Magnolia Real Estate Report – November 2017

The Seattle real estate market remains talk of the nation! Not much as changed this year except for the climbing prices in neighborhoods all around King County. Magnolia continues to grow with the market with increased prices. Though there was only 1 more sale this past November than November 2016, the facts are in the numbers.

Currently Pending in Magnolia

The median sales price for a single-family home in Magnolia was $965,000 last month, compared to $799,950 in November 2016. The sold price jumped from $1,026,732 to $1,055,731. The highest price for a home decreased from $2,400,000 to $1,825,000. Ewing and Clark currently has a listing pending for $2,295,000. The lowest cost for a home also decreased from $630,000 to $475,000. There were no sold homes on Magnolia Bluff last month.

Currently Pending in Magnolia

Condominiums are also showing strength in Magnolia. There were 8 sales last month, same as November 2016. The median sales price increased from $350,000 to $443,750. The highest sale was recorded at $800,000, $275,000 more than last year. The lowest sales price showed a small drop from $274,000 to $263,000.

There are currently  22 active listings and 23 pending.

 

 

 

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 June

August Real Estate

Needless to say, the month of June was an absolute scorcher in Seattle, and so too was the real estate market in Seattle’s Magnolia neighborhood. As we know, the summer months typically signal the busiest time of year for real estate transactions, and we saw this to be true when we look at last month’s statistics. Let’s take a look at some of the real estate highlights for the month of June in Magnolia:

According to the Northwest Multiple Listing Service, June brought about the sale of 47 single-family homes. The median sales price of those 47 homes was approximately $831,134. The homes that sold in the month of June averaged being on the open market for just 26 days, and the total dollar amount of those transactions totaled roughly $39,063,319. That’s pretty incredible for a month’s work!

There were also 11 condominiums sold in Magnolia in June at a median sales price of $354,454 and averaged being on the market for only 13 days.

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.

Magnolia Real Estate Report for the Month of September

August Real Estate

The month of September in Seattle meant that the kids went back to school, summer weather didn’t let up, the Seahawks returned to the football field, and the real estate market continued to be very active.

According to the Northwest Multiple Listing Service, September brought about the sale of 29 single-family homes in Magnolia. The median sales price of those 29 homes was $777,000. There were 63 active homes for sale in September. The homes that did sell last month averaged being on the open market for a total of 21 days. Obviously, the real estate market is still moving pretty quickly!

There were also 2 condominiums that sold in September in Magnolia at an average price of $169,250.

As you can tell from the statistics reported above, the Magnolia real estate market has continued to stay hot, which is great news if you’re looking to buy or sell a single-family home or condo. 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.

Seattle Parks / King County Wastewater Treatment Division Educational Event 6/28

Light house

The Seattle Parks Department and the King County Wastewater Treatment Division are teaming up to host a “stewardship educational event” this Saturday, June 28th.

Magnolia residents and Discovery Park users are invited to meet at the Discovery Park Lighthouse roundabout anytime between 11:00 a.m. and 3 p.m. to learn about how our community can help preserve the beauty and safety of the beach area.

Tours of the beach will be available thanks to the Discovery Park Naturalists, and the event will  focus on issues like uncontrolled vehicle access, trespassing, prevention of fires, graffiti, crime, etc. as the summer months bring about the most traffic to Discovery Park and the beach area.

The beach area may be accessed via shuttle bus from the Visitor’s Center between 10:45 a.m. until 4:45 p.m.

 

73 Year Old Magnolia Man Kept Filipina Woman a Slave, Paying Her $400 a Month

house73 year old Romulo ‘Ome’ Almeda kept an illegal immigrant woman secluded in his Magnolia home for four years. He paid her a measly $400 a month for acting as the nanny, landscaper, maid and cook. She was shuffled between his properties in Magnolia and in California, not given a choice as to when she would go or whether she wanted to. She was not allowed to go anywhere including attend church for fear that someone would see her and report her as an illegal immigrant.

The woman left the Philippines where she earned $6 an hour as a manicurist to find better opportunities in the U.S. Out of the $400 she was receiving each month for working 12 to 16 hours a day, she would send all but $50 to $100 to her family in the Philippines. After years of seclusion she was eventually able to tell her family of her situation. Her sister then contacted another Filipino family in Seattle who then got in touch with a local pastor who was able to help remove the woman from the house in April 2009.

Almeda was arrested and believed at the time that he did nothing wrong and that he was simply helping the woman by offering her extra money and a place to stay. He later admitted wrong-doing and realized that what he did was unlawful. He paid the woman $90,500 for what he shorted her in wages. He was charged and reached a plea agreement with prosecutors. He has not been jailed and has been scheduled to be sentenced Wednesday.

 

Solar Neighborhood Project Energizes Seattle Neighborhoods

34561[1]Many in Seattle question whether it’s worth investing time and money in solar panels given that Seattle isn’t known for its constant sunny days. Keith Hughes, owner of West Seattle Natural Energy, pointed out that, “Berlin, Germany receives 3.2 peak sun hours per day, and 44 percent of Germany’s energy production comes from solar” where as “Seattle receives 3.8 peak hours of sunlight per day and only 1½ percent of its energy comes from solar power.”

Seattle City Light and Northwest Sustainable Energy for Economic Development (Northwest SEED) are working together to promote and change the way Seattle uses renewable energy through their  Washington initiative. The goal is to change one neighborhood at a time and to have 150 solar systems operating by the summer 2013 . Projects have already been done Queen Anne and Magnolia as well as other Seattle neighborhoods. When a community agrees to go solar Northwest SEED searches for vendors that will give bulk discount for supplies and installation to the homeowners. Each neighborhood is set up on a grid so that the energy that is not used by one homeowner will flow to other neighbors within the grid.

It is estimated that in the past two years Washington has pumped nearly $4 million into the local economy, created 14 new jobs and has generated more than 600 kilowatts of solar electricity to Seattle’s grid. Seattle City Light estimates that only 600 out of its 400,000 customers use solar energy. Benefits of using solar panels are tax credits and rebates as well as lower energy bills. Living in Seattle helps a little too. Seattle’s annual lower temperatures allow the solar panels to work better and the rain washes them off.