Madison Park and Broadmoor Update
June 21, 2010 by Erin Schedler · Leave a Comment
The Madison Park and Broadmoor areas are moving slow these days!
ACTIVE LISTINGS
There are currently 25 active listings between $1,800,000 and $2,995,000 and there haven’t been any new pending or sold listings in the last 30 days.
The average time on market is 215 days, which is significant considering homes under $1,000,000 in most Seattle neighborhoods are running around 120 days. Average price per square foot is $580.
SOLD HOMES
In the last 6 months, there have been 33 sales in the same neighborhoods with an average sales price of $1,273,391. The average days on market (cumulative) is 147 and sold price per square foot is $375.
Bottom line is there is a lot of inventory priced too high. To be competitive, sellers need to be aggressive with their listing price and prepare to wait. Buyers: it’s a great time for a deal!
