Madison Park real estate market heating up
After a somewhat slow start to the year, the real estate market in Seattle is showing clear signs that things are heating up! In May, median home prices hit their 2019 high point, reaching $775,000. If expected seasonal trendlines follow, we will continue to see favorable outcomes for sellers through the duration of the summer months.
Our market is much more balanced than we have seen in recent years, and buyers are benefitting from more home choices and the ability to take more time when making home purchase decisions; in May 2019, inventory grew to 1.8 months, and homes sold in an average of three to four weeks.
As was the case in Seattle as a whole, the Madison Park market experienced an increase in average days on market and inventory in May. Months of inventory more than doubled from this same time last year—to 2.7 months—edging closer to neutral market conditions, which typically fall between 3-6 months. Greater inventory has contributed to lengthier market times, with buyers weighing their decisions and carefully navigating the purchase process. Madison Park homes sold in an average of 41 days in May, a slightly longer market time than seen in Seattle at large, but not uncommon in an area with a higher price point.
There have been four condominium sales in Madison Park since May 1, and a total of nine for all of 2019, ranging in price from $395,000 to $1.673 million. At the time of this writing, single-family inventory in our community is healthy: there are currently 24 residential listings in Broadmoor, Madison Park, Washington Park and Denny-Blaine, ranging in price from $995,000 to $15 million; there are just two condominium homes for sale. Since the start of 2019, there are have been 24 sales in total, down slightly from last year’s figure of 31, but not unexpected given the slow start to the 2019 sales season.
Madison Park remains one of Seattle’s most beloved neighborhoods, with a stellar location just minutes from downtown Seattle and the growing Eastside tech corridor, and a timeless neighborhood sentiment. The sunshine-filled days of summer bring us out to our community’s quaint cafés, delectable eateries, boutique shops, and of course, the waterfront. Though they opened their doors in April, I want to give a special welcome to Madison Books—it’s truly wonderful to have a bookstore back in Madison Park!
Our local real estate market is expected to continue its upward swing through the busy summer sales season, with strong market fundamentals, low mortgage rates and steady job growth. If you’re considering making your next move, now is an opportune time to take advantage of the market and begin your next adventure, whether it’s a waterfront estate for summertime aquatic adventures or an in-city, lock-and-leave lifestyle that affords the opportunity to travel the world.
Laura Halliday is a managing broker at Realogics Sotheby’s International Realty.