If you follow real estate, the latest update about the Greater Seattle market is slightly unusual: Good news for homebuyers!
Yes, that’s right, we saw a big increase in new inventory in May. In fact, the last time we had more than 4,000 new single-family homes come on the market in a single month in King County was more than 10 years ago. This summer is definitely a good time for potential homebuyers to jump into the market, with a somewhat softer summer than we have had in recent years.
So, does this mean we are in a buyer’s market? Not quite. According to a recent study by Glassdoor, Seattle remains a leading destination for those interested in moving for work, and we don’t anticipate this region shifting from an employment-driven market anytime soon. While we may start to see longer on-market times, at this point Seattle is at the top of the list of the 10 markets where the average days on market is shortest. The city is tied with San Francisco and San Jose at 36 days.
Madison Park continues to see price increases year-to-date. While we may see prices level out a bit, real estate has proven to be an excellent investment for homeowners in our neighborhood and, according to all indicators, will continue to be a sound bet.
The average price for a home in our neighborhood year-to-date, as of press time, is $1,452,800, which is an increase of 19.2 percent for the same period in 2017. Homes are on the market an average of 16 days for that same time period, down 11 percent from last year. Of course, homes below $2 million tend to sell more quickly in our community than those in the higher price ranges.
Summertime is amazing in the Park. Whether it is a trip to the beach, or a stroll for ice cream to Scoop Du Jour, the walkable nature of our neighborhood is very desirable to house hunters. An evening stroll to Madison Park Village is one of the many things I love about living in the 98112. I appreciate the fact that we have so many amenities — shopping, flowers, coffee, cafés, fine dining, pubs and more. I encourage all of you to continue and support our treasured local businesses.
As of this writing, there are currently seven homes for sale in Madison Park, ranging from a condo offered at $599,950 to a historic classic for $4.5 million. If you have considered making your move in the Park in 2018, the summer season is a great time to take advantage of the many buyers that are looking to move to our cherished community, or if you seek to buy, the additional inventory that will likely be popping up throughout our neighborhood.
Our Avenue experts have a long history in Madison Park, and are ready to help you navigate this seller’s market to your advantage. If you’re buying, our knowledgeable and savvy agents will help you achieve success in this evolving market.
Mary P. Snyder is cofounder of Avenue Properties.