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 Real Estate Report for the Month of October

August Real Estate

The month of October came and went, and now it is hard to believe that the Holiday Season is almost upon us!  Fall and winter are generally a little slower than spring and summer as far as real estate activity goes, however that hasn’t been the case so far. Let’s take a look at Magnolia’s October real estate report:

According to the Northwest Multiple Listing Service, October brought about the sale of 37 single-family homes, compared to 29 sales in September. The median sales price of those 37 homes was $704,000. There were 41 active homes that remained available for purchase when October came to an end. The homes that did sell last month averaged being on the market for 73 days, compared to only 21 days in September. The total volume of those 37 transactions was $31,761,369. Not too shabby!

There were also 6 condominiums that were sold in October for an average price of $218,966.

It may be getting colder and darker this time of year, but statistics continue to support that people are still buying and selling a lot of real estate in Magnolia! 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 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.

Donate a Bike at the Interbay Whole Foods for a Great Cause

Bicycles

On Saturday, August 23rd, Whole Foods Market at Interbay (located at 2001 15th Ave W, Seattle, WA 98119) is asking for donated adult-sized bikes and bike parts to be given to students in Togo, West Africa.

The donated bicycles play a significant role in helping bridge the education gap. Togo is located in a rural part of Africa. Studies show that the dropout rate is 3 times higher in rural areas than in cities. Rural families cannot afford private transportation for their children to get to school, and public transportation is not available.

Students who have received bikes in the past have 98% retention rates of staying in school, and 95% passing rates on annual exams, because they finally have reliable transportation to and from school.

So, if you have any old bikes around the house or garage, swing by Whole Foods next Saturday the 23rd between 10am and 2pm and donate to a great cause!

For more information about the Bicycles for Education program visit the Alaffia website: http://www.alaffia.com/store/pc/Bicycles-for-Education-d20.htm

Reminder that the Magnolia Car Show is this Saturday!

flames-car-show

The Magnolia Village Car Show sponsored by the Magnolia Chamber of Commerce and Werner’s Crash Shop is this Saturday, August 9th starting at 9:00 am and lasting until 3:00 pm.

If the 2014 Car Show is anything like they’ve been in the past, then it will be a HUGE success!

Car’s will be lined up on both sides of West McGraw (in the heart of the Magnolia Village) between 32nd and 33rd Avenue.

Come on down this Saturday, and be ready to check out some awesome cars!

July Real Estate Report for Magnolia

ella-bailey-park-4

As our hot Seattle summer continues to drag on, thereal estate market continues to be quite dynamic, including Magnolia, which has seen a ton of activity. According to the Northwest Multiple Listing Service, July brought about 26 single family home transactions, at a median sales price of $668,000.There were 69 homes available for sale in July. Of the 26 homes that did sell, they averaged being on the open market for 10 days, which is great news if you’re looking to sell your house!

Magnolia also had 16 active condominiums for sale in the month of July. Of those 16 condo’s, six were sold for a median sales price of $294,500.

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 all the way through the end of summer, which is typically the busiest time of year for real estate transactions. For more information on 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!

 

 

Officers Find Pig and Dog Trapped in Hot Car

This past weekend was a scorcher, and as we get into the thick of summer, let’s hope we don’t report more stories like this one: last weekend, police received a call from a concerned passerby, who reported seeing a pig, and a dog trapped in a hot car. When officers arrived at the scene, located at the corner of W Bertona St & Gilman Avenue W, and the witness had opened and unlocked the car to let the animals cool down. car

Although it was evening, it was still 86 degrees, and officers reported finding a small panting dog, and a large pot belly pig with sweatpants on – as if it wasn’t hot enough! According to the Seattle Pi, the car was filed with empty food and water bowls, and was covered in feces. The police gave the animals water, and found the owner at a nearby bar. It’s important to remember that the inside of your car is much hotter than the outside temperature, so please be cautious not to leave small children or animals unattended in your car this summer. For more information on the police report, visit the Seattle Pi.

Magnolia Craftsman Home Rental: $3,200

Magnolia

This impressive 3 bed 1.75 bath Magnolia craftsman home is now available for rent, and features hardwoods throughout the main level, with a gas fireplace, and open floor plan for entertaining. It also has a great deck on the front of the home, perfect to oversee the neighborhood, sweeping bay and mountain views and great for entertaining. The lower level has a fully finished basement with custom built-ins and finishes, bedroom and recently updated bathroom. The home also comes with a 2 car garage, and is a first time rental; and it certainly shows! The home is just blocks away from Discovery Park, and in close proximity to the Magnolia Thriftway and the Magnolia Public Library.

Status: For Rent
Bed/Baths: 3/1.75
Price: $3,200

No Charge November – Free Extra Leaf Collections

It’s half way through November and if you’re wondering how you’re going to cram all those leaves out front into your yard waste container, we have a solution! Through the month of November, Seattle Public Utilities is coming to the rescue, and collecting excessive bags of yard waste left by your container free of charge. They’re warning that the excessive bags should be filled with only leaves, and should be packaged and contained properly.

Seattle Public Utilities usually charges around $3.20 per gallon bags collected, but this month they’ll pick them up for free to help prevent drain blockage and flooding issues that could occur in the fall. Leaves can also be placed in your home compost piles, as their compost experts have determined that under most circumstances, you will not have to worry about contaminants such as gas or oil affecting the leaves. If you’d like to help the community and Seattle Public Utilities, sign up with their adopt-a-drain program to help clear Seattle drains of debris.