July 2010 Real Estate Report

Stable overall, but Broadmoor breaks out

The Madison Park real estate market may not exactly be taking off, but it’s certainly not in the doldrums of last year either. “The market is definitely better than it was,” says Windermere agent Kathryn Hinds. “What I’d call it now is stable.” That assessment seems to be borne out by sales figures for the last six months showing that the average number of monthly sales in Madison Park (Broadmoor and Washington Park included) is now eight, versus six per month during 2009. That’s a 33% uptick. During the worst six months of the local market, from October 2008 through March 2009, there were only two sales per month on average. So we’re certainly out of that trough.

And just to put this into focus, here’s a breakout comparing Madison Park home sales (condos included) for the first six months of the past four years:

But the real story of the past couple months has been the turnaround in Broadmoor, where nine sales were recorded in June and July combined. That is equal to the total number of sales in Broadmoor during all of 2009, a year in which there were four months when not a single house sold there. During 2008 there were 20 homes sold in Broadmoor, so the fact that there have been 18 sales in the first seven months of 2010 demonstrates a pretty significant turnaround for that Madison Park enclave.

Perhaps this also means that at least a part of the upper market is coming around, much like the under-$1 million market did earlier this year. The average sold price of Broadmoor homes in 2010 has been $1,453,000, which represents a 10% average discount from the seller’s original asking price. That is a higher discount than houses at the lower end of the market have been selling at. Only one house in Broadmoor has sold for over $2 million this year, which is particularly interesting given the fact that the median price of the 21 Broadmoor houses on the market is $2,950,000. Clearly, it’s easier to sell at the “lower end” of the market, even in a place like Broadmoor.

Like the sales figures, inventory levels are also stable in the overall Madison Park market, standing at 103 listings in July. That was in line with June’s 102 listings and the 101 units listed in May. Of the 77 current single-family home listings, only 12 (16%) are listed at under $1 million, and the median price is down to $1.8 million (it had been holding at almost $2 million for most of the year). There were 18 new residential listings during the last month, of which only three were outside of Broadmoor or Washington Park. There were also six new condo listings, bringing the total condo inventory in the Park to 25. The median condo listing is $640,000, which gets you about 1,200 sq. ft. The median-priced house has about 3,000 sq. ft.

Here’s the breakdown of Madison Park sales during July:

Houses

Sales: 6
Median Sales Price: $1,348,000
Average Sq. Ft.: 3,718
Average Price per Sq. Ft.: $396
Average Number of Days on Market: 75
Average Discount from Original List Price: 11.8%

Condos

Sales: 2
Median Sales Price: $1,325,000
Average Sq. Ft.: 1,778
Average Price per Sq. Ft.: $745
Average Number of Days on Market: 17
Average Discount from Original List Price: 10.0%

The Northwest Multiple Listing Service (MLS) reports that there are a fair number of pending sales in our market this month: eight houses and five condo units, many of these residences having been built in the 21st Century. Still, there’s something to be said for old and comfortable. One of the houses that is pending sale this month was constructed in 1907.

[Photo: This classic Washington Park home located at 833 34th Avenue E. is one of the new listings in Madison Park this month. Built in 1904, it has five bedrooms, 3.5 baths, and a total 4,100 sq. ft. of living space. It is listed at $2,498,000 (Val Ellis/Coldwell Banker Bain Real Estate). Thanks to Wendy Skettitt of Windermere Real Estate for her help in compiling July sales information and to Redfin for supplying current listing information from the MLS and other sources. Aerial photo of Broadmoor is from Bing Maps.]