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.

Leschi & Madrona Real Estate – Oct 2016

Madrona Real EstateLike the rest of Seattle, Leschi and Madrona real estate market continues to be very strong. This past month (October), Madrona had 4 sales and Leschi had 5 sales. While not a lot of sales, the details are interesting. For example, in Madrona on the corner of 35th and Pike, 1430 35th Ave sold for the second time in 16 months. In the summer of 2015, the traditional Seattle home was listed for $1,595,000 and sold above asking price: $1,650,000. In October 2016, it was listed for $1,750,000 and sold again for above list price: $1,895,000. Quite a difference a year makes! Overall, the 4 Madrona homes sold for an average of $1,134,500 and the Leschi homes sold for an average of nearly $1,086,000. Last October, Madrona saw 5 sales at an average of just over $684,000 and Leschi had a whopping 12 sales but at an average of $644,563. A couple sales can change the average quite a bit, for example Leschi had several small condos sell in October 2015, but nonetheless, I will say it again: what a difference a year makes!

We can see the change in prices looking at the greater area. The Central Seattle area (between I-90 and the Montlake Cut and I-5 and Lake Washington) saw the average price of homes up from October 2015 of $882,720 increase to $990,258 in October 2016 while condo prices rose from $507,567 last October to $593,872 in October this year. Inventory is tight, but that might not fully explain the prices changes since the number of sales of area’s homes decreased from 83 in October last year to 64 this year, whereas the number of condos sold rose from 52 to 79.

While prices of real estate in Madrona, Leschi and Central Seattle are significant, they are still dwarfed by other local areas. For example, the average price on Mercer Island this October was just under $1.5 million and the Bellevue area west of 405 was nearly $2 million. Nevertheless, Madrona and Leschi home prices are still higher than most of King County. The average price in King County for a home in October was $653,231 compared to $590,728 in October last year.

If you need help navigating the Seattle real estate market, we always suggest talking to a local Seattle real estate agent.

Madrona Real Estate Report – May 2016

The Madrona real estate market showed some growth this May compared to last year. There were ten sales this year compared to seven in 2015. This year the total sales amounted to $11.9 million. Currently, there are twelve active listings totaling just over $14 million and seven pending totaling just below $10 million. The lowest year-to-date sales price in Madrona is up from $577,200 to $614,000 and the average sales price is up from $1,157,450 to $1,195,800.

For similar information on Capitol HillMadison Park, or Denny Blaine please click the previous links above.

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.

 

Madrona Wine Tasting Event – Nov 14th

Madrona WineCome join your Madrona neighbors for the Fifth Annual Fall Wine Tasting event on Saturday November 14 from 6:30-8:30pm at St. Therese Church and stock your wine cabinet just in time for holiday entertaining.

Tickets are on sale now for $32.50.  All tickets include wine tasting with special pricing on a variety of wines, including deep case discounts (pennies above cost!).

Ticket sales benefit the Madrona Community Council and fund neighborhood activities like Mayfair, Halloween and other community-building events.  A special thank you to Leschi Market for arranging the wine selection.

We hope to see you there this year!  It is a fun event and open to all who are 21 years-old and up.

Madrona Fall Wine Event Is This Saturday!

wine-glassesWhat could be better than drinking wine for a cause? Proceeds from this Saturday’s 4th annual fall wine event will go right back into your neighborhood, benefiting the Madrona Community Council and its events such as Madrona Mayfair and Halloween in Madrona.

Tickets are still available for the event, which is being held at the Aegis Living facility on 23rd Avenue East and East Madison Street, and features wines chosen by the expert wine staff at the Leschi Market. The $32.50 ticket price includes wine tastings and special pricing on bottles and cases to take home. With Thanksgiving only two weeks away this provides a great opportunity to stock up before the holiday festivities, while contributing to the community events we all love.

Tickets Now Available For The Madrona Fall Wine Event

wine-glassesWith temperatures still hovering in the 80’s it’s hard to believe that fall’s rain is just around the corner, but with the new season comes the Madrona fall wine-tasting event! Tickets are now available for the November 15 event that will feature tastings from a selection of wines put together by the Leschi Market, as well as wine available by the bottle and by the case with special pricing.

Originally slated to be held at the Madrona glassybaby studio, the event has been moved to the Aegis Living facility on 22nd Avenue East and East Madison Street. Tickets are $32.50, and proceeds benefit the Madrona Community Council and its community events such as Mayfair and Halloween in Madrona. Whether you are looking to stock your wine cabinet before the holidays (just in time for Thanksgiving!) or just enjoy some delicious vino with your neighbors, this is sure to be a fun event.

Click here for tickets!

Save The Date For The Madrona Fall Wine Event

wine-glassesIf you’ve ever been to the Leschi Market, you are well aware of their excellent wine selection and knowledgeable staff, so we are excited to learn that once again the market will be providing wine for the fourth annual Fall Wine Event, scheduled for November 15 at the glassybaby studio in Madrona.

This will be a great opportunity to socialize with your neighbors, drink some delicious wine, and maybe stock up on some glassybabys for holiday gifts. More details are to come regarding where to purchase tickets, prices, and event times, so check back here or visit our Facebook page in the coming weeks for additional info.

Madrona Real Estate Market at an All-Time High

Madrona Real EstateThe Madrona real estate market (picture above: Madrona home for sale) like most of Seattle has improved greatly over the last two years.  While the Seattle real estate market has improved, Seattle area homes are still only up to what the real estate prices were in 2006 (with mid-2007 being the peak).  According to the most recent Case-Schiller index, Seattle area prices are just over 160 for the home price index while in the summer of 2007 the home price index was over 192.  Since the index puts prices at the beginning of 2000 at 100, that means the Seattle home values nearly doubled from 2000 to 2007 before the real estate market bubble burst.  Prices in February 2012, saw the post-bubble low with a home price index of 129 before the local real estate values started to recover.

I wrote a blog back in March 2012 about the Madrona real estate market and the flaws of Case-Shiller.  One of the bigger flaws is Case-Shiller defines “Seattle” as King, Snohomish and Pierce counties which does not tell the story about Madrona real estate.  In fact, in a recent Seattle Times article it discussed the strength of Central Seattle’s real estate market and noted that we can say something that no other area in “Seattle” can say:

Central Seattle, which includes Capitol Hill, Washington Park and Madrona, is the only area where the 2013 median price — $619,000 — surpassed the level set during the 2007 housing bubble and saw a new high.

So while Case-Shiller index still shows Seattle prices as below 2007 prices, it does not show that Madrona homes are really selling for more than they ever have.

If you want to know what your house is worth, I am happy to prepare a market analysis for you.  Please feel to reach out to me through my company website: Kristine Losh.

Leschi Real EstatePictured Above: Leschi Home for Sale across from Madrona Park

 

Get Your Tickets Here! Madrona Wine Event Coming Soon!

wine-glassesLeschi Market and the Madrona Community Council have again collaborated for the Third Annual Fall Wine Tasting Event.  Come join your Madrona neighbors at glassybaby headquarters (map) on Saturday November 2nd from 6:00-8:30pm.

We will spare you the details since we have already written about the event but basically for $32.50 you can come drink some wine, eat some light hors d’oeuvre and meet some fellow Madrona and Leschi neighbors.  It is a fun event, one where you do not need to know anyone to have a good time, and well worth the ticket price.

If you haven’t already, you can purchase tickets by visiting:  http://www.brownpapertickets.com/event/445533

Ticket sales benefit the Madrona Community Council and fund neighborhood activities like the monthly newsletter, Mayfair, Halloween and other neighborhood community-building events.

Madrona Wine Tasting Benefit in November

Madrona Wine TastingLeschi Market and the Madrona Community Council have again collaborated for the Third Annual Fall Wine Tasting Event.  Come join your Madrona neighbors at glassybaby headquarters (map) on Saturday November 2nd from 6:00-8:30pm and stock your wine cabinet just in time for holiday entertaining.

 

Tickets are available online for $32.50 and include wine tasting and special pricing on a variety of wines, including deep case discounts.  In addition, you can chose to buy tickets that include either a glassybaby or a glassybaby drinker to use during the tasting.

If you haven’t already, you can purchase tickets by visiting:  http://www.brownpapertickets.com/event/445533

Ticket sales benefit the Madrona Community Council and fund neighborhood activities like the monthly newsletter, Mayfair, Halloween and other neighborhood community-building events.

Madrona Community Council and your neighbors hopes to see you there!