Leschi and Madrona Real Estate: Prices Skyrocketing

Madrona Real Estate

Madrona real estate sales have doubled from last July (16 vs 8 sales).  While the days on market have slightly increased by 2 days (21 vs 23 days) the Madrona homes are selling for much more than last year.  The average sales price this July was $890,337 vs $703,125 last July.  Both this July and last July homes on average sold for more than asking price.  The above pictured Madrona Home sold in 6 days for over asking price.

The number of Leschi real estate sales is fairly even with last year (7 vs 6 sales), but again the average sale price dwarfs last year’s average sales price.  Leschi homes this July sold on average for $953,000 versus $681,214 the previous July.  Unlike Madrona, houses are selling at a scorching pace.  The average days on market for Leschi is 7 days which is down significantly from 26 days last July.

Both Madrona real estate market and Leschi real estate market have small sample size so the statistics have to be tempered because a few sales can make a huge difference.  Looking at the Central Seattle residential real estate market (east of I-5 to the lake; south of the Montlake Cut to I-90) the number of sales only increased by one compared to last July (91 vs 92 sales) and the average sales price increased minimally from $855,163 to $867,652.  Even with this additional information, it is hard to ignore the recent Leschi home sales and the Madrona home sales.

While numbers were gathered from the Northwest Multiple listing Service; Statistics not compiled or published by the Northwest Multiple Listing Service.

Feel free to contact me if you want a complimentary price opinion of your home:  Kristine Losh, Ewing & Clark Real Estate or check out the link to see what’s currently available in the Madrona / Leschi area.

 

Cheer On Cyclists In The Obliteride Fundraiser On August 10

ObliterideLogo_rgbCyclists taking part in the 2nd annual Obliteride fundraiser benefiting the Fred Hutchinson Cancer Research Center will pedal down Lake Washington Boulevard through Madrona and Leschi as part of the 25-, 50-, 100-mile race routes on Sunday, August 10. Organizers are encouraging the community to come out and cheer on the riders as they make their way through the neighborhood, and are also suggesting that spectators make signs to display along the route honoring anyone they know who has been affected by cancer.

Participants in the ride commit to fundraising a set amount of money for each distance – $1,000 is the minimum – and 100 percent of funds raised will go to Fred Hutch and its efforts toward ending cancer. Last year’s event raised more than $2 million. Riders will start at Magnuson Park and head south on Lake Washington Boulevard, passing through Denny Blaine, Madrona, Leschi, Mount Baker, and on to Seward Park, so there is plenty of room for spectators to line the whole route along the lake. There is also a 150-mile ride that will take riders to Bainbridge Island and down the Kitsap Peninsula to Tacoma and back.

If you would prefer to ride instead of spectate, there is still time to register! Visit the Obliteride site to get all the details for registering, fundraising, and ride-day details. At the very least, head down to Lake Washington Boulevard on the 10th to give the riders some extra encouragement!

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

leschi

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.