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.

The Market’s Opening Soon!

The seasonal Magnolia Farmers Market will be opening on June 3rd!  Because of our unusually long rainy season this year in WA State (the longest on record in modern history), some of the farm vendors understandably had a delay with their crops. But our warm season is firmly underway now, as are abundant produce, herbs, and artisanal goods!

Recently, Seattle was rated 4th in the nation for being the most fit city. One of the reasons cited for this improvement was the increase in the number of farmers markets in our area: a positive indication that unprocessed, natural food can make a difference in one’s health.

If you would like to visit other farmers markets in other neighborhoods as well, here is a complete list of places and hours from The Seattle Times. The Magnolia Farmers Market will be on Saturdays, from 10 am-2 pm through October 14thth (except July 29th) . Bon appetit!

Film Comes To Life In “Film Is Dead” Exhibit

In the midst of the digital age, many are astounded that film still even exists. Everyone has digital film and video capabilities, and film Is very expensive, so, why bother right?

While that may have been what you thought once upon a time, your mind will be forever changed once you see the brilliant art made on and with film by artist Jennifer West at her Seattle Art Museum installation “Film Is Dead”.

In this revolutionarily inventive show, West uses 70mm, 35mm and 16mm analog film strips to create beautiful and visually compelling works of art. She treats the film with common household items including food coloring, nail polish, coffee, vinegar, bleach and more to create patterns and unplanned but stunning effects by eroding the films emulsion, staining it and letting the film take one whatever characters it might.

West’s SAM exhibit features film strips and remnants that have been treated and manipulated by the artist in this way, hung from the ceiling, and spanning almost the entire length of the gallery.

In addition to the physical installation at SAM, West has taken many of these works and digitized them to create a film that explores the differences and relationship between the analog and digital qualities of the film medium, creating another layer to this thought provoking artistic experiment.

Jennifer West is a Los Angeles based artist with some history in the Seattle. West received her Bachelor of Arts degree from Evergreen State College in Olympia before returning to her home state of California to earn her Masters in Fine Arts from ArtCenter College of Design in Pasadena.

West’s works have been displayed in various solo and group exhibitions across the country and the world including Los Angeles County Museum of Art, Lisa Cooley Gallery, New York, NY, Yuz Museum, Shanghai, China, Contemporary Art Museum, Houston, Transmission Gallery, Glasgow, Portland Institute for Contemporary Art, Portland, OR and many more.

Her love affair with film dates back more than ten years and she boasts a very interesting and varied portfolio of works including photographic and video works using different and rare types of film and film techniques, light play, performance and her unique film quilts and magic lantern works. West’s style and aesthetic are likely different from any you’ve seen before, exploring and challenging the differences between modern digital photographic art and classic analog film techniques. Her style simultaneously evokes nostalgic feelings and encapsulates a modern and almost futuristic aesthetic, and over all seems to challenge films obsoleteness and the digital waves supremacy.

If you share a love of visual arts, interesting techniques, the fusion of arts and science or simply subscribe to the thought that everything old is new again, “Film Is Dead” is a show worth seeing, if for no other reason than to see something beautiful before it’s gone.

 

 

 

 

JENNIFER WEST: FILM IS DEAD . . .

Exhibit on display through SUN MAY 7 2017

SEATTLE ART MUSEUM

THIRD FLOOR GALLERIES

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

adasdasd

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!

Reminder About The Magnolia Farmers Market

NFM_MarketLogos_r1c

Just a friendly reminder that the Magnolia Farmers Market takes place every Saturday through October 17th. The Farmers Market is open from 10 AM – 2 PM on those Saturdays, and it is located between 33rd Avenue W and W McGraw Street in the Magnolia Village.

Be sure to go and check out the Magnolia Farmers Market on the remaining Saturdays through October 17th, and check out all of the local produce and items that they have to offer.

See you there!

Magnolia Real Estate Report for June

August Real Estate

Needless to say, the month of June was an absolute scorcher in Seattle, and so too was the real estate market in Seattle’s Magnolia neighborhood. As we know, the summer months typically signal the busiest time of year for real estate transactions, and we saw this to be true when we look at last month’s statistics. Let’s take a look at some of the real estate highlights for the month of June in Magnolia:

According to the Northwest Multiple Listing Service, June brought about the sale of 47 single-family homes. The median sales price of those 47 homes was approximately $831,134. The homes that sold in the month of June averaged being on the open market for just 26 days, and the total dollar amount of those transactions totaled roughly $39,063,319. That’s pretty incredible for a month’s work!

There were also 11 condominiums sold in Magnolia in June at a median sales price of $354,454 and averaged being on the market for only 13 days.

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.

Magnolia Real Estate Report for May

August Real Estate

The month of May has come and gone, and although the weather makes it seem like we’re right in the middle of summer, the official start is just a few weeks away. The beginning of summer typically signals the busiest time of year for the real estate market, but the last several months have been quite active as well. Let’s take a look at some of the real estate highlights for the month of May in Magnolia:

According to the Northwest Multiple Listing Service, May brought about the sale of 38 single-family homes. The median sales price of those 38 homes was approximately $895,108. The homes that sold in the month of May averaged being on the open market for just 26 days, and the total dollar amount of those transactions totaled roughly $34,014,104. Not a bad month’s work!

There were also 8 condominiums sold in Magnolia in May at a median sales price of $337,056 and averaged being on the market for only 18 days!

As you can see by the statistics provided above, the real estate Market in Magnolia continues to be extremely dynamic, and we don’t anticipate that to change as we get deeper into the summer months. 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.

Magnolia Chamber of Commerce Spring Fest 2015!

springfest-2015

Join the Magnolia Chamber of Commerce for Spring Fest in the Village on Friday, April 24th from 6:00 PM – 9:00 PM!

This event will keep the entire family entertained, with music by the Superchargers (sponsored by Serendipity), a bouncy house (sponsored by Ewing & Clark, Inc), a beer garden (featuring Hale’s Ales), and art pieces in various participating businesses.

Bring the family out and have a great time in the Magnolia Village next Friday, the 24th!

*The Magnolia Village is located at W McGraw Street, Seattle, WA 98199

 

Magnolia Real Estate Report for 2015 (Thus Far)

August Real Estate

It is not a secret that the year 2014 was a huge success for the real estate market in Seattle, and particularly in the Magnolia neighborhood. Homes were purchased, sold, and tons of transactions were agreed upon last year. Now that we are a couple of months into 2015, let’s get an update on what the Magnolia real estate market is looking like thus far.

According to the Northwest Multiple Listing Service from January 1, 2015 – March 19, 2015, there has been 59 homes sold in Magnolia. The median sales price of those 59 homes was $685,525. The homes that sold so far this year averaged being on the open market for a total of 58 days before they were purchased. Of the 59 houses sold, 48 have been residential homes and 11 have been condominiums. The total volume of those 59 transactions totals $40,446,032. 2015 is certainly not off to a bad start!

As you can see by the statistics provided above, the year 2015 is off to a good start for real estate transactions in Magnolia. With spring and warmer weather right around the corner, expect the market to continue to heat up even more! 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.