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.

 

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 & 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.

Great Items Up For Bid At Madrona K-8 Auction At Mayfair

MadronaMayfairPoster

Happy May Day, everyone! The first of the month means that Madrona Mayfair is just around the corner, taking place next Saturday, May 10. Along with the bike parade and Recess Monkey performance, the Madrona K-8 silent auction and raffle are going to be big draws this year, so make sure to buy a few raffle tickets and bid on some of the amazing auction items. Here’s a small sampling of what you’ll have a chance to bid on!

affle

  • Don’t forget to enter the raffle, as well, for a chance to win the grand prize – a trip to warm and sunny PALM SPRINGS! Also up for grabs in the raffle are a Microsoft Surface tablet and Recess Monkey Dance Kits. Raffle tickets are $5.00.

There are MANY more auction items available, so make sure to stop by the auction site at the Madrona playground between 10:00 and 11:30 on the day of Mayfair to check everything out. All funds raised will go toward supporting arts and music enrichment programming, providing classroom technology and supplies and covering field trip expenses at Madrona K-8.

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.

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

 

Madrona Home for Sale

Madrona HomeCharming Madrona traditional home with circular floor plan, spacious rooms, ample natural light, and fir floors throughout. The home, built in 1906, has had extensive system updates including air conditioning, tankless water heater, and a new electrical panel. The first floor includes formal entry, open living and dining room, kitchen, and utility room.  Upstairs features three bedrooms with peek-a-boo view of mountains and lake from the master. The lower level has two additional bedrooms, full bath, second laundry, second kitchen, and a separate entrance to the backyard. The home sits on a street to street lot with two car garage and ample yard. The house is perfectly located; a short distance to Lake Washington and Madrona Park as well as to the Madrona restaurant and shops.  Let me know if you want to see this great piece of real estate: Kristine Losh.

Status
Home for Sale
List   Price $749,000
Bed/Bath 5/2

 

Madrona Home Available for $1,785,000

Madrona Real Estate 3Madrona real estate has some of Seattle’s most beautiful settings and this Madrona home takes advantage of it.  This impeccable 2001 built craftsman home of stalwart construction sits on Columbia Street high above 37th Avenue where the open floor plan maximizes the views of Lake Washington and Cascade Mountains. Below the main floor is a light-filled recreation room, office and bedroom suite. Upstairs the second floor has three bedrooms including a luxurious master suite with balcony, view bath, walk-in closet and vaulted ceilings. Continue to the third floor to a crow’s nest office. Outside the landscaping includes mature plantings, level lawn and an awesome tree-house designed by world famous Peter Nelson.

Click the link to learn more about this Madrona home or contact me and I will be happy to tell you more.

Status
Home for Sale
List   Price $1,785,000
Bed/Bath 4/3.25

 

Open House in Madrona this Weekend

madronaLooking to live in the Madrona neighborhood?  You have two chances to see this lovely Madrona home this weekend.  The home is open on both Saturday (2PM to 4 PM) and Sunday (1PM to 4 PM).  The home features territorial views, a bright kitchen, and three bedrooms and three baths. The home has an easily maintainable yard, including a functional garden and entertainment area.  This Madrona real estate is perfectly placed on a quiet neighborhood corner but at the same time located a short distance to Madrona’s popular retail shopping district and restaurants. The home is in close proximity to some of Madrona’s local favorites such as Pritty Boys Pizzeria, Hi Spot Cafe, and Madrona Playground.

Status: For Sale – Open House Sat & Sun
Bed/Bath: 3/2.5
Price: $599,950

Madrona Real Estate Market Update

There has been many articles about the improving real estate market not only in Seattle but also across the country.  Looking at the numbers, the Madrona real estate market is following the same trend.  According to the Northwest Multiple Listing Service through Friday, April 19th, there has been 20 home sales including 3 sales over one million dollars in Madrona in 2013.  In the same time period in 2012, there were 13 home sales and only one sale over one million dollars in Madrona.  Obviously, the number of homes sales has improved in 2013, but most other statistics are much better as well.  For example, Madrona homes in 2013 have sold after being on the market for 41 days compared to 109 days in 2012.  In addition, Madrona homes are selling for more compared to the original asking price.  Over half of the homes in 2013 have sold for more than asking price including 2 out of 3 of the homes that sold over $1 million dollars.

The Madrona real estate market is strong with more homes selling, properties selling faster, and for more money.  If you are curious about the Madrona real estate market, ask me about it when you see me in the neighborhood or feel free to contact me sooner.

Madrona Home Sales