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 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 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.

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.

Fort Lawton Townhomes

Located on the western side of Discovery Park, Fort Lawton sits in a quaint manner on the bluff of Magnolia.  It was constructed in the early 1900’s with aspirations of being a major military presence in the Pacific Northwest.  The fort was a defensive development, which consisted of a vast majority of artillery weaponry, to defend against naval and air attacks.  The fort saw the most action during the world wars, but sat vacant for long periods of time.  Time passed and in the 1970’s, the fort and all of its property were given to the city of Seattle.

There are twenty-six units built within fourteen buildings near Discovery Park that make up Fort Lawton.  These historical military structures are now being offered up for sale to the highest bidder.   The city hasn’t set a minimum asking price, they are taking all offers (although, they are expecting offers to be in the millions).  The area is considered one of the most pristine in all of Seattle, as it contains breath-taking views of Puget Sound and Elliott Bay.

The homes have been preserved since 1974 and are considered official city of Seattle landmarks.  They are not allowed to be modified on the outside and very limited alterations are allowed on the interior.  The city feels the fort gives off a feeling of patriotism and freedom.  They are also hoping the exclusivity of the property is maintained and that any future buyers would respect Fort Lawton’s rich history.

Magnolia Residents Take Action Against Commuter Daily Parking

A group of Magnolia residents are taking action against people parking on their street who don’t live there and use their street as a park-and-ride when taking the bus or using other transportation from Magnolia Village. These folks are taking action by putting notes on cars who park on the street daily, asking them not to park on their street for the following reasons, according to the Magnolia Voice: 

“It is public in the sense that residents use it to enter and exit their homes at all times and in the sense that it accommodates parking for residents’ guests, deliveries and trash pickup along with thru traffic. It is a narrow street and a busy one. Using it as a place to park while commuting to another location impedes all of the essential public uses named above and is causing problems for those who need to enter and exit their driveways, park on or pass along this block.”

The group listed off other parking areas that would be less disruptive for the neighborhood and one of the parking violators actually turned out to be a neighbor 6 blocks away! Whether you agree with either party, the street is currently Seattle Public property, so residents and commuters might have to take their disputes to a higher party if the problem escalates. For more information, visit the Magnolia Voice.