Property Views: Summer is heating up the Madison Park real estate market
It is undeniable that the COVID-19 pandemic halted what was shaping up to be a red-hot spring sales season in the greater Seattle area, but as buyers, sellers and real estate agents adjusted to a virtual approach to the purchase and sale of homes — and the government eased some “stay in place” restrictions — things began to heat up again in the Emerald City. Many industry experts agree that we could be moving toward a hot summer sales season with an uptick in activity that would’ve historically taken place in springtime. As you consider your real estate goals for the rest of 2020, I’ve compiled the latest stats in central Seattle with a further look at the Madison Park market.
The central Seattle region (area 390) started the year on an upward trajectory in the number of homes for sale, which sharply declined as the pandemic hit. The average days on market, likewise, increased, as buyers navigated a virtual, socially distanced marketplace. By May, however, activity was on an upswing again, with the number of homes on the market rising 25 percent compared with April 2020 and a 28.9 percent increase in the number of homes under contract. Median home prices remained relatively unchanged from what we saw in 2019, settling at $865,000 for single-family residences and condominiums for the first half of June.
Many of the trends that are impacting the central Seattle area are also reflected in the Madison Park micro-market. As was the case in central Seattle, a sharp decline in inventory and market activity through February and March seemed to pick up by May, as buyers and sellers adjusted to electronic means of doing business. Median sales prices and the average price per square foot figures in the Madison Park market are generally higher than in central Seattle as a whole. The median sales price reached $1.175 million for single-family homes and condos in Madison Park for May 2020 over a total of five sales, up from three sales in the same time period last year.
At the time of this writing, there are five condominiums listed for sale in Madison Park, ranging in price from $728,000 to $995,000. Just two single-family residences are currently on the market, priced at $1.995 million and $4.2 million.
If you would like more information on the implication for homes in your neighborhood, I’d be happy to connect with you via phone, email or a virtual chat. Here’s to a wonderful month of July and summer ahead.
— Toby Lumpkin is a broker for the Realogics Sotheby's International Realty Madison Park office. He can be contacted at Toby.Lumpkin@rsir.com.