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Monthly real estate update

October 27th, 2010 · 71 Comments

Each month we ask Magnolia Voice real estate expert Whitney Mason from Coldwell Banker Bain Associates to bring us the latest on the real estate market  in our area.

Mason says that looking at closed sales for Magnolia year-to-date through September as compiled by Rainier Title, there has been a 39% increase in the number of sales of single family residences (SFR) as compared to 2009. 

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According to statistics compiled from the Northwest Multiple Listing Service,  the median sales price is up by 7% from $533,000 in 2009 to $570,000. For Magnolia condos, there has been a 24% increase in the number of closed sales to date as compared to 2009, with the median sales price up by 24% as well from $315,000 to $390,000.

September 2010 sales prices for the 18 SFR sales ranged from $205,500 to $1,050,000. Sales prices during the same month for the six condo sales ranged from $127,000 to $380,000.

As of Oct. 26, there were 41 pending SFR sales and two pending condo sales. There were a total of 112 single family residences  available for sale in Magnolia ranging in asking price from $189,000 to $7,975,000, and 27 condos ranging in asking price from $124,000 – $550,000 .  About one-third of the active SFR listings are on the market at $1 million or higher.

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  • SeattleRunner

    These stats are highly misleading if the reader doesn’t understand how they’re calculated.

    Sales volume was extremely low in 2009 so the sale of an expensive home this year can have a significant impact on the calculation of median home prices. It’s incorrect to conclude that prices in Seattle or Magnolia have increased.

  • Alexander

    Just wait til the crippled aids riddled bums move in the neighborhood. See what that does to real estate. With their dumb dogs and their stupid hair styles.

  • Val

    Using the median price instead of the mean (averaged) price is also misleading. There could be 10 houses sold at $5,000 and 11 sold at $570,000, and the median would be $570,000 but the average would be $300,952.

    How about providing stats that mean something? It’s not a very good display of that real estate agency’s abilities and trustworthiness if they’re providing useless data.

  • Snarkbark

    Hiding behind “median” has been a RE ploy for years to put a big happy face on a dire situation and “get things moving”. What do you expect from “professional” transaction parasites?

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