Denny Blaine Real Estate – 2016 Review

Denny BlaineDenny Blaine real estate continued to be strong in 2016 as it was in 2015.  Not a lot of homes sell in Denny Blaine each year, so the real estate statistics can be deceiving.  On average, there are just under one and a half (1.5) Denny Blaine home sales per month.  In 2016 there were 15 sales, while in 2015 there were 19 sales.  WHile the median sales price ($1,100,000 vs $1,400,000) and cost per square foot ($471 vs $494) went down in 2016 from 2015, the average days on market (45 vs 48) improved in 2016.  What might be the most telling, is the average sales price over average list price was 102.1% in 2016 versus s still strong 98.9% in 2015.  The decrease of the total Denny Blaine home sales and average sales price versus list price increasing can probably be attributed to the tight inventory in Denny Blaine and Seattle.

The Seattle market did see increases in price and the number of sales, but the biggest story in the Seattle real estate market was the low inventory.  Inventory was tight throughout the year in the 23 counties served by the Northwest Multiple Listing Service, there was an average of 1.86 months of inventory in 2016, compared to 2.4 months in 2015. King County was the tightest with only 1.1 months of supply. A balanced market is generally considered to be between 4 and 6 months of inventory.

The luxury real estate market was strong in 2016, with over 3,251 home sales over $1 million compared to 2,676 in 2015: over a 21 percent increase in the 23 counties. The number of condos over $500,000 also increased with 1,711 sold in 2016 versus 1,459 half-million dollar sales in 2015: also over a 21 percent increase in the same area.  The vast majority of luxury sales are in King County.

2017 seems to be taking over where 2016 left off. Low inventory remains and prices remain strong. As always, to maneuver the market, reach out to your local real estate broker to navigating the Seattle real estate market.

Pictured:  Home pictured about is Denny Blaine Waterfront listed by Ewing and Clark real estate for $12,000,000.

These statistics were gathered from the Northwest Multiple Listing Service, but were not compiled or published by that organization.

Denny Blaine Real Estate: February Report

Seattle’s Denny Blaine real estate market was quiet in February. MLS data shows only one sale during the last winter month of 2016 as well as 2015. The two previous years were more active with four (2014), and four (2013) total February sales. Seattle’s low inventory and high prices seem to have buyers taking their time shopping these days.

Denny Blaine neighborhood, Seattle

Denny Blaine neighborhood, Seattle

Currently there are 5 active listings in the neighborhood totaling just over 15 million and 3 pending sales totaling over 2.8 million.  There were no Denny Blaine sales in January meaning that February’s one sale contributes to the year to date median and average sales price of $1,250,000, a significant jump from the only February 2015 sale of $515,000.

For similar information on Capitol HillMadison Park, or Madrona real estate please click the previous links above.

Denny Blaine is a part of “Central Seattle” as defined by Seattle real estate agents. Central Seattle real estate mainly includes the area from the Montlake cut to I-90 and from Lake Washington to I-5.  The start of the year shows home prices are up across the city and sales for the first two months are down with 165 sold in 2015 versus 158 in 2016.  Currently in this central Seattle area there are 177 active listings.

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

Denny Blaine Real Estate: 3rd Quarter 2014

Washington Park SeattleDenny Blaine real estate, like the rest of the King County real estate market, is very strong.  Comparing closed homes sales in Denny Blaine for the 3rd quarter with the year before shows the increase in the market.  The number of home sales in Denny Blaine are low (due to the size of the neighborhood); thus the date is prone to fluctuation, but taken in context with the rest of the Seattle area market the numbers are consistent.  In both 2014 and 2013 in the 3rd quarter there was 6 sales, but in 2014 the average Denny Blaine sales price was over $1.7 million and $477 per square foot while in 2013 the average sales price was $1.1 million and $372 per square foot.  The number in September in King County and Seattle real estate market show similar trends.  The median price of a single-family home in King County in September was $460,000, almost 10 percent higher than a year ago and 5.3 percent higher than August’s median price.  According to the Northwest Multiple Listing Service, these stats indicate the best September for home prices in at least 10 years! The city of Seattle performed the best of all the sub-markets in King County in September, with the median price having risen to $517,000, 12 percent higher than September 2013.

While numbers were gathered from the Northwest Multiple listing Service; Statistics not compiled or published by the Northwest Multiple Listing Service.

Feel free to contact Kristine Losh if you want a complimentary price opinion of your home.  Kristine is a real estate broker with Ewing & Clark.

Above pictured home is located just outside of Denny Blaine on Hillside Drive East and currently for sale for $2,745,000.

Denny Blaine Real Estate: Home Sales

Denny BlaineThere was three Denny Blaine homes that sold this July compared to two last July.  Of the three sales this year, the most expensive (pictured above) was a 1904 Craftsman Home on E John.  It was original listed for just under $3 million and sold for $2,625,000.  The second Denny Blaine home was a modern home built in 2013 – it sold for over asking price: $1,300,000.  The last home caused quite a stir.  It sat on the hill about 1/2 block above Bush School and was originally priced at $550,000: a low price for any Denny Blaine real estate parcel.  The 1952 home has “fantastic potential’ and buyers took notice bidding the house up to $718,500.

Denny Blaine is considered part of the Central Seattle residential real estate market (east of I-5 to the lake; south of the Montlake Cut to I-90).  The number of sales in Central Seattle only increased by one compared to last July (91 vs 92 sales) and the average sales price increased minimally from $855,163 to $867,652.

While numbers were gathered from the Northwest Multiple listing Service; Statistics not compiled or published by the Northwest Multiple Listing Service.

Feel free to contact me if you want a complimentary price opinion of your home:  Kristine Losh, Ewing & Clark Real Estate or check out the link to see what’s currently available in the Denny Blaine neighborhood.

Denny Blaine Real Estate: Mixed Signals?

There are mixed signals in King County with average sales price up and average list price down but is the same true in Denny Blaine and the surrounding Central Seattle area?  According to the Northwest Multiple Listing Service (NWMLS), the average residential list price in King County is down from May 2013, while the average sales price has increased. The average residential list price last month was $792,925, down from $813,502 in May of 2013, while the average closed sales price was $541,294 up from $501,145 in 2013. There were 3,789 new residential listings that hit the market in May 2014 compared to 3,521 in 2013. This recent uptick in inventory may be one of the factors causing the average asking price to decrease, but the Denny Blaine and its surrounding area does not seem to support this theory…

When looking at Central Seattle, the area that includes not only Denny Blaine real estate but homes for sale from Montlake to Leschi and everything in between (including Capitol Hill), the active residential listings are down from last May from 150 to 140 this May. As in the rest of King County, the average list price is also down from $1,746,083 to $1,609,493, but unlike King County the average sales price is also down in the area that includes Denny Blaine: dropping $975,857 to $784,780. Looking deeper in the numbers, last May was a exceptionally strong month for luxury home sales and this alone is the major cause of the large swing in average sales price.  Six homes sold in May 2013 for over $2,500,000 while there was zero sales for over $2,500,000 in May 2014. Last May’s sales in Central Seattle are even more impressive considering there were only 17 sales over $2,500,000 for the entire year and six of them were in May. Last May’s real estate sales included the highest sale of the year: a 8,000+ sq ft view home in Denny Blaine that sold for $6,500,000 (pictured below). Despite a very strong May last year, luxury sales are still stronger in 2014 (9 sales in 2014 vs 8 sales in 2013 through May over $2.5 million).

Denny Blaine Estate

If you are interested in seeing what is available in Denny Blaine, then click the link to see the available Denny Blaine Homes for Sale or contact Kristine Losh for more information on the Denny Blaine real estate market.

Statistics in blog were gathered from the NWMLS, but the: Statistics not compiled or published by the Northwest Multiple Listing Service.