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 Winterfest 2014

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The 2014 Magnolia Winterfest is set to take place on Saturday, December 6th from 4:00 PM – 8:00 PM.

Organized by the Magnolia Chamber of Commerce, this years Winterfest will definitely have something for everyone! There will be festive treats, carolers, live reindeer, Santa Claus, tree-lighting, kids attractions, food & drink, and shopping in the Village!

Join the Magnolia Chamber of Commerce for Winterfest 2014 and help celebrate the winter season by spending a great and festive night in the Village!

 

 

$5 Pet Adoptions at the Seattle Animal Shelter this week!

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This week only, the Seattle Animal Shelter is offering cat and other pet adoptions for just $5.

At this time, the shelter simply has too many pets on hand, and they are hoping this promotion will encourage people who have been considering adopting a pet, to take action and adopt.

Pets that will be available to take home are cats, rabbits, guinea pigs, chinchillas, birds, turtles, snakes, and more.

Regular adoption prices can range from $15 – $145, so for potential pet owners, now is a fantastic time to adopt!

This special promotion is available from Saturday, June 21, through Sunday, June 29. The Seattle Animal Shelter is open Wednesday – Sunday, noon to 6 p.m. for adoptions and licensing.

 

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

Metropolitan Market Buys Magnolia Thriftway

The rumors are true! The Metropolitan Market has taken steps to acquire the Magnolia Thriftway, and process is set to be finalized  in September. According to The Wall Street Journal, the Thriftway located at 3830 34th W. has been owned by Jim and Lynn Penhollow for quite sometime, but they’ve decided to sell to prepare for their retirement. Metropolitan Market was chosen due to their like minded business practices, and has already taken steps to ease the transition by setting up meet and greets for the current Thriftway employees, and began interviewing for new hires in the fall.

The Penhollow family has owned the business for 34 years, and is sad to leave, but happy and at east leaving the store in the hands of Metropolitan Market. They will keep the same investments that Thriftway has invested in the neighborhood, such as support for Lawton Elementary, Magnolia Little League, and Summerfest. The grocery hub will remain open during the transition, and during any remodeling. For more details on changes in the upcoming weeks, visit Metropolitan Market.