Like the rest of Seattle, the Broadmoor real estate market is very strong. Through the first ten months of this year, there has been 19 sales. The average sales price is almost $2.9 million with a median sales price of $2.55 million. For the same ten months last year, there 17 sales with an average sales price of $2.116 million and a median sales price of $1.81 million. In 2016, the lowest sales price is $1,725,000, in first 10 months of 2015 there were 6 sales below that price. In 2016, there have been 7 sales over $3 million, in 2015 there were 3. In 2016, the two highest sales are $6,150,000 and $5,150,000, in 2015 the highest sales price for the same time period was $3,840,000. In 2016, the Broadmoor homes that sold have been bigger (4,677 avg sq ft vs 3,989 avg sq ft in 2015) and sold for more per square feet ($615 avg $/sq ft vs. $542 avg $/sq ft) than the same time last year. The only negative change for sellers is the average time of market has increased from 28 days to 75 days although it is typical for more expensive homes to sit on the market longer than a less expensive home.
Prices are up in the surrounding area as well. Looking just at the month of October, the Central Seattle area (between I-90 and the Montlake cut and I-5 and Lake Washington) saw the average price of homes up from October 2015 of $882,720 increase to $990,258 in October 2016 while condo prices rose from $507,567 last October to $593,872 in October this year. Inventory is tight, but that might not fully explain the prices changes since the number of sales of area’s homes decreased from 83 in October last year to 64 this year, whereas the number of condos sold rose from 52 to 79.
The average price has also increased in King County, a home in October was $653,231 compared to $590,728 in October last year.
Contact your local Seattle real estate agent for more information on the Broadmoor real estate market.