Price: $500,000 Highest Sales Price: $3,998,000 Selling at 98.81percent of last listed price For 98112: 2019 through May 25: 115 sold homes Average Sales Price: $1,306,139 Average Days on Market: 45 Average Price Per Square Foot: $573 Lowest Sales Price: $255,000 Highest Sales Price: $6,895,000 Selling at 97.8 percent of last listed price
Urban oasis in the heart of the Pike Place Market OFFERED AT $2,249,000 Representing sellers of distinctive homes and residences and buyers making the next move.
MOIRA E. HOLLEY moirα@moirαpresents.com 206.612.5771 moirαpresents.com
2020 through May 25: 100 sold homes Average Sales Price: $1,271,882 Average Days on Market: 39 Average Price Per Square Foot: $612 Lowest Sales Price: $265,000 Highest Sales Price: $4,850,000 Selling at 101.95 percent of last listed price In looking at Seattle as a whole: Sales of homes over $2 million dropped from 66 from March 1, 2019, to May 25, 2019, to 51 during the same time period in 2020. The average price of these sales was $2,898,699 in 2019 and $2,678,041 in 2020 for that time frame. Under $2 million, the number of sales decreased in that same time period from 2,453 to 1,970 due to lack of inventory. However, under $2M in prices increased year over year from an
average of $751,627 to $769,863. My takeaways: • The Seattle-area housing market was very competitive before the coronavirus pandemic, and that has not changed. • The market appears to have taken a slight pause during the stay home order. • However, year over year, the numbers in our neighbo hood have remained steady despite the pandemic. • Less inventory translated to slightly fewer sales but with fewer days on market and at a higher percentage of list price. • We continue to see multiple offer situations at certain price points and with unique, Housing, Page 2