(Above Madrona home sold this May for over 35% more than its purchase price in October 2011.)
Real estate inventory in Central Seattle, which includes Madrona and Leschi as well as Montlake, Madison Park, and Capitol Hill, continues to be extremely low. Only 354 new homes have come on the market in Central Seattle this year (through April) compared to 423 last year, which had historically low inventory as well. But what is really amazing is that 135 new listings came on during the month of April, but by the end of the month there were only 131 active listings in Central Seattle. This means there were less active listings at the end of the month than what came on during the month. This indicates that not only did all the homes that were on the market prior to April become absorbed, but also some of the new listings as well.
Looking closer at Madrona and Leschi real estate we see the number of home sales are down from last year, but that seems to be because of the low inventory. In Madrona, 21 homes have sold through mid-May as compared to 29 Madrona homes at the same time last year. In Leschi, there have been 23 sales this year while during the same time period in 2013 there were 28 sales.
Lower inventory is pushing the average sale price in both Madrona and Leschi to rise. The average sale price of Madrona real estate is up 6% over last year while Leschi has increased an incredible 30% over last year! The 30% increase in Leschi may not be a true indicator of change in house values since the sample size of homes sold in Leschi is small, but both neighborhood sales still implies a rise in home values. The neighborhood statistics plus the average sales price in Central Seattle (up 16%) and King County (up 11%) reveals this a great time to sell!
Feel free to contact me if you want a complimentary price opinion of your home: Kristine Losh, Ewing & Clark Real Estate.