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Buyers finally have more options both in our region and the country as real estate inventory has risen to the highest level since 2018.
This has resulted in a slight softening of prices, but an increase in the number of transactions as some buyers have finally come off the sidelines. However, days on market is also increasing as buyers don’t feel rushed to make a decision right away, and many continue to be priced out by home prices and mortgage rates.
When buyers do make an offer on a home, they have more room for negotiation with price and terms — it’s more important than ever to work with an agent who brings experience and savvy to the negotiating table and has the leverage to begin a conversation, even if at first it might appear the buyer and seller are too far apart to bring a deal together.
Considering the increase in inventory and other factors in the market, we recommend sellers work with their agent to price their home in alignment with today’s market; this isn’t a time for aspirational pricing.
Work with an agent who will price your home strategically based on current inventory in your micro hood. 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.
Today’s buyers are not looking for projects; they want to move in, unpack, and start making memories. Let’s take a look at the recent market stats in our area:
For Denny Blaine, Broadmoor, Washington/Madison Park
March 15 through June 15:
Sold homes: 40
Average sales price: $2,394,594
Average days on market: 63
Average price per square foot: $831
Lowest sales price: $467,500
Highest sales price: $ 9,375,000
Selling at 97% of original listed price
Worth note: 32 of these are $1M-plus and the average market time over $1M is 54 days
March 15, 2024, through June 15, 2024:
Sold homes: 27
Average sales price: $2,852,382
Average days on market: 47
Average price per square foot: $885
Lowest sales price: $440,000
Highest sales price: $6,900,000
Selling at 99% of original listed price
For 98112
March 15 through June 15:
Sold homes: 108
Average sales price: $1,909,143
Average days on market: 41
Average price per square foot: $701
Lowest sales price: $355,000
Highest sales price: $9,375,000
Selling at 99% of original listed price
Worth note: 80 of these are $1M-plus and the average market time over $1M is 41 days
March 15, 2024, through June 15, 2024:
Sold homes: 74
Average sales price: $1,923,291
Average days on market: 23
Average price per square foot: $752
Lowest sales price: $330,000
Highest sales price: $6,900,000
Selling at 102% of original listed price
My takeaways:
• Prices have slightly softened but the 2025 spring market showed quite a jump in number of transactions
• There does seem to be a market for move-in ready, remodeled homes
• Homes that need work tend to take longer to sell
• Buyers are not being rushed to make decisions as noted by the increase in market time year over year
• 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
• The market feels balanced
• There has also been an uptick in off market sales — 10 of the 40 sales in the Madison Park area the past three months have were unlisted, off market properties
• It’s important to work with an agent who has a history in the Madison Park market who also has a great network of agents they work with
• Websites like Zillow don’t show all available inventory
As of press time, there are 19 homes for sale over $2.5M in Madison Park, Washington Park, Broadmoor, and Denny Blaine.
None of the residences are condos, and the highest priced single-family home for sale remains a waterfront home for sale at $39,950,000.
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, strong broker relationships, and proven pricing strategies.
Evan Wyman is founder, managing broker at the Wyman Group.