Leschi and Madrona Real Estate: Mixed Signals?

There are mixed signals in King County with average sales price up and average list price down but is the same true for Leschi and Madrona real estate?  According to the Northwest Multiple Listing Service (NWMLS), the average residential list price in King County is down from May 2013, while the average sales price has increased. The average residential list price last month was $792,925, down from $813,502 in May of 2013, while the average closed sales price was $541,294 up from $501,145 in 2013. There were 3,789 new residential listings that hit the market in May 2014 compared to 3,521 in 2013.  This recent uptick in inventory may be one of the factors causing the average asking price to decrease, but Madrona and Leschi does not seem to support this theory…

When looking at Central Seattle, the area that includes not only Madrona and Leschi real estate but homes for sale from Montlake, Madison Park, Madison Valley and Capitol Hill, the number of active residential listings are down from last May from 150 to 140 this May. As in the rest of King County, the average list price is also down from $1,746,083 to $1,609,493, but unlike King County the average sales price is also down in the area: dropping $975,857 to $784,780. Looking deeper in the numbers, last May was a exceptionally strong month for luxury home sales in Central Seattle.  Six homes sold in May 2013 for over $2,500,000 while there was zero sales for over $2,500,000 in May 2014.  Last May’s sales in Central Seattle are even more impressive considering there were only 17 sales over $2,500,000 for the entire year and six of them were in May.

Madrona Real Estate

Looking more specifically at Leschi and Madrona real estate, this year’s market seems to be gaining some momentum especially in the luxury market.  For example, in May Ewing & Clark Real Estate represented the seller in the highest sale in the combined Madrona & Leschi area for 2014.  The Madrona home pictured above sold for $1,625,000 this May which is one of the three sales since April for over $1,500,000 (2 in Madrona, 1 in Leschi).  Previously, there were no sales over that amount for the year.  Following are the statistics for the 2014 through the first five months:

Madrona

Leschi

Total Sales

23

25

Average List Price

$775,031

$695,788

Average Sales Price

$776,147

$685,837

Average Sales Price/List Price

101%

99%

Average Days on Market

40

87

If you are interested in seeing what is available in Leschi and Madrona, then click the link to see the available homes for sale or contact me for more information on the Leschi and Madrona real estate market.

Statistics in blog were gathered from the NWMLS, but the: Statistics not compiled or published by the Northwest Multiple Listing Service.

Leschi Art Walk Is Tomorrow June 14!

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Leschi welcomes summer tomorrow with art, live music and children’s activities at its 3rd annual Leschi Art Walk, taking place on Lakeside Avenue between Yesler Way and Lake Washington Boulevard. Enjoy music from a jazz trio on the stage at Leschi Park and check out work from local artists including watercolors, jewelry, leather bags, glass art, and the vibrant, French-impressionist-inspired paintings of Seattle artist Art Messer.

The event runs from 11:00 a.m. to 4:00 p.m., giving you plenty of opportunity to work the Art Walk in to your Saturday plans. There couldn’t be a much more picturesque location for an art walk than the Leschi business district sitting right on the shore of Lake Washington, so come down and spend time with your neighbors and support our local artists. There will be kids activities, as well, so bring the whole family!

Also, click here for more info on Leschi-area artists!

Leschi Community Council Meeting Tomorrow, June 4

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For those of you who may live closer to Leschi, join the Leschi Community Council at its monthly meeting tomorrow, June 4 at 7:00 p.m. at the Central Area Senior Center to discuss neighborhood issues. Here’s the agenda for tomorrow’s meeting:

  • Susan Chang, a geotechnical engineer for the Seattle Department of Transportation will discuss the Seattle Landslide Study and what is known about the Leschi hillside in relation to landslides.
  • Seattle Public Utilities will give an update on the sewage overflow project happening at the south marina in August.
  • Leschi Star Awards

In addition, there is a neighborhood work party at the Leschi Natural Area this Saturday, June 7 from 9:00 a.m. to 3:00 p.m. Meet at 36th and Terrace rain or shine. Gloves and lunch will be provided for all participants!

Leschi & Madrona Real Estate: Low Inventory & Prices Up

Madrona Home(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.

Leschi & Madrona Real Estate Report

The Madrona real estate market featured two sales this past February.  The number is not that unusual since there have only been six (2013), three (2012), and two (2011) sales in Madrona the previous three years in February.  This year’s sales totaled just $725,000 which was impressively $1,000 more than the combined list price.  One house sold for $450,000 while it was listed for $449,000 and the other property, a 915 square foot home on MLK Way, sold for the list price of $275,000.

The Leschi real estate market had four residential sales this February.  That number is a little better than usual since there have only been five (2013), three (2012), and one (2011) sales in Leschi over the previous three years in February.  This year’s sales totaled $2,018,500 with the highest sale being $920,000 for a home on Lake Washington Blvd across from the Leschi Sailboat Marina.

Leschi Home

Central Seattle real estate, which basically includes the area from the Montlake Cut to I-90 and from Lake Washington to I-5, is showing signs of strength.  While the median year-to-date sales price is down from $619,000 to $577,475, the average year-to-date sales price is actually up from $729,042 to $736,659.  In addition, year-to-date sales for the first two months are up with 88 sales in 2014 versus 79 sales in 2013.  Inventory is also tighter than last year down from 128 to 93 active listings in the month of February.

If you have any questions about the Seattle real estate market, please feel to reach out to me: Kristine Losh.

Is Leschi’s Sabai Thai Gone For Good?

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Neighbors have been wondering about the operating status of Leschi’s resident Thai restaurant, Sabai, reporting that it closed suddenly in mid-February. A little digging did not unearth much new information about the restaurant, as its website has been deactivated and its listed phone number rings through to neighboring BluWater Bistro. Its prime waterfront location and positive diner reviews have us hoping it will reopen. Leave us a comment if you have any information about its closing or possible reopening.

Tonight’s Leschi Community Council Meeting To Address Fate Of Metro Route 27

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The Leschi Community Council meeting tonight will give neighbors an opportunity to learn more about the possible elimination of Metro bus route 27, which serves Leschi, due to Metro’s budget shortfall. Join various “experts” at the meeting to learn what you can do to help save the route. Leschi has continuously been served by transit since 1888, the year before Washington’s state constitution was ratified.

The meeting will be held tonight, Wednesday, March 5, starting at 7:00 pm at the Central Area Senior Center, located at 500 30th Ave. S.

Would Madrona Survive if the Ice Caps Melt?!?

Madrona PointFor the most part Madrona would survive, but the better question is: would you or I make it?  Hopefully, we never will have to find out, but it is kind of fun (or scary) to see what would happen if all the ice caps did melt.  UW Planner Jeffrey Linn created a map of the Greater Seattle area showing what would happen to Seattle if there was a 240-foot rise in the level of the world’s oceans.  The conclusion was that most of the real estate in Madrona does survive (Madison Valley & parts of Leschi are not so lucky) and those residents of Madrona homes that do get flooded can meet up at Madrona Ale House for a beer and to get dry by the fire.

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

 

Leschi Community Council Meeting Regarding Crime and Safety

policeMadrona residents and neighbors may be interested in a crime and safety meeting hosted by the Leschi Community Council.  The meeting will take place Wednesday, November 6th, from 7 PM to 8:30 PM.  Following is from Leschi Community Council:

** *You are cordially invited to “Crime Facts or Rumors? An Update on Crime in Our Neighborhood” Wed. November 6, 2013, the Central, 500 20th Ave. South *Join us 7 – 8:30 pm for an informative & fast-paced panel discussion, well worth your time (and the parking is free). Leschi is a well-loved and terrific neighborhood but *what about the crime? *Beyond the rumors, let’s talk about facts and hear what neighbor groups are doing across the city to help prevent crime. Panelists are from neighborhood groups and community team police officers for Leschi. Learn facts about crime statistics for our neighborhood past and present. Leave encouraged from hearing from neighbors who are working in different ways around the city to prevent crime. ****Panelists – *Tracy Bier, Leschi Community Council & 30th Ave. Neighbors; Nancy P, Central District; Officer Sina Ebinger, Community Outreach Section; Sandra P, Leschi* *32nd Ave. (between Charles and Dearborn South); Deborah G, West Seattle Block Watch Captains’ Network (WSBWCN); and Officer Art L. Garza, Community PoliceTeam. *WED. Nov. 6**, 7 – 8:30 pm * *The Central, 500 30th Ave. South* (one block south of Jackson at King)

The meeting sponsor Leschi Community Council welcomes the public to attend. A participating member of the Seattle Community Council Federation, the Leschi Community Council (LCC) has been an integral part of the community for more than half a century. http://www.leschicommunitycouncil.org/