Madison Park to stay a seller’s market
If you’ve been following the real estate market, the latest headlines are all too familiar: Inventory is at historically low levels (the lowest on record since 2000 in King County), and Seattle home prices are rising faster than any other city in the country. The Seattle market finished 2017 as the priciest year in history, and 2018 appears to be on track for more of the same.
Seattle has been one of the hottest markets in the U.S. for more than a year. According to the most recent Standard & Poor’s/Case-Shiller Home Price Index, in the past year the price of the average single-family home in Seattle has gone up 12.7 percent, which is more than twice the national average of 6.3 percent. It was the 16th consecutive month that Seattle led the country in rising home prices.
Madison Park certainly reflects the strong growth in the region. In the last five years, Madison Park has seen the average sales price of a home nearly double to $1.294 million and the days on market drop by almost 75 percent to 21. 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.
As the home of Microsoft, Starbucks, Amazon and myriad booming tech companies, our real estate market is employment driven. According to the state’s Economic and Revenue Forecast Council, the number of jobs in Washington grew by more than 3 percent last year, double the national average of 1.4 percent. With so many successful companies in the Seattle region, demand for talent is expected to continue — good news for sellers in this hot market.
Madison Park continues to be a big draw for house hunters. Buffered by Madison Park Beach on one end, and the Washington Park Arboretum on the other, our neighborhood offers a beautiful natural landscape as well as a vibrant business district.
One trend Avenue brokers continue to see is the desire for walkable neighborhoods. Having shops, coffee, cafés, fine dining and pubs within strolling distance is a valuable asset for the Park. While many of our residents work in the city or on the Eastside, when they get home in the evenings, they appreciate the opportunity to find everything they need in our neighborhood. Let’s continue to support our local businesses.
The Washington Park Arboretum’s new loop trail is an incredible new amenity for our area. The meandering 2-mile recreational route runs from East Madison Street to the Graham Visitors Center between Lake Washington Boulevard East and the arboretum’s Azalea Way. I love the benches lining the path cast in a classic style from the 1939 New York World’s Fair. The 230-acre arboretum is truly a hidden gem in the heart of the city, and one of my favorite aspects of the Madison Park lifestyle.
As of press time, there were 11 homes for sale in Madison Park. The highest at $12.85 million for a waterfront estate in Washington Park, and the lowest is a condominium offered at $599,950.
Year over year, pending sales in Seattle are at a consistent level while inventory is down 20 percent from the same time last year. With the selling season now upon us, we expect to see an uptick in inventory, but we will remain a decisive seller’s market. If you have given any thought to taking advantage of the strong demand for homes, now may be the time for you to make your move.
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 competitive market.
Evan Wyman is cofounder of Avenue Properties and a Madison Park resident. Find out more at avenueproperties.com. Wyman can be reached at evan@avenueproperties.com.