Washington State Home Sales Reach New High

sold-sign2015 may have been an interesting year for many reasons, but in the world of Washington real estate, it sure felt like the good old days.

Not since the way-back-when of 2007 had so many homes and condominiums sold in the Evergreen State. According to the Northwest Multiple Listing Service, 2015 saw a whopping 88,331 homes changed hands last year, about 14% more sales than in the previous year. Those who have done the math say that works out to about 75,975 single family homes and 12,356 condominiums, valued at approximately $34 billion, about 23% more than the dollar volume sold the year before. Those impressive figures make 2015 one of the best years for Washington State real estate in recent memory.

The last time this state saw real estate figures like that was in 2007, before the bubble burst and sent the country into what is not-so-affectionately known as The Great Recession. Even in 2007, the figures only added up to about 82,197 sales valued at $32.3 billion, according to the Northwest Multiple Listing Service.

Furthermore, despite a ‘lower inventory’, so to speak, prices and number of sales continue to grow. In King County, the median home price was $480,000 and more than 26,600 homes sold. Compare that to a median price of $440,000 and 26,600 homes sold, in 2014 and you’ll notice a jump of close to 10%. Snohomish and Pierce counties can top those figures with growth figures for both median home price and number of homes sold over last year at nearly 16.80% ($355,000, up from $326,360 with 11,303 homes sold) and 17.39% ($249,950, up from 230,000 with more than 13,200 homes sold) respectively.

Overall, region-wide, the growth was about 8.8% from 2014, with a median price for single family homes and condominiums at about $310,000, up from $285,000 last year.

Numbers like this are a positive and encouraging sign for the state of the real estate market and the country’s economy as a whole. Let’s just hope nothing comes along and tries to ‘burst our bubble’ this time.

1920′s Home Available For Rent In Broadmoor

1212 Broadmoor Dr. E

Living in Broadmoor offers residents the best of two worlds: in-city living within a quiet, secluded atmosphere. Just blocks from the shops and restaurants of Madison Park and Madison Valley, and in walking distance of the Washington Park Arboretum, Broadmoor is the ideal location.

This 1928 home available for rent is situated on the fairway of the Broadmoor Golf Course and offers a peaceful green view. Many of the 1920′s details are still intact, and this home is attractively decorated with pretty oak floors, classic rooms, and a covered porch. A one-car garage and basement offer plenty of storage.

This is a great opportunity to live in one of Seattle’s most sought-after areas! Please contact listing agents Betsy Terry and Jane Powers at Ewing & Clark, Inc. for more information on this home.

The Details

Bedrooms: 3  |  Bathrooms: 1  |  Sq. Ft.: 2,230  | Available for: $3,900/month

Broadmoor Living room

What Does Broadmoor’s Real Estate Market Look Like? Statistics Provided

Market Statistics provided here for Seattle’s Broadmoor neighborhood are current as of 8/31/2015.

Single Family Properties SOLD in the last 90 days:6

Average SqFt. for homes SOLD 3,940

Average Price Per SqFt. $508.19

Average Days On Market 18

High $2,291,250 Low $1,475,000 Median $1,787,500

Sales Price To Listing Price 99.73%

Number of Homes Currently FOR SALE: 5

Average Sq. Ft. 5,996

Average Price Per SqFt. $598.93

Average Days On Market: 108

High $5,750,000 Low $2,295,000 Median $3,770,000

Number Of Homes Currently PENDING: 0

Number Of Homes Currently PENDING INSPECTION: 0

Real Estate Statistics for Seattle’s Broadmoor Neighborhood

Market Statistics provided here for Seattle’s Broadmoor neighborhood are current as of 4/30/2015.

Single Family Properties SOLD in the last 90 days:5

Average SqFt. for homes SOLD 3,753

Average Price Per SqFt. $521.39

Average Days On Market 17

High $3,000,000 Low $1,400,000 Median $1,810,000

Sales Price To Listing Price 103.05%

Number of Homes Currently FOR SALE: 4

Average Sq. Ft. 6,720

Average Price Per SqFt. $581.29

Average Days On Market: 52

High $5,750,000 Low $2,800,000 Median $3,425,000

Number Of Homes Currently PENDING: 3

Average Sq. Ft. 5,193

Average Price Per SqFt. $653.97

Average Days On Market: 73

High $4,500,000 Low $1,995,000 Median $3,695,000

Number Of Homes Currently PENDING INSPECTION: 1

Annual Broadmoor Pumpkin Carving and Best Decorated House Contests – 2014

Broadmoor HalloweenHalloween BroadmoorHalloween

 

Halloween is fast approaching and it’s apparent that Broadmoor residents are preparing their homes in order to participate in the annual Halloween best decorated home contest. For new residents or simply residents of the neighborhood that have never competed in past competitions, beginning on October 20th you can pickup a flyer outlining the rules for both competitions at the front gate. On October 29th Judges will be going out to judge the contestants, so please make sure your homes are well lit as are your pumpkins on the 29th. There will be awards for 1st, 2nd, and 3rd place in the home decorating contest, adult pumpkin carving contest, and children’s pumpkin carving contest. NO stencils are to be used in the pumpkin carving contest.

Good luck to all participants and Happy Halloween!

Beautiful Broadmoor Home Now Available For $2,895,000

BroadmoorFantastic opportunity in Broadmoor! A beautiful, spacious private lot surrounds this shingled, traditional five-bedroom home with a wealth of amenities. A hornbeam hedge screens the entry, and Wilkesen stone terraces and walkways surround the house. Gracious rooms, fine finishes, and a sizable library give the house classic character, supplemented with modern updates such as top-of-the-line kitchen appliances, and butcher block and stainless steel counter tops. The breakfast room and large family room are flooded with natural light, and the master suite features two walk-in closets, a fireplace, and marble bath. If you are interested in this home or other listings in Seattle, contact your real estate agent today!

Market Statistics for Seattle’s Broadmoor Neighborhood

Market Statistics provided here for Seattle’s Broadmoor neighborhood are current as of this post date.

Single Family Properties SOLD in the last 90 days:5

Average SqFt. for homes SOLD 4,976

Average Price Per SqFt. $478.43

Average Days On Market 239 – This number is skewed has one home was on the market for 1128 days. The average days on market for the other 4 homes was 17 days.

High $4,200,000 Low $1,715,000 Median $1,910,000

Sales Price To Listing Price 98.95%

Number of Homes Currently FOR SALE: 2

Average Sq. Ft. 7,590

Average Price Per SqFt. $717.56

Average Days On Market 157

High $6,450,000 Low $4,395,000 Median $5,422,500

Number Of Homes Currently PENDING: 0

Number Of Homes Currently PENDING INSPECTION: 0

Moving Into Seattle’s Broadmoor Neighborhood Has Potentially Become More Expensive For New Residents

Broadmoor’s primary source for funding capital improvement projects and general neighborhood maintenance has been the move-in fee for new Broadmoor homeowners. The move-in fee up until recently was $5,400.00 for all move-ins, this is no longer the case as a new variable collection system has been implemented. As of now, the move in fee for all home sales up to $1,500,000.00 is $5,400.00. The move-in fee for sales in excess of $1,500,000.00 will be based on a percentage of the sales price, the percentage rate will be 0.36%. Currently there are 3 homes available for sale in the neighborhood, if each of the 3 homes sold at asking price, the move-in fees collected would be $7,902.00 (Sales Price $2,195,000.00), $15,822.00 (Sales price $4,395,000.00), and $23,2200.00 (Sales Price $6,450,000). The rate of 0.36% will be in place until June 30th, 2016. On June 30th, 2016 the rate will reset, the new rate will be based on a change in the Consumer Price Index.

Year to date there have only been 3 closed sales in the neighborhood with 3 homes currently Pending.  Given the low volume of sales, it’s understandable that the Board of the Broadmoor Home Owner Association would want to make changes to ensure that the neighborhood’s reserves are at healthy level, as they are vital to fund current expenditures, expenditures which make Broadmoor one of the premier neighborhoods in the city.            

Real Estate Update for Seattle’s Broadmoor Neighborhood

Landmark home on the fairway - For Sale - $6,450,000 - 5 Bedrooms - 5.5 Baths - 9,180 Sq Ft. - Listed By Ewing & Clark Inc.

Landmark home on the fairway – For Sale – $6,450,000 – 5 Bedrooms – 5.5 Baths – 9,180 Sq Ft. – Listed By Ewing & Clark Inc.

 

Like many neighborhoods in Seattle, Real Estate inventory in the Broadmoor neighborhood is low, homes are selling fast, and values are slowly creeping back up to their 2007 highs. The Seattle Real Estate Market is on fire. Zillow just recently indicated that Seattle’s Real Estate market was the 2nd hottest housing market in the country. This certainly bodes well for sellers as it’s a seller’s market and thus a great time to list a home. When looking at the statistics I have provided below, you might notice the that the average days on market for the Broadmoor neighborhood doesn’t look all that impressive, and goes against what’s been stated above. The reason for this is due entirely to the fact that 1 of the 4 homes sold in the last 180 days was on the market for 907 days. Remove this sale from the equations and the average days on market for the 3 recently sold homes drops down to 28 DOM, that’s a solid number given that the average sales price is $1,908,333.

The days on market for the 6 homes currently for sale are also skewed by one listing which has been on the market for 1087 days. Currently all the inventory available for sale is listed above $2,000,000, with 3 homes listed for well over $3,000,000. In light of these facts, it’s likely a very opportune time to sell for someone with a home valued under $2,000,000!

As the Summer months approach the Broadmoor market may cool a little with so little inventory available that would be considered affordable for most buyers looking to move into the neighborhood. But who knows, if the market maintains it’s current pace it could be a great Summer for the Broadmoor Real Estate market.

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Market Statistics provided here for Seattle’s Broadmoor neighborhood are current as of this post date.

Single Family Properties SOLD in the last 180 days:4

Average SqFt. for homes SOLD 5,011

Average Price Per SqFt. $502.39

Average Days On Market 248

High $3,700,000 Low $1,775,000 Median $1,975,000

Sales Price To Listing Price 92.76%

Number of Homes Currently FOR SALE: 6

Average SqFt. 5,753

Average Price Per SqFt. $645.38

Average Days On Market 247 (This number is not reflective of the current market conditions in the neighborhood. Two of the currently listed homes in the neighborhood have been on the market 800+ days.)

High $6,450,000 Low $2,075,000 Median $3,331,500

Number Of Homes Currently PENDING: 0

Number Of Homes Currently PENDING INSPECTION: 0

Broadmoor Real Estate Report

Broadmoor SeattleThe Broadmoor real estate market was quiet in February.  There were no sales last month, which is not too unusual since there has only been zero (2013), one (2012), and two (2011) sales in Broadmoor the previous three years in February.  Currently there are four active listings totaling just under $12 million and no pending sales.

For similar information on Madison Park real estate, Denny Blaine real estate, or Madrona real estate please click the previous links to each of these Seattle neighborhoods.

Central Seattle real estate, which basically includes the area from the Montlake Cut to I-90 and from Lake Washington to I-5, is showing signs of strength.  While the median year-to-date sales price is down from $619,000 to $577,475, the average year-to-date sales price is actually up from $729,042 to $736,659.  In addition, year-to-date sales for the first two months are up with 88 sales in 2014 versus 79 sales in 2013.  Inventory is also tighter than last year down from 128 to 93 active listings in the month of February.

If you have any questions about the Seattle real estate market, please feel free to reach out to a local Seattle real estate agent.