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