Madison Park Times Real Estate 07-01-21

Seattle experiencing a hot seller’s market

Summer real estate offers people a larger selection of homes from which to choose

hard to believe that a year ago we were still somewhat uncertain about the potential effects of the pandemic on local real estate. Flash forward to summer 2021 and we are in the midst of an unprecedented housing market with inventory at historic lows and price increases that are breaking records.

With the summer real estate market upon us, we are seeing an increased number of homes coming on the market, giving weary home buyers a larger selection.

As new listings come on the market, they are immediately scooped up by a plethora of waiting buyers, however.

Historic low interest rates and a strong job market continue to drive the market. Without a home to buy, many sellers are staying put, resulting in a cycle that perpetuates the low-inventory dilemma. If there was ever a “seller’s market,” this is it.

While the Seattle high-end market took a bit longer to recover, this segment of the market is now buzzing right along, too. In looking at the Seattle luxury market as a whole, during the period of Jan. 1, 2021, to May 31, 2121, sales of homes and condos over $2.5 million rose from 38 sales in 2020 to 121 in 2021, a 218 percent increase.

An interesting development in the luxury category: Broadmoor could be the hottest neighborhood in Seattle! Twenty-one closed sales since Jan. 1, and 17 of those have closed since April 1. For those homes listed in 2021, the average market time is seven days! As of press time, three of the five highest Seattle sales in 2021 were in Broadmoor.

The market is moving fast, and staying on top of current statistics and trends is important if buying or selling a home is in your future. Let’s dig into the most recent numbers:

For Denny Blaine, Broadmoor, Washington/Madison Park

Jan. 1, 2021, through June 21, 2021:

87 sold homes

Average Sales Price: $2,244,199

Average Days on Market: 43

Average Price Per Square Foot: 760.27

Lowest Sales Price: $299,000

Highest Sales Price: $7,500,000

Selling at % of last listed price: 98.14 percent

Over $2.5M market time is 56

days, and there were 32 sales with an average price of $3,620,375.

Jan. 1, 2020, through June 21, 2020:

39 sold homes

Average Sales Price: $1,741,035

Average Days on Market: 48

Average Price Per Square Foot: 677.68

Lowest Sales Price: $500,000

Highest Sales Price: $3,998,000

Selling at 98 percent of last listed price

For 98112

Jan. 1, 2021, through June 21, 2021: 235 sold homes

Average Sales Price: $1,578,616

Average Days on Market: 32

Average Price Per Square Foot:

$668

Lowest Sales Price: $295,000

Highest Sales Price: $7,500,000

Selling at 101 percent of original listed price

39 of these are $2.5M+, and the average market time over $2.5M is 45 days

Jan. 1, 2020, through June 21, 2020:

132 sold homes

Average Sales Price: $1,264,592

Average Days on Market: 36

Average Price Per Square Foot:

$606

Lowest Sales Price: $265,000

Highest Sales Price: $4,850,000

Selling at 101 percent of original listed price

My takeaways: We are seeing big changes year

T“As new listings come on the market, they are immediately scooped up by a plethora of waiting buyers, however. Historic low interest rates and a strong job market continue to drive the market. Without a home to buy, many sellers are staying put, resulting in a cycle that perpetuates the low-inventory dilemma. If there was ever a ‘seller’s market,’ this is it.”

over year because last year we were essentially in the midst of a market halt due to COVID.

Year-over-year real estate activity in our neighborhood remains strong and steady with sales up, prices up and days on market down

In 98112, YTD 2020 vs. YTD 2021 shows a nearly 25 percent price increase

In Denny Blaine, Broadmoor and Washington/Madison Park, the average home price increase year over year is nearly 30 percent.

A few housing trends that are making an impact in the real estate world:

1. We continue to see multipleoffer situations at certain price points and in homes that are move-in ready; buyers are drawn to homes that do not require significant updating. An exception to that would be historic and architecturally significant homes.

My recommendation: Have your home show-ready. Bring in an agent to walk through your home to make suggestions regard-

ing updates/listing prep.

2. Remote working is a trend that many believe is here to stay and continues to impact buying trends.

Even though many companies are transitioning back to the workplace, many employers have announced hybrid schedules, so having a suitable work-fromhome space is still a must-have for those (now tiresome?) Zoom calls. Lifestyles have changed in the last 15 months, and that includes where we work out. Our buyers are looking for rooms that can be used for home gyms as well.

3. The desire for homes in resort-style settings.

The ability to work from home and a desire for greater access to the outdoors, combined with lower mortgage rates, has resulted in a huge increase in second-home purchases over the last year.

Some of these vacation homes may ultimately become primary residences — especially for those getting close to retirement — but

he sun is out and so are buyers! We are experiencing a similar sales surge to last year, but with about half the inventory. So far yearto-date, pending sales of single-family homes and condominiums in the four-county region are up 30 percent, while inventory is down 52 percent— it’s thus no surprise that median home prices are on the rise. If you’re considering your next move, I’d love to discuss our current market and how to prepare for a successful home sale.

WHAT CLIENTS ARE SAYING

"Working with Laura Halliday was incredible! Her insight to the Broadmoor/Madison Park/Washington Park neighborhoods is unrivaled. Professional, responsive, and decisive, she saw value in our home far in excess of what was reflected on any of the online websites. She created beautiful marketing collateral and negotiated an outstanding offer on the first day of listing. We can’t imagine a better experience." - Nathan Goderstad & John Christensen

many have opted to invest in that sanctuary now as a result of pandemic lockdowns and the desire to seek respite from urban areas. In closing, I want to thank everyone who has remained committed to serving our community, supporting our local businesses and improving this city we love. Compassionseattle.org is an alliance of civic and community leaders working to address Seattle’s homelessness crisis. Check it out if you interested in their mission.

As of press time, there are only six homes for sale over $2.5M in Madison Park, Washington Park, Broadmoor and Denny Blaine. Two of the residences are condominiums, and the highest priced single-family home for sale is a contemporary villa with 130 feet of Lake Washington waterfront. If you have given any thought to selling your home, there has not been a better time in recent memory.

Our Compass experts have a long history in Madison Park, and are ready to help you navigate this unique time with the latest technology, top-notch marketing and proven pricing strategies. Do you need help getting your home ready for sale? Ask about our Compass Concierge program!

If you’re buying, our knowledgeable agents will help you achieve success in this still competitive market.

Evan Wyman

Broker/Partner

The Wyman Group @ COMPASS

CONTINUED LEGACY

Sotheby's International Realty ranks amongst the largest most productive and fastest-growing real estate companies in Washington with access to 24,000 brokers in 75 countries and territories generating global sales of $150 billion annually.

SOTHEBY’S AUCTIONS

Post-COVID challenge: Deepen ties to neighbors

Isn’t it grand to be stepping out and greeting a post-COVID shutdown summer?

A feeling of expansiveness is in the air, and with fewer restrictions, most of us are reuniting with farther-flung friends and family. As we catch up on these important relationships, our story telling is sprinkled with stories of the year our lives went awry, not all of which is negative, for sure. We discovered great creativity and resilience in ourselves; assessed what we valued about slowed-down lives; made new acquaintances with routines and people not previously considered; found different ways to acknowledge people and things that are important to us. I’ve been nudging my family and friends to uncover and say these things out loud to each other, and here I try that on you, dear reader. What lessons did you learn in the time of COVID? What are you proud of or pleased

Margie Carter MP Emergency Preparedness Team

with, and how might you keep that in your life going forward?

Most of us who had done some work on emergency preparation were thinking “devastating earthquake,” not highly contagious, deadly virus. But here, too, we found some discoveries during the year of COVID shutdown. Those who had set aside some emergency supplies could immediately protect themselves with face masks, hand sanitizer, bleach, basic first-aid supplies, food and even toilet paper — hooray!

If we had taken further steps by getting to know our neighbors and forming what the City’s Office of Emergency Management refers to as SNAP groups (Seattle Neighborhoods Actively Prepare), Prepare - Emergency Management | seattle.gov, COVID lockdown provided us with the opportunity to greet each other by name on the street,

Seattle Shakespeare returns to live performances this summer

After more than a year of only virtual programs due to the COVID-19 pandemic, Seattle Shakespeare is returning to the parks this summer with a free Wooden O production of “The Comedy of Errors.” Starting July 23, the play will perform in 10 park venues throughout the region through Aug. 8. Seattle Shakespeare Artistic Director George Mount will direct the production.

Appearing in The Comedy of Errors are MJ Daly, Kelly Karcher, Rico Lastrapes, Kate Witt, and R. Hamilton Wright. Set design is by Craig Wollam, costume design by Jocelyne Fowler, and sound design by Robertson Witmer.

Seattle Shakespeare will abide by each city and venue’s safety requirements and will require our patrons to follow those protocols as well. See for www. seattleshakespeare.org for more information.

TICKETS: Wooden O performances are free and open to the public, but donations are encouraged

Seattle Opera welcomes back audiences with outdoor concert

Residents are invited to the return of live music at Seattle Opera’s Welcome Back Concert: “Die Walküre” at 7 p.m. Aug. 28. Tickets go on sale to the public at 10 a..m. July 12. Go to seattleopera.org/ welcomeback.

Before returning to McCaw Hall this fall, the company will offer an outdoor concert featuring highlights of the Ring’s most popular opera. This music includes Brünnhilde’s battle cry “Hojotoho!” Wotan’s poignant farewell “Leb’ wohl,” and the incomparable “Ride of the Valkyries,” used in movies such as “Apocalypse Now” and “The Blues Brothers.” Richard Wagner’s larger-than-life masterpiece is brought to life by an acclaimed group of artists, the Seattle Symphony Orchestra, and Maestro Ludovic Morlot — known for his major contributions as the symphony’s former leader, according to a Seattle Opera press release.

“Our Welcome Back Concert marks the big comeback of live music at Seattle Opera and at Seattle Center,” General Director Christina Scheppelmann said in a press release. “We’re so grateful for the

Post-Covid challenge

Meet three new neighbors this summer! Can you learn their names; who’s in the household? Let this be an organic process. When you see a neighbor out and about, introduce yourself, and over time you may uncover some shared interest to build on. Perhaps they might join you in organizing a block party this summer.

If you are willing to schedule your block party on the first Tuesday of August, this year Aug 3, the Seattle Police Department “Night Out” program allows you to register your block party at its website. This registration saves you from going through the street closure permitting process.

If you don’t see yourself as a person to get others engaged in some kind of group effort but would be interested in joining some effort underway, contact or keep an eye out for more news from your MP neighborhood emergency prep team contacts: Sarah Armstrong, saraharmstrong215@gmail.com, or Margie Carter, margiecarter@comcast.net. As fall arrives, we may have a small plan in place for a get together of some kind, building on lessons learned from Covid, and keeping our neighborhood spirit moving forward.

perhaps offering to bring groceries or share information on where testing or vaccination sites were being set up. I’ve heard stories of how SNAP acquaintances with an exchange of contact information led to home support by a medically trained neighbor when it didn’t feel safe to go to a hospital. One group organized a socially-

after the show.

Wooden O 2021 Performance Schedule (Dates, times and venues subject to change)

7 p.m. to 9 p.m. Friday, July 23 — Riverton Heights Park, Seatac

7 p.m. to 9 p.m. Saturday, July 24 — Klahanie Park, Sammamish

6 p.m. to 8 p.m. Sunday, July 25 — Mural Amphitheatre at Seattle Center

7 p.m. to 9 p.m. Thursday, July 29 — Confluence Park, Issaquah

7 p.m. to 9 p.m. Friday, July 30 — Wright Park, Tacoma

5 p.m. to 7 p.m. Sunday, Aug. 1 — Des Moines Beach Park, Des Moines

7 p.m. to 9 p.m. Wednesday, Aug. 4 — Steel Lake Park, Federal Way

7 p.m. to 9 p.m. Friday, Aug. 6, — Dune Peninsula at Point Defiance State Park, Tacoma

6 p.m. to 8 p.m. Saturday, Aug. 7 — Columbia Park, Seattle

5 p.m. to 7 p.m. Sunday, Aug. 8 — Seward Park Amphitheater, Seattle

support we received from our audiences during the pandemic and are thrilled to present Wagner’s great music for our community.”

The cast includes Washington native and internationally in-demand soprano Angela Meade as Sieglinde; Meade is the previous winner of both The Metropolitan Opera’s Beverly Sills Artist Award and a Richard Tucker Award. Returning artists included lauded bass Raymond Aceto as Hunding, and Brandon Jovanovich as Siegmund. Now starring in Seattle Opera’s hit streaming production of Tosca, Alexandra LoBianco returns as Brünnhilde. Eric Owens, a two-time Grammy Award winner makes his Seattle Opera debut as Wotan.

The performance will be held outdoors on Seattle Center’s Fisher Pavilion lawn, with state-of-the art amplification. Large LED TV screens will provide a close-up look of the singers and orchestra. The audience will be seated on the lawn — with room to spread out and distance from other viewers.

Tickets are $40; children 6 and under are free. For those unable to sit on the lawn, a limited number of chairs will be available for purchase.

Masks will be required in order to protect the youngest community members, as well as those who are unable to be vaccinated.

some friendly faces in the dark of winter. Other neighbors found regular solidarity in their isolation by doing front porch noise making at a designated time of the evening, expressing thanks to essential workers.

So, whether or not we are part of a neighborhood SNAP group, the question remains: How do we keep neighborhood connections alive going forward? With the expansive feel of summer, can we remember to not neglect our neighbors, but rather find opportunities to get to know each other better?

distant (block party promenade) at the end of the work day to see

We may not want to become best friends with our neighbors, but we can certainly learn their names and greet them with a few moments of acknowledgement. We may find something to comment on, an indirect or even direct way to express an interest in being neighborly.

trust.

Home Starts Here