Magnolia Real Estate Report – November 2017

The Seattle real estate market remains talk of the nation! Not much as changed this year except for the climbing prices in neighborhoods all around King County. Magnolia continues to grow with the market with increased prices. Though there was only 1 more sale this past November than November 2016, the facts are in the numbers.

Currently Pending in Magnolia

The median sales price for a single-family home in Magnolia was $965,000 last month, compared to $799,950 in November 2016. The sold price jumped from $1,026,732 to $1,055,731. The highest price for a home decreased from $2,400,000 to $1,825,000. Ewing and Clark currently has a listing pending for $2,295,000. The lowest cost for a home also decreased from $630,000 to $475,000. There were no sold homes on Magnolia Bluff last month.

Currently Pending in Magnolia

Condominiums are also showing strength in Magnolia. There were 8 sales last month, same as November 2016. The median sales price increased from $350,000 to $443,750. The highest sale was recorded at $800,000, $275,000 more than last year. The lowest sales price showed a small drop from $274,000 to $263,000.

There are currently  22 active listings and 23 pending.

 

 

 

Magnolia Real Estate Market Report – May 2017

 

Not sure what is heating up faster, the weather or the Magnolia real estate market. All across Seattle we are seeing rising prices and more home sales. Last month there were 44 single-family homes sold in the area, 8 more than April (2017) and 10 more than May 2016. The average list price has gone up from $956,631 (May 2016) to $1,055,468 (May 2017). The highest sold price was $3,350,000, which is $1,450,000 more than May of 2016.

Condominium sales are also showing growth in the Magnolia neighborhood. There were 6 more condo sales this past May than May of 2016. The median price for a home has gone up over $100,000 more than last year, but the lowest sold price dropped from $239,000 (May 2016) to $220,000 (May 2017).

As you can see by the statistics provided above, the real estate Market in Magnolia continues to be extremely dynamic, and that’s not anticipated to change as summer continues to roll on in the Pacific Northwest. For more information on  Magnolia (and Seattle) real estate, or if you are curious about what your house might be worth in this strong market, please contact your local real estate broker for a free market analysis and conversation about your home.

Madrona Real Estate – 2016 in Review

Magnolia real estate continued to grow throughout 2016, following a strong year in 2015. There was only 28 less homes sold last year (332) compared to 2015 (360), but average home cost rose. The highest sales price jumped from $2,795, 000 (2015) to $3,750,000 (2016), while the median sales price climbed from $736,500 (2015) to $790,000 (2016). The average listing price went from $835,544 in 2015 to $929,114 this past year. There are currently 28 pending residential listings and 16 active.

Magnolia condos also didn’t vary much in quantity sold, but showed increase in sales price. The highest sales price was $800,000 in 2015 and jumped to $950,000 in 2016. The median sales price increased by $46,750, starting at $276,500 in 2015 climbing to $323,250 in 2016. There are currently 8 pending condos and 4 active.

The overall real estate market in the region (area covered by Northwest Multiple Listing Service which serves 23 Washington State counties) saw an 8.1 increase of sales in 2016 when compared to 2015 with inventory at a record low for most of the year.  For the 23 counties, the median sales price increased 8.9 percent from $310,000 in 2015 to $337,500 in 2016.  Condos, which make up a smaller share of the market, were actually up 12.6% while single-family homes increased 8.7%.

Inventory was tight throughout the year, 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 $ 1million compared to 2,676 in 2015: over a 21 percent increase.  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.

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.

 

First Photo – Sold by Ewing and Clark in 2015

Second Photo – Available for Purchase

Magnolia Summerfest

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Summerfest is here! 

Saturday, August 6th @ 10:30 am -Parade

Sunday, August 7th @ 2 pm- Youth Talent Show

Sunday, August 7th @ 5pm- Pet Parade

Food trucks, Urban Craft Uprising Vendors, bounce houses, live music, and beer garden!

Mulleady’s Irish Pub

My friend and I had a chance to eat some food and consume some adult beverages recently at Mulleady’s Irish Pub in Magnolia and I highly recommend this Pub if you haven’t had a chance to go there.  It is located on 3055 21st Ave W (Sea Map) and is off to the left of Dravus when your crossing over the bridge into Magnolia.  On Yelp, Mulleady’s receives 4 stars out of 5 and has some outstanding reviews.  Please check out Mulleady’s Irish Pub website to see hours of operation, upcoming events and their menu.