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.
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.