Leschi Real Estate: Mixed Signals?

Leschi Real EstateThere are mixed signals in King County with average sales price up ($541,294 up from $501,145) while the average list price is down ($792,925 down from $813,502).  The inventory is up from last May (4,158 vs 3,759), so the additional inventory may be one of the factors causing the average asking price to decrease, but Central Seattle (including Leschi real estate market) does not seem to support this theory…

When looking at Central Seattle, the area that includes not only Leschi real estate but homes for sale from Montlake, Madison Park, Madison Valley, Madrona and Capitol Hill, the number of active residential listings are down from last May from 150 to 140 this May. As in the rest of King County, the average list price is also down from $1,746,083 to $1,609,493, but unlike King County the average sales price is also down in the area: dropping $975,857 to $784,780. Looking deeper in the numbers, last May was a exceptionally strong month for luxury home sales in Central Seattle. Six homes sold in May 2013 for over $2,500,000 (when there was only 17 for the entire year) while there was zero sales for over $2,500,000 in May 2014.

Looking more specifically at Leschi real estate, this year’s market seems to be gaining some momentum especially in the luxury market. Leschi homes do not tend to sell for over $2,500,000 (last sale over that price in Leschi was 2010), but Leschi houses over $1 million are heating up.  There were no sales over $1 million for the first 3 months of 2014; since April 24th four Leschi homes have sold for over $1 million. Following are the statistics for the 2014 through the first five months:

 

Leschi

Total Sales

25

Average List Price

$695,788

Average Sales Price

$685,837

Average Sales Price/List Price

99%

Average Days on Market

87

If you are interested in seeing what is available in Leschi and Madrona, then click the link to see the available homes for sale or contact Kristine Losh for more information on the Leschi and Madrona real estate market.

Statistics in blog were gathered from the NWMLS, but the: Statistics not compiled or published by the Northwest Multiple Listing Service.

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