Leschi & Madrona Real Estate – 2016 in Review

Madrona HomeLeschi real estate market was strong in 2016.  Leschi home sales saw a rise in median price ($766,750 vs $732,500), price per square feet was up ($395 vs $366), and the highest sale was over double the previous year ($5,402,500 vs $2,500,000).  The days on market did rise slightly (35 vs 28 days).  Also, the number of sales in 2016 dropped dramatically: 58 sales vs 88 sales in 2015.  This might be explained by the low Seattle real estate inventory discussed later.  The Leschi condo market is hard to compare since there are so few sales.  For 2015-2016, there was an average of one sale per month (25 sales).  There was 9 condominium sales in 2016 versus 16  sales in 2015.  There was only one sale in 2016 over $1 million, in 2015 there were 3 sales over $1 million and 2 sales over $2 million.

Madrona real estate market, unlike in Leschi, saw an increase in sales in 2016 (81 sales vs 72).  Like Leschi home sales, Madrona home sale saw an increase in most numbers.  Median sales price ($950,000 vs $849,500), price per square foot ($432 vs $381), and highest sale ($3,500,000 vs $2,050,000) all increased in 2016.  The days on market was the same in both 2016 and 2015: 32 days.  Madrona did not have any condo sales in either year.

The overall real estate market in the region (area covered by Northwest Multiple Listing Service which serves 23 counties in Washington) saw an 8.1 increase of sales in 2016 when compared to 2015 with inventory at a record low for most of the year. For the 23 counties, the median sales price increased 8.9 percent from $310,000 in 2015 to $337,500 in 2016. Condos, which make up a smaller share of the market, were actually up 12.6% while single family homes increased 8.7%.

Inventory was tight throughout the year, there was an average of 1.86 months of inventory in 2016, compared to 2.4 months in 2015. King County was the tightest with only 1.1 months of supply. A balanced market is generally considered to be between 4 and 6 months of inventory.

The luxury real estate market was strong in 2016, with over 3,251 home sales over $1 million compared to 2,676 in 2015: over a 21 percent increase. The number of condos over $500,000 also increased with 1,711 sold in 2016 versus 1,459 half-million dollar sales in 2015: also over a 21 percent increase.

2017 seems to be taking over where 2016 left off. Low inventory remains and prices remain strong. As always, to maneuver the market, reach out to your local real estate broker to navigating the Seattle real estate market.

[Pictured: Madrona Home sold by Ewing and Clark in Feb. 2016 for $1,725,000]

These statistics were gathered from the Northwest Multiple Listing Service, but were not compiled or published by that organization.