Madison Park overall is still overall one of the stronger markets in Seattle. Length of time on market is going to have a lot to do with many different factors besides location and price range. The location is great! Setting the price is going to be a big part of making sure that your home is competitive in the current market have your Realtor do a detailed CMA and look at square footage, lot size etc. in comparison to other active listings and recent sales. Pricing is the number one key to being successful in today's market in my opinion.
Condition both on the interior and also the exterior (curb appeal, etc.) will also have a big impact on a potential buyer's decision. Is your home updated or remodeled at all? Is there a view?
Lastly, marketing is going to come into play - Most of the houses in Madison Park on the MLS have sold in 60 days or less in the last six months. There is one that just went pending after 90 days. The active listings vary in days on market, but longer market times will definitely be a reality even though rates are down and money is cheaper. With Spring here and summer coming, I would look at things picking up, though.
If I wanted to sell a house in Madison Park or Magnolia or Lauelhurst etc, I sure wouldn't be asking in a forum. I'd call a real estate agent or two and get some expertise. But since I'm such a nice guy and you asked the question, it will take 328 days before your 12th offer. The first 11 will be by unqualified buyers because you decided to try to sell it yourself. Hope that was as useful as your question is pithy. (look it up)
Please note: This information regarding $2 million homes in Madison Park does not apply to $325000 homes in Westwood. :-}
I forgot to mention that Jim lives in South Park and was just curious.
Right now, the absorption rate for zip code 98112 (Madison Park and Capitol Hill) is about 5.5 months of inventory - down from a 3-month average of approx. 17 months. What that means is that there have been some recent sales in the area and buyers have cut loose a little. Inventory absorption rates are always in arrears and are a general look a the neighborhood.
However, a "$2 million home" is too general a description of your home and one would need to see it and compare it directly with other $2 million homes to make sure that's the right price point.
If your home compares with homes in the area that are sellin at $1,800k, then you will take longer. It's not jsut about the square footage, but includes the layout, flow and clors of the home as well as just how big is the view or how busy the street. What's the parking situation like? These are all questions we take into account when pricing a home for sale.
Right now, aggressive priving is what is necessary to make things move. Of course (like the others) I'd be glad to assist with an analysis of your home's value. :)
I pulled up the Stats from our Multiple Listing Service for listings in Madison Park. For listings priced between $1 - 3 million since 1-1-08 the stats showed 17 total listings. Of these listings 3 have sold and closed between $1.22 - $1.55 million in price with an average market time of 38 days on the market. There is one home currently under contract that hasn't closed. It is priced at $1.975 million and shows a total market time of 90 days. Of the 13 listings that are still active on the market, the average market time is showing 131 days.
If you would like to get a copy of this market report with addresses to better assess where your home may fit in this picture, please feel free to get in touch with me.
RE/MAX Metro Realty
2312 Eastlake Ave E