AdobeStock
As our sights turn to 2025, the Puget Sound region’s return-to-office mandates are an emerging trend in the housing market. In our neighborhood we expect to see home sales driven by employees who moved to the suburbs during the pandemic but are turned off by lengthy commutes as they end remote work. This presents a challenge for many buyers as both home prices and mortgage rates have risen considerably since the pandemic and in-city prices will continue to rise as urban areas see increased demand.
The good news for buyers is that compared to last year we have more homes on the market and a greater selection pointing to a more healthy balance between buyers and sellers.Year-over-year, brokers report increased showing activity — another sign of a resilient housing market in 2025. As always, we continue to see homes that are exceptionally prepped for market and strategically priced sell faster than houses not ready for prime time. Now is a great time to prepare for a 2025 sale!
Evan WymanLet’s take a look at the recent market stats in our area:
For Denny Blaine, Broadmoor, Washington/Madison Park
Aug. 15, 2023 through Dec. 15, 2023:
Sold Homes: 35
Average Sales Price: $2,188,506
Average Days on Market:46
Average Price Per Square Foot: $855
Lowest Sales Price: $570,000
Highest Sales Price: $ 4,770,000
Selling at 98% of original listed price
Worth note: 29 of these are $1M+ and the average market time over $1M is 40 days
Aug. 15, 2023 through Dec. 15, 2023:
Sold Homes: 31
Average Sales Price: $1,992,008
Average Days on Market: 38
Average Price Per Square Foot: $775
Lowest Sales Price: $475,000
Highest Sales Price: $6,000,000
Selling at 97% of original listed price
For 98112
Aug. 15, 2023 through Dec. 15, 2023:
Sold homes: 81
Average Sales Price: $1,762,726
Average Days on Market: 37
Average Price Per Square Foot: $701
Lowest Sales Price: $399,000
Highest Sales Price: $6,300,000
Selling at 99% of original listed price
Worth note: 57 of these are $1M+ and the average market time over $1M is 35 days
Aug. 15, 2023 through Dec. 15, 2023:
Sold homes:58
Average Sales Price: $1,608,015
Average Days on Market: 34
Average Price Per Square Foot: $750
Lowest Sales Price: $252,500
Highest Sales Price: $6,000,000
Selling at 96% of original listed price
My takeaways:
• Our market year over year has improved during the same time period with an increase in both number of sales and average sale price.
• The average days on market has been consistent and higher value homes do take a bit longer to sell.
• We are starting to see buyers who moved farther from the city center during the pandemic, entering the market moving back near downtown.
• In recent days, the market seems to have cooled a bit. Steady traffic but buyers taking their time to make decisions.
• Rates came down for a very short time, but have increased and stalled the market a bit.
• As a general rule, the homes that are turnkey and don't require any updates continue to be selling faster and more consistently than homes that need work.
• It bears repeating that when planning to list your home, it pays off to spend time and resources to properly prep the home for sale. A small investment will result in a higher return for a seller.
• Buyers should be prepared with pre approval, proof of funds and be ready to make an offer when they see a home that appeals to them.
• All signs point to a healthy market when rates drop.
As of press time, there are 16 homes for sale over $2.5M in Madison Park, Washington Park, Broadmoor, and Denny Blaine. Two of the residences are condos, and the highest priced single-family home for sale remains a $40,000,000 home in 150+ feet of waterfront in Denny Blaine.
Call me to learn more about our Compass experts in 98112 who are ready to help you navigate this market to your advantage with the latest technology, top-notch marketing, and proven pricing strategies. If you’re buying, our knowledgeable and savvy agents will help you achieve success in 2025!
Evan Wyman, Broker/Partner The Wyman Group @ COMPASS