The Madrona Real estate market had two home sales in February. The Central Seattle neighborhood has only seen two home sales per year since 2013 which boasts 6 February sales. Skyrocketing homes prices are partly due to Seattle’s inventory hitting new lows over the winter. Many buyers are being patient waiting for more options as spring typically brings an influx of listings to the market.
Currently there are 8 active listings in Madrona totaling just over 14 million and 4 pending sales totaling over 5 million. The year to date median sale price for the neighborhood is $1,208,500 up 47% from $569,125 this time last year.
Madrona is a part of “Central Seattle” as defined by Seattle real estate agents. Central Seattle real estate mainly includes the area from the Montlake cut to I-90 and from Lake Washington to I-5. The start of the year shows home prices are up across the city and sales for the first two months are down with 165 sold in 2015 versus 158 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.