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.

 

Featured Listing: Cool Madrona Contemporary

3505 E Olive Madrona Edited This impeccable architect-designed Madrona home features more than 4,000 square feet of sophisticated living space:  4 bedrooms and 3.5 baths in the main house, plus a renovated classic carriage house with an additional bed and bath. Featured in Seattle Met magazine in 2009, this home has 10-foot ceilings, windows everywhere, and spectacular finishes throughout. A gourmet chef’s kitchen and large dining room lead to a glamorous living room with a cozy fireplace. Vaulted ceilings upstairs give the bedrooms an airy feel, and additional loft areas provide play space or storage. The 1,300-square-foot carriage house, built in 1901 and updated in 2015, provides amazing live-work space or could serve as an Airbnb or rental property. A private fenced yard, outdoor living space, play area, and mature gardens complete this gorgeous piece of property.

For more information or for a private showing of this spectacular home, contact listing agents Dan Gottesman and Sam Chapin.

Leschi & Madrona Real Estate Recap: September

Featured Home - 832 31st Avenue South, Leschi

Featured Home – 832 31st Avenue South, Leschi
                  Click on the image for more information

Though the Leschi and Madrona real estate markets don’t typically see high volumes of home sales per month, Madrona saw even fewer home sales than normal in September. The neighborhood only saw two completed sales of single-family homes last month, down from 11 in August, though prices remained high with an average sales price of $942,000. Leschi real estate, in comparison, saw 12 completed sales in September at an average sales price of $934,265. The combined 14 sales in the two neighborhoods represented a slight decrease over the year, with 18 homes sold during the same period in 2014, but despite the seeming slowdown, average sales prices are up over the year. The combined average in 2014 was $705,994, compared to $935,370 in 2015.

Among the 14 total sales in both neighborhoods, prices ranged from $599,950 for a new-construction modern town home on the west edge of Leschi; to $1,612,500 for a renovated modern home perched above Lake Washington, also in Leschi. Eight homes sold at or above listing price, with the highest sales-to-list-price ratio at 116.2 percent for a classic 1906 Foursquare home in Leschi. There were no condo sales in either Leschi or Madrona in September.

Currently, there are 11 active Madrona home listings, with prices ranging from $599,000 to $2,795,000; and 18 active listings in Leschi, with prices ranging from $525,000 to $5,895,000.

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 a complimentary price estimate of your home, or for advice on buying or selling a home in Leschi or Madrona. Click here to see what’s currently available in the area!

Kristine Losh, Ewing & Clark, Inc.

Leschi and Madrona Real Estate Report

Madrona Real EstateSeattle real estate prices are at record highs for September as discussed below, and Leschi and Madrona real estate continue to be very strong as well.  In September Leschi had 11 sales close while Madrona had 7, both we more than the previous September where there were 9 and 6 sales respectively.  But what is more impressive is the average price of the homes that have sold.  Comparing this and last September, Leschi homes average sale price jumped to $676,536 up from $601,765 while Madrona improved to a whopping $870,857 compared to $587,500 in the previous year.  As always these closed sales have to be taken with a grain of salt since the number of sales are low enough that one or two sales can distort the average, but still the numbers are hard to ignore especially when considered with the overall Seattle and King County market.

The median price of a single-family home in King County in September was $460,000, almost 10 percent higher than a year ago and 5.3 percent higher than August’s median price.  According to the Northwest Multiple Listing Service, these stats indicate the best September for home prices in at least 10 years! The city of Seattle performed the best of all the sub-markets in King County in September, with the median price having risen to $517,000, 12 percent higher than September 2013. While the median price on the Eastside was higher than Seattle’s at $605,000, yearly appreciation was slower at only 6.3 percent.

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.

Beautiful 1920’s Madrona Craftsman Available

Featured Listing: 1615 31st Avenue

Casey house

This 1920s craftsman ideally perched in the heart of Madrona, just hit the market for sale! The convenient location of this neighborhood home is just a short distance from the retail district and Lake Washington.

casey hopme1

Features include oak hardwood floors, coved doorways, crown molding, tall ceilings, sizable windows, and pocket doors. The kitchen includes slab Carrera marble counters, an island with a breakfast bar, viking range, and opens to a large back deck perfect for entertaining.

casey kitchen

The main floor master has ensuite bath, and  other noteworthy rooms include the daylight basement with media room, 2 bedrooms, an office, and a utility room. For more information on this lovely neighborhood home, or other Seattle area homes, contact your local real estate agent today!

Status: For Sale
Bed/Bath: 4/2.75
Price: $795,000

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.

 

Madrona Farmhouse Style Craftsman: $848,000

Madrona home kk

This beautiful farmhouse-style home in Madrona is now available! Exuding polished charm and character, this home is perched privately and quietly off the street, with views of Lake Washington and the Cascades. Features of the home include an open layout, warm oak flooring, and optimal natural light. The dining room has French doors that open out to the backyard deck, and the bright spacious kitchen is equipped with a large pantry and wall of windows opening to the serene gardens. This 3 bedroom home has 1 full bath upstairs, and a fully finished lower level with bonus space and 3/4 bath and laundry. The master bedroom has beautiful territorial and lake views,  making this a truly fabulous Madrona neighborhood home. If you’re interested in this or other neighborhood homes, please contact me today!

Status: For Sale
Bed/Bath: 3/1.75
Price: $848,000

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.