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As the first day of spring blooms across our beautiful community, it's the perfect time to take stock of the Madison Park real estate market and how it compares to last year.
With the first quarter of 2025 nearly behind us, homeowners and buyers alike are eager to see how the market is shaping up — especially with a new administration in place, which often sparks curiosity about potential shifts in the housing landscape.
A look at the broader market
According to the latest Northwest Multiple Listing Service data, there has been a 39.4% increase in total properties listed for sale year-over-year.
As of the end of February 2025, there were 10,448 active listings, a substantial rise from 7,495 in February 2024. Month-over-month, active inventory saw a slight 2% uptick, climbing from 10,241 in January 2025.
Madison Park and surrounding neighborhoods
For a more localized perspective, my analysis includes Madison Park, Washington Park, Broadmoor, Denny Blaine, and Madrona.
As of March 20, 2024, there were 36 closed sales, including 30 MLS-listed properties and six off-market transactions. The average days on market was 29 days, with a median sales price of $1.397 million.
Fast forward to March 20, 2025, and we see 27 closed sales (23 listed and four off-market). The average DOM has increased significantly to 69 days, partly influenced by two properties that lingered on the market for over 300 days before selling. However, the average sales price has surged to $1.84 million.
But is this sharp increase in pricing reflective of an actual market-wide appreciation? Not entirely. This year’s numbers were skewed by three luxury sales exceeding $3 million, with two surpassing $4 million. In contrast, 2024's highest sale at this time was $2.5 million. This demonstrates how just a few high-end sales can shift the averages in a relatively small market segment.
Lisa TurnureMore listings, more sales — spring surge in action
If you've noticed more "For Sale" signs appearing around the neighborhood, you're not alone. Spring traditionally brings an influx of listings, and this year is no exception. But what’s particularly interesting is the uptick in pending sales — currently sitting at 13, positioning us for a higher April closing volume than in previous months.
The average DOM for pending sales sits at 52 days, slightly shorter than the 69-day average for closed sales but still notably longer than the 29-day average from last year. This raises the question — why are homes taking longer to sell? While several factors are at play, one key element is pricing.
Over the past seven days, NWMLS recorded 2,230 new listings but also 1,100 price reductions — meaning nearly half of all new listings had to adjust their pricing to attract buyers. This serves as a crucial reminder for sellers: pricing your home competitively from the start is essential in today’s market.
What sellers need to know
If you're considering selling your home this spring, preparation is key. The usual advice applies — declutter, refresh with neutral paint, stage strategically, and enhance curb appeal — but equally important is selecting the right price.
While some homes are still receiving multiple offers, these tend to be in lower price brackets or possess broad appeal that attracts numerous buyers. In fact, multiple-offer situations are down 4% compared to last year.
So, how do you determine the best price for your home? A comparative market analysis conducted by a real estate professional can provide valuable insights based on recent closed sales.
However, understanding active listings — your competition — is just as important. While these active listings don't set market value, they do influence buyer perception and can impact how quickly (or slowly) your home sells.
And don’t just view the active listings on-line. Take advantage of open houses and tour them to better educate yourself not only on where your home should land in terms of price, but also what should be done to prepare your home to compete with other active listings.
I firmly believe pricing should be a collaborative decision between agent and seller. The more informed you are, the better aligned you and your agent will be in presenting your home competitively.
Want to know your home’s value?
If you're curious about your home's current market value or what steps to take to ensure a successful sale, I’d be happy to offer a complimentary consultation. Whether you're thinking about selling now, later, or simply staying informed, I’m here to help. Let’s stay connected as we navigate the 2025 real estate market together!
Lisa Turnure is broker, global luxury ambassador at Coldwell Banker Realty. Reach her at 206-919-6605 or Lisa.turnure@cbrealty.com.