Madrona Real Estate Report – November 2017

The Seattle real estate market continues to be the talk of the nation. As Seattle continues to grow, so do home prices. Madrona and Leschi continue to stay strong in King County. There were 19 totals sales in the area last month, compared to 7 in November 2016.

Sold last month in Madrona for $1,260,000

The median sales price for a single-family home in Madrona jumped from $1,000,000 in November 2016 to $1,280,000 last month (11/17). The highest sold price increased from $1,345,000 (11/16) to $3,000,000 (11/17). According to the Northwest Multiple Listing Service, Madrona hit the $1 million club. The average sold price was $1,414,250 and the average list price was $1,395,995. The cumulative days on market also dropped from 35 days to just 12 days this year.

Sold last month in Madrona. (View)

The neighboring village of Leschi had 8 sales last month, compared to 1 townhome last year that sold for $450,000. The median sales price this past November was $1,150,700 and the average sold price was $1,271,175. There was one condominium sale in the Leschi area that was listed for $499,000 and sold for $500,000

There are currently 10 active listings and 12 pending.

 

Madrona Real Estate Report – October 2017

Seattle has been the hottest growing market in the country for the last year and shows no signs of cooling down. The median price for a single-family home has gone up 17.6 percent compared to a year ago. The typical Seattle home sold for $110,00 more than this time last year, $735,000.

Madrona continues to show strength in the Seattle market. According to the Northwest Multiple Listing Service, the median sales price for a single-family home was $1,160,000 last month (October 2017). The average sold price has jumped from $1,123,500 (October 2016) to $1,231,111. There were more than double the amount of sales in the Madrona neighborhood last month than this time last year. There are currently 7 active listings and 12 pending.

Leschi is showing signs of a strong market as well. There were 5 sales last month as well as 5 sales in October 2016. The median price for a home was $750,000 last month, compared to $730,000 in 2016. The average sold price took a large increase from $779,800 in October 2016 to $1,068,590 last month. There are currently 12 active listings and 8 pending.

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. Currently in the central Seattle area there are 87 active listings and 98 pending listings.

2017 Madrona Summer Concert Series

Madrona Summer Concert’s start tomorrow at the Madrona Playfield! Join your neighbors Thursday evenings, between 6pm & 8pm, in the park for a night of music and fun! Bring your picnic, blanket, and chairs and enjoy local bands!

The schedule is as follows:

August 10th, The Parlour Shakes

August 17th, Bell Thompson Group

August 24th, Mud Junket

August 31st, TBD

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.

Annual Events!

 

Fall is here along with Leschi & Madrona annual events!

On Saturday September 10th, from 11am-4pm head down along Lake Washington Blvd and Leschi Park for the 5th Annual Leschi Street Fair & Art Walk! Live music, parade, kid activities, & much more! leschiartwalk.comleschi

On Saturday November 5th, from 6:30pm-8:30pm the Madrona Community Council will be holding their annual fundraiser at St.Therese Social Hall on 35th ! The MCC and Leschi Market will together hold a Wine Tasting, get tickets here -> http://brownpapertickets.com/event/2595083

Happy Fall, y’all! 

Google Comes to Seattle!

googlers

Even though school is out for the summer, Leschi Elementary stayed very busy this month! From getting the garden prepared for summer planting, to giving the walls a new coat of paint, and cataloging the fiction books in the library. With the help from some Googlers and Seattle Works, the school was able to make all their projects a reality.

GoogleServe volunteers assisted the summer school participants with weeding, churning compost into garden soil, building trellises, and making a sustainable water bottle irrigation system! The library is also in order after their visit. They have recorded the fiction books into to the school catalogue, making access to the library resources easier for teachers. The school is organized, cleaned, and repainted. What a perfect way to start the 2016 school year!

Googlers volunteer all year, but in June they celebrate collectively during GoogleServe to help their favorite organization. The volunteer campaign has done over 800 projects nation-wide just this year! They will make their way back to Seattle next year, serving the community with helping hands once again.

This Weekend in Madrona

 

All around Seattle neighborhoods will be celebrating the end of spring and start of summer! The Madrona Community Council will be hosting the Madrona Neighborhood Garage Sale and Bike and Ball Drive this Saturday! The garage sale descriptions and map are available on Craigslist, Madrona Moms, and Nextdoor. You can also get a paper addition at Verite on June 17th and 18th.

The Bike and Ball drive is the perfect way to finish off spring cleaning! Rid your garage of all bikes, bike parts, and soccer or basketballs that aren’t being used. The event will take place at the Madrona Playfield from 10am-1pm. Bike Works is a 501(c)(3) non-profit organization in need of bikes in good condition, including 20” wheel BMX style bikes, 24” and 26” wheel mountain bikes, and road bikes of any size. Didi Burpee will be collecting soccer and basketballs to donate to Seattle’s World School.

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 and Leschi Real Estate Recap – October

Featured listing - 3505 E Olive St. - $1,875,000

Featured listing – 3505 E Olive St. – $1,875,000

Real estate activity in Madrona took an interesting turn in October, with sales activity up from September but average sales price down by 37 percent. There were five sales of single-family homes in Madrona in October, compared to just two in September, but October’s average sales price was $684,800, down from $942,000 in September. Leschi saw 12 completed sales in October at an average sales price of $644,562, down from $934,265 in September. Sales activity for the two neighborhoods was consistent on a yearly basis, with just one fewer sale this year (17) than October 2014 (18). But average prices in the two neighborhoods combined were down over the year, with the 2015 average at $656,397 compared to the 2014 average of $753,379.

However, owing to relatively small sample sizes, numbers for these two neighborhoods are easily skewed by the addition of one or two high- or low-priced sales, meaning average prices are sometimes not accurate representations of the neighborhoods’ markets as a whole. The area’s market remains strong, with 13 of the 17 properties sold selling for at or above listing price, and the highest list-to-sales price ratio at 129.93 percent for a classic 1921 home in Madrona.

Currently there are 21 active listings in Madrona and Leschi combined, with prices ranging from a low of $615,000 for a single-family home in Leschi, to a high of $5,895,000 for a lakefront contemporary home in Leschi.

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

Please feel free to contact me if you would like to further discuss the Madrona and Leschi real estate markets, or if you would like a complimentary price estimate of your home.

Kristine Losh, Ewing & Clark, Inc.