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.

madrona-school-sign-tp

The Madrona Real Estate market has remained steady this summer as compared to last year. The number of total sales are about equal: 19 sales in 2015 versus 20 sales for the same time period in 2016 (June through mid-August (when this was written)).  What has changed in a year is the rise in sale prices. For example, the highest sales price in summer of 2015 was $1,650,000.  This summer there are two sales over that amount, one home down on Lake Washington Boulevard sold for $3,500,000 and another on 36th Ave sold for $2,598,888.  The median sales price was at $1,077,500, a $248,500 rise from July of 2015. In both 2015 and 2016, homes tend to sell for their list price or above.

Central Seattle real estate, which includes Madrona but also includes the area from the Montlake cut to I-90 and from Lake Washington to I-5, is showing signs of strengths. The median year-to-date sales price is up from $829,000 (July 2015) to $1,077,500 (2016), and the average year-to-date is up from $924,950 (July 2015) to $1,310,000 (2016).  Thus, the strong real estate market is not only in Madrona but the surrounding areas as well.

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.

 

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.

Madrona & Leschi Summer Housing Market Update

Featured home - 101 Euclid Ave. - Leschi

Featured home – 101 Euclid Ave. – Leschi

Sales volume for single-family homes in Madrona and Leschi is down from a year ago, with 26 (11 in Leschi and 15 in Madrona) sales in June and July of this year, compared to 35 sales during the same months in 2014. Prices, however, have increased, as the average sales price in June and July 2015 was $1,031,639, compared to an average of $896,045 a year ago. Of the 26 total sales, 21 sold for at or above the listing price, with the highest sales-to-list-price ratio at 112.34 percent for a Craftsman in Leschi. The lowest-priced sale was $523,000, and the highest sales price inched close to $2 million at $1,910,000 for a waterfront home in Leschi. Nine homes sold for $1,000,000 or more.

Four condos sold in the area in June at a wide range of prices, from $325,000 at the low end for a one-bedroom unit at a landmark building in Leschi; to $1,695,000 for a two-bedroom on the Leschi waterfront. Only two condos sold in July, at an average price of $590,500.

Madrona and Leschi typically do not see a high volume of sales, so with their small sample sizes, average prices tend to paint very broad picture of the neighborhoods’ housing markets, as one or two high- or low-priced sales can skew the average. Currently, there are 18 active single-family listings between the two neighborhoods, with prices ranging from $490,000 to $2,795,000; and there is one active condo listing for $209,900.

These statistics were gathered from the Northwest Multiple Listing Service, but were not complied 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.

Click on the photos for more information about these featured homes!

Featured Home - 3609 E Union St. - Madrona

Featured Home – 3609 E Union St. – Madrona

 

Madrona Plaza Available for Purchase

Madrona PlazaOver the last several years, real estate has changed drastically in Madrona’s commercial core. The two blocks on 34th Avenue between Spring and Pike streets have seen at least four new buildings go up, including the Pike Station, Madrona Refuge, and the two currently under construction. The Amara building will soon be developed. Real estate investors have seen tremendous potential in Madrona, and now instead of constructing a new building, there is an opportunity to invest in an existing property in the middle of all the action. Located in the heart of the Madrona business district, the Madrona Plaza building offers executive office space perfect for an owner-user or an investor (Click previous link for more building details).

The Madrona Plaza quietly hit the market a couple weeks ago. Built in 2000, the office building with retail on the ground floor is equipped with state-of-the-art office and communication services, elevator service, and secured parking. Peacefully situated next to Red Cow, across from the Hi-Spot, surrounded by the other Madrona shops, restaurants and parks, the Madrona Plaza offers a variety of activities to enjoy during the day or after work. The building’s tenants are made up of an executive suite model, two larger office space tenants, and long-term telecommunication leases for cell towers on the roof.

If you are interested in learning more about the Madrona Plaza, feel to contact Roger Lorenze of Ewing & Clark.

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.

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