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.
According to statistics compiled from the Northwest Multiple Listing Service (NMLS), the number of Magnolia home sales during October-November 2010 continued to stay on par with earlier fall 2010 numbers. There were 33 single family residences (SFR) closed sales ranging in sales price from $299,000 to $1,550,000. The number of closed condo sales went down as compared to earlier fall, with just one closed condo sale at $195,000.
Looking at the number of bank-owned single family residences in Magnolia listed in the NWMLS during 2010, there have been 16 sales ranging in purchase price of $294,000 – $2,120,000. There are currently three active and one pending bank-owned property in Magnolia listed on the NWMLS.
Looking at closed sales for Magnolia year-to-date through October as compiled by Rainier Title, there has been a 29% increase in the number of sales of SFRs as compared to 2009, with the median sales price up by 5% from $538,000 in 2009 to $565,500.
As of Dec 6, there were 37 pending SFR sales and 1 pending condo sale. There were a total of 87 SFRs and 18 condos available for sale in Magnolia as listed in the NWMLS — a marked reduction in Magnolia inventory as we head into the winter holidays.