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.
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