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

Washington State Home Sales Soar Past Previous Highs

sold-sign2015 may have been an interesting year for many reasons, but in the world of Washington real estate, it sure felt like the good old days.

Not since the way-back-when of 2007 had so many homes and condominiums sold in the Evergreen State. According to the Northwest Multiple Listing Service, 2015 saw a whopping 88,331 homes changed hands last year, about 14% more sales than in the previous year. Those who have done the math say that works out to about 75,975 single family homes and 12,356 condominiums, valued at approximately $34 billion, about 23% more than the dollar volume sold the year before. Those impressive figures make 2015 one of the best years for Washington State real estate in recent memory.

The last time this state saw real estate figures like that was in 2007, before the bubble burst and sent the country into what is not-so-affectionately known as The Great Recession. Even in 2007, the figures only added up to about 82,197 sales valued at $32.3 billion, according to the Northwest Multiple Listing Service.

Furthermore, despite a ‘lower inventory’, so to speak, prices and number of sales continue to grow. In King County, the median home price was $480,000 and more than 26,600 homes sold. Compare that to a median price of $440,000 and 26,600 homes sold, in 2014 and you’ll notice a jump of close to 10%. Snohomish and Pierce counties can top those figures with growth figures for both median home price and number of homes sold over last year at nearly 16.80% ($355,000, up from $326,360 with 11,303 homes sold) and 17.39% ($249,950, up from 230,000 with more than 13,200 homes sold) respectively.

Overall, region-wide, the growth was about 8.8% from 2014, with a median price for single family homes and condominiums at about $310,000, up from $285,000 last year.

Numbers like this are a positive and encouraging sign for the state of the real estate market and the country’s economy as a whole. Let’s just hope nothing comes along and tries to ‘burst our bubble’ this time.

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 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.

Commercial Condo Available in Magnolia!

Commercial Condo for Sale

A 2,036 square foot Magnolia condo in the Chez Nous building located at 2100 Thorndyke Avenue West is available for purchase.

This particular unit allows for both commercial and residential uses, however the unit has only been occupied by commercial tenants thus far.

Shower, closets, appliances, and kitchen would need to be installed if unit were to be used as a residential space.

The Seattle condo features large, westerly facing windows which look out onto Puget Sound and downtown. The space also features a convenient, open layout with a kitchenette and high ceilings.

The asking price for this Magnolia space is $475,000.

Tours are by appointment only, and can be scheduled with Ewing & Clark broker Brian Mayer. Brian can be reached at (206) 441-7900.

 

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.

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.

Garbage Piling Up? Waste Management Strike Affects King County

Did you notice your garbage was still in the driveway when you came home from work yesterday afternoon? You weren’t the only one! The Waste Management Team in King and Snohomish counties went on strike yesterday afternoon against the largest refuse service over wage and benefits issues in the Northwest. According to the Seattle Times, the Local 117, which includes 153 recycling-route drivers walked out yesterday, and were joined by the garbage truck drivers of Local 174 shortly after.

Drivers began to pull service trucks into the South Seattle Waste Management yard, stepped out of their vehicles and picked up a picket sign. Their strike affects over 220,000 in King and Snohomish counties, and Waste Management could be issued steep fines should the strike drag out; up to $4,500 dollars a day for failing to make scheduled collections, and $250,000 if the strike drags out longer than a week. Drivers have been without a contract since May 31st, and are disputing the wage gap between recycle drivers who start at $17 an hour vs garbage drivers who’re starting at around $26 an hour. At this time there are no plans for negotiation in place, Waste Management hopes drivers will come back to work. For more information on the strike, visit the Seattle Times.