Madison Park Real Estate Review: Unlisted Properties And Off Market “Deals” In 2016
“10.71% of sold Madison Park homes in the MLS were sold without coming on the market.”
Happy New Year, Madison Park! What a year 2016 was! People love moving to Madison Park and you can really see that in the numbers. Madison Park Living℠ offers an abundance of perks so it is no wonder why the real estate market is strong. It helps to look at the last year in numbers to get a better idea of what 2017 has in store for Madison Park. In 2016, 84 Madison Park homes for sale closed in the NWMLS. This includes both Madison Park homes and Madison Park condos and also has the new feature of including unlisted properties which were sold off market and input into the system for statistical information. There were 44 single family and 40 condos in the above number…
Unlisted or Off Market Madison Park Properties?
“the open market always offers the best possible pool of buyers for your home at any given time”
In 2016, six unlisted Madison Park single family residential homes were entered into the NWMLS database and sold without hitting the market. There were three Madison Park condos which were also entered in this manner. This may not be a complete list as all properties sold off market may not have been entered, but it does give you an idea of the activity and the fact that 10.71% of sold Madison Park homes in the MLS were sold without coming on the market is somewhat telling of our market.
Is it better to sell off market in a private sale? The answer is that it depends. Looking at just dollar per square foot, the off market condos fetched an average of $514.39/square foot and the Madison Park condos for sale that were listed in the MLS on the open market sold for an average of $588.19/square foot so at first glance, it appears that it is possible the Madison Park sellers would have benefited from putting their condos on the market. Looking at the single family residential numbers, the off markets received an average of $541.09 a square foot vs. the $522.80 a square foot that the Madison Park homes listed on the open market received. Again, other circumstances could have made the reasons for selling off market more attractive even at a lower dollar per square foot.
Our opinion is that the open market always offers the best possible pool of buyers for your home at any given time and that listing the properties on the NWMLS in the open market is usually your best option. It depends on your particular circumstance so please let us know if you would like to talk about it.
Additional information with addresses and property details for each of these Madison Park properties:
Need help buying or selling a Madison Park home?
Curious about what Madison Park has to offer and interested in talking to Realtors about it? We are happy to provide you with further details about Madison Park Living or other Madison Park properties for sale that are available or have sold. MadisonPark@CooperJacobs.com or call/text 206-850-8841 or 206-841-6800 (Molly Cartwright/Courtney Cooper, Seattle Brokers). We look forward to hearing from you! Madison Park Living℠ Madison Park View℠