MARKET UPDATE: CAPITOL HILL – MAY 2015
It’s time to take another dive into Capitol Hill area real estate trends! The sales data is in for NWMLS Area 390 (which includes Capitol Hill area neighborhoods like Madison Park, Madrona, Broadmoor, Montlake, Eastlake and Beacon Hill) for May 2015 and we continue to see some pretty impressive statistics.
Compared to May 2014, May 2015 saw 15.5% fewer homes for sale. When comparing to similar 3 month blocks, March through May 2014 compared to 2015, there were 19.1% fewer homes for sale.
While we did see more homes come on the market in May than we did in the previous month, they definitely weren’t sitting around long. Homes are on the market for an average of 22 days, the lowest CDOM count we’ve seen in the last 15 months. Homes that are selling are doing so at 101% of the seller’s asking price and have a median sales price of $579,000.
Despite the market suggesting now is a great time to sell, we’re still not seeing a flood of inventory hit the market, with months of inventory hovering around that 1 to 1.5 month mark.
If you are considering selling but aren’t sure if now is the right time, let us know! As agents who live and work in the Capitol Hill area, we know the subtle nuances of the neighborhood’s marketplace and would be happy to put together a comprehensive market analysis for you to review. Just give us a call any time.