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!

Magnolia Real Estate Report for the Month of August

August Real Estate

The month of August has come and gone, but the Seattle real estate market continuesto show no signs of slowing down, particularly Magnolia, which has been thriving for months now.

According to the Northwest Multiple Listing Service, August brought about the sale of 33 single-family homes at a median sales price of $639,000. There were 55 active homes for sale in August. Of the 33 single family homes that did sell, they averaged being on the open market for only 19 days. Real estate transactions are obviously moving pretty rapidly in Magnolia these days!

Condominiums were also a hot commodity in August.  11 condos were sold in Magnolia at an average sales price of roughly $293,000 for the month.

As you can tell from the statistics reported above, the Magnolia real estate market has continued to stay hot, and shows no signs of slowing down at this point. That is great news if you’re looking to buy or sell a condo or single-family home. For more information on Magnolia (and Seattle) real estate, contact your local real estate agent today.

Mixed-use Development (Finally) coming to Magnolia

32nd Buildings

The buildings located at 2406 32nd Avenue West (Down from Ace Hardware and Across from the Magnolia Garden Center) have long been empty, boarded up, and covered with graffiti. However, a four story apartment building with retail space on the ground floor is in the works.

The new building, is reportedly going to have 24 one and two bedroom units, as well as 32 parking spaces in the basement, and 6,300 square feet of retail space on the ground floor.

The Architects of this new development got the “OK” from the Design Review Board, and are now just waiting on the final permits, which should take around 4 months. Construction is then estimated to take about one year.

It will be great having some bright, new buildings coming to Magnolia in the near future, they should be a wonderful new addition to our community!

 

 

Magnolia Real Estate Report

school-view

The Seattle real estate market continues to be quite dynamic, including Magnolia, which has been seeing a ton of activity. According to the Northwest Multiple Listing Service, the month of May brought about 31 single family home transactions, at a median sales price of $738,000. Buyers seem to be eager to find a home in Magnolia, as the 31 homes that were for sale last month averaged out to being on the market for only 10 days. That’s good news if you’re looking to sell!

Magnolia also saw sales of four condominiums in May. The median sales price of the condos went for $538,000 and averaged being on the market for just 13 days.

Statistics continue to support that the Seattle –and Magnolia –real estate market has stayed hot, and you can bet that will continue to be the case as we get closer to the summer, which is always the busiest time of year for real estate transactions. For more information on Seattle real estate, contact your local real estate agent today.

 

Dine Around Seattle

It is time for, yet again, the biannual “Dine Around Seattle” event that invites residents to come out and support local business and restaurants around our great city.  From November 4th-29th, there will be a wide selection of great deals and discounts at various locations around Seattle.  Most restaurants are offering “3-Course Dinners for just $30” and some are even including “3-Course Lunches for $15.”  Come out and enjoy exclusive deals and seasonal dishes from the top chefs every Sunday through Thursday throughout November.

The event is put on by the Seattle Good Business Network.  They are in their eleventh year of hosting by stressing the strengthening of our community through the support of local businesses.  One of the top-rated businesses is located in our very own, Magnolia, is that of the Palisade’s Waterfront Restaurant.

Located in the heart of the Elliott Bay Marina, the Palisade, displays cultivating views of the water and sea-craft that port there.   Even with beautiful outdoor views, there is still an aesthetically-pleasing interior that gives off a soothing feeling to its visitors.  First, it is hard to miss the large water tank, near the entry, that keeps the Dungeness crab extremely fresh.  Secondly, they have a saltwater pond, filled with live Steelhead, that guests are able to walk over with a bridge conveniently located in the center of the restaurant.  Lastly, they have a mixed variety of seafood, steak and sushi that can meet expectations as restaurant-goers can taste the time and effort put into each dish.

Price Drop on Magnolia Townhome: $382,000

It is difficult to find this low of a price point in this neighborhood of Seattle!  This three-level townhouse is available in the beautiful neighborhood of Magnolia.  This area is known for its family-friendly environments and beautiful views of Puget Sound.  Only minutes from downtown, this three bedroom townhome is in a prime location.

One of its unique features is how every bedroom contains its own bathroom and there is also an extra powder room on the main floor.  Also, the kitchen is completely updated with stainless steel appliances, granite countertops and cherry cabinetry.

The backyard is completely fenced off and offers a cozy patio.  It is a perfect area to start a garden as it receives great sun exposure.  There is an abundance of street-parking around the unit, not to mention the one-car garage that is attached.

Don’t miss out on this opportunity.  If you are interested in viewing this unit or getting more information, please visit www.ewingandclark.com.

Mixed Reviews on New Inspection Regulations

The city of Seattle has recently approved a program that would require an inspection on all rental property.  Landlords would be required to register their properties with the city, which allows them to keep track of all rental properties in the county.  The program would begin in 2014 and has received mixed reviews from the community.

One aspect that has received some buzz is that of the landlords having to pay for this mandatory inspection.  There is a large discrepancy between landlords who are more hands-on and take better care of their properties compared to those who don’t.  Those that take pride in their properties feel they are getting punished even though they are doing everything possible to make their rental livable and safe.

Another issue at hand is that of the inspection fees.  Tenants are worried that the landlord is going to pass off the inspections costs onto them.  This has come as some concern as Seattle’s rental prices are already high.  With so many losing their homes to foreclosures and short sales, this inspection fee may be yet another cost for those looking to rent in the Seattle area.

Regardless of the complaints, the inspection program has been passed by the city and will take effect in 2014.  Landlords need to take the necessary precautions to make sure their property is up to code.  Whether that is being more involved or spending on improvements, landlords should be aware of hefty fines if they do not pass the inspection.    With the rental market at an all-time high here in Seattle, there may be more regulations coming soon.