Our weather has turned from sunny days to wet weather, which means the time has come to pull our boots and parkas out of the closet! The fall leaves have been displaying their glorious deep red, yellow and orange hues, restaurants have added our favorite autumn offerings to their menus, and the scent of pumpkin spice floats through the air. It’s hard to believe the holiday season is right around the corner, which has many of us putting plans to action to capture that perfect holiday portrait.
The season of change has brought lots of exciting things to our neighborhood, too. Nick’s on Madison popped up right by the Arboretum and offers a sophisticated yet casual atmosphere with delectable dinner options you must simply try. And the growing “recycled threads” trend has hit the Park in the form of Refind—a trendy women’s apparel shop filled with pre-owned designer apparel and accessories at a fraction of the original prices.
So, too, did change continue in the real estate market. We have now entered the fourth quarter and, as we prepare to round out the year, I’ve put together a snapshot of the latest local market activity.
Buyers truly came off the sidelines as summer turned to autumn, with King County sales up 8 percent on a year-over-year basis. In the hottest neighborhoods of Seattle—Green Lake, Ballard and Greenwood—the number of sales soared over 30 percent higher than this same time last year. Purchasers benefitted from a much healthier supply of third-quarter inventory than in recent years, with 2-3 months of supply, though we remain in a seller’s market at most price points.
In the Central Seattle/Madison Park/Capitol Hill area, typical seasonal trends held strong, with quarterly home prices highest in July, then dipping slightly from August into September. Overall, the median sales price for the third quarter of 2019 was $934,000 (markedly higher than Seattle at large, where the median sales price settled right at $800,000). As was the case in many other Seattle neighborhoods, inventory in Central Seattle grew by about 5 percent compared to the third quarter of 2018, and homes sold in an average of just over one month. At the time of this writing, there are just three condominiums listed for sale. Nine single-family residences are currently on the market, ranging in price from $1.3 million to nearly $5 million.
Would you like to know more about our local market fundamentals as you plan your real estate goals for the coming year? I’d love to see you at Park House. Please stop by the Sotheby’s International Realty office for a visit at 4031 E. Madison St. and say hello—I’m always up for a cup of coffee and good conversation.
Here’s to health and happiness through the holiday season!
Cindy Paur is a managing broker and founding member of the Realogics Sothesby’s International Realty Madison Park Office. She can be reached at 206-949-4497 or Cindy.Paur@SothebysRealty.com. More at CindyPaur.com.