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.

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.

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 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.

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!