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.

 

 

 

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.

Mixed Reviews on New Inspection Regulations

The city of Seattle has recently approved a program that would require an inspection on all rental property.  Landlords would be required to register their properties with the city, which allows them to keep track of all rental properties in the county.  The program would begin in 2014 and has received mixed reviews from the community.

One aspect that has received some buzz is that of the landlords having to pay for this mandatory inspection.  There is a large discrepancy between landlords who are more hands-on and take better care of their properties compared to those who don’t.  Those that take pride in their properties feel they are getting punished even though they are doing everything possible to make their rental livable and safe.

Another issue at hand is that of the inspection fees.  Tenants are worried that the landlord is going to pass off the inspections costs onto them.  This has come as some concern as Seattle’s rental prices are already high.  With so many losing their homes to foreclosures and short sales, this inspection fee may be yet another cost for those looking to rent in the Seattle area.

Regardless of the complaints, the inspection program has been passed by the city and will take effect in 2014.  Landlords need to take the necessary precautions to make sure their property is up to code.  Whether that is being more involved or spending on improvements, landlords should be aware of hefty fines if they do not pass the inspection.    With the rental market at an all-time high here in Seattle, there may be more regulations coming soon.

2012 Farmer’s Markets Summer Season Updates

If you weren’t out enjoying this lovely turn of the weather this weekend you were one of few; as the sun starts to come out, so do the summer crops and the local farmers markets will open in a few weeks with a ton of fresh new produce. The 2012 farmer’s market season took off running this year, with some markets already up and others soon to follow in the next few weeks. The surrounding Seattle areas will have a few new faces like the Shoreline Farmer’s Market that will open June 16th and will close down others like the

Photo Courtesy of Zachary D. Lyons, copyright from the 2011 Wallingford Farmer's Market

Georgetown market, who didn’t see enough foot traffic the last few years, but hopes to return in the fall with more people coming in and out of the neighborhood. Keep in mind the U District and West Seattle Markets run year round; here is a list of openings to look out for when you’re in the neighborhood:

Burien: 11am-6pm Thursdays

Columbia City: 3-7pm Wednesdays ( and will open early to chefs only to check out the loot before the crowds, from 2-3pm)

Lake City: 3-7pm Thursdays, beginning June 14.

Phinney: 3-7pm Fridays, starting June 3rd.

Madrona: 3-7pm Fridays beginning May 18th.

Magnolia: 10am-2pm, Saturdays starting June 9th.

Queen Anne: 3-7:30pm Thursdays, beginning June 7th.

Wallingford: 3:30-7pm Wednesdays beginning May 30th, (opening early for chefs only from 3-3:30)

 

56 Year Old Woman Helps Rescue Family in Greenlake

On Thursday morning a 56 year old mother reportedly saved her family during a house fire in the Greenlake neighborhood. Firefighters were called to the tangletown home around 3:30am, responding to a call for smoke sightings. The Seattle fire department spoke with the woman, who said she awoke in the middle of the night to the sound of her smoke detector going off, and ran upstairs to wake her 21 year old son and three small grandchildren, the oldest one only 5 years old. The woman was reportedly taken to Harborview Medical Center for treatment of smoke inhalation and the fire was reportedly caused by an overheated extension cord on the second floor of their home. Damage to the home was ruled as accidental, and estimated to cost $75,000 in damages.

Taste of Washington This Weekend!

The much anticipated Taste of Washington is here this weekend! Two days filled with countless tastes from over 200 wineries all over Washington State. Held at the convention center, this year’s Taste of Washington will allow attendees to sample some of the finest wines they already love, and try something completely new and unheard of. Navigating the list of vendors might be somewhat of a struggle, not to mention all of the amazing restaurant vendors that will be providing yummy samples of their finest bites, so if you’re planning on attending, be sure to make the most out of your two days. Wines will be uncorked tomorrow starting at 2pm for the public, and 1pm for the VIP list. There will be seminars presented by restaurateurs, sommeliers, and sponsors. Canalis, the 2011 Washington Wine Restaurant of the year, is presenting a food and wine pairing seminar, forking over their best kept secrets on the best wine to pair with your meals. If you missed any of your favorite wineries on Saturday, don’t stress because you’ll be able to repeat your entire experience Sunday afternoon with a 2nd day of sipping and sampling the best of the Northwest. You can even attend Tom Douglas‘ seminar on Sunday, (also a food and wine pairing class) and afterwards head over to the Viking Chef’s stage and watch him slave away in the kitchen to create one of his famed dishes right before your eyes. For more information, or to order tickets now visit the Taste of Washington.