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. Here is Mason’s assessment from statistics compiled from the Northwest Multiple Listing Service (NMLS).
Looking back at the first month of 2011 and the last month of 2010, and then looking at how 2010 compared to 2009, market improvement in Magnolia appears to be occurring, with an increased number of sales and overall inventory down.
Since January 1 through the first 2 weeks in February, there have been 21 closed sales (combining single family residences (SFRs & condos) ranging in sales prices of $155,000 to $1,400,000, and 27 new pending sales.
As of Feb. 14, there were a total of 80 SFRs and 19 condos available for sale in Magnolia as listed in the NWMLS, ranging in price from $107,500 to $6,970,000, with 14 of these properties with asking prices of more than $1 million.
Looking at closed sales for Magnolia in 2010 as compared to 2009 as compiled by Rainier Title, there was a 22% increase in the number of sales of SFRs, with the median sales price up by 10% from $537,000 in 2009 to $590,500. Looking at condo sales, there was a 9% increase in the number of sales, with the median sales price up 12% from $320,000 to $357,475.
During 2010, a total of 33 sales in the $1-million-plus market occurred, with the most expensive sale being $3,275,000.
Magnolia appears to have fared fairly well in 2010 as compared to other Seattle neighborhoods. When looking at the number of closed sales and median sales prices for SFRs in 2010 as compared to 2009 for the 29 different Seattle neighborhoods by zip code, the total percentage of change for closed sales was a decrease of 1%, and the total percentage of change for median sales price was an increase of 1%.
Looking at Queen Anne SFRs by zip code, 98109 saw an 18% increase in the number of closed sales and a 12% increase in median sales price, while 98119 saw a 1% decrease in the number of closed sales and a 4% increase in median sales price. To offer some additional context using this same statistical report, the 98148 area in Burien saw a 67% decrease in the number of closed sales and a 24% decrease in median sales price, while the 98155 area in Shoreline saw 75% decrease in the number of closed sales, but a 56% increase in median sales price.
With different statistics for each neighborhood, it’s important to look at each specific area, and easy to understand why "bigger picture" analyses don’t necessarily apply in their totality to the individual neighborhoods in Seattle/King County. With the number of variables that come into play in analyzing the real estate market and making forecasts, it’s important to drill down to specifics when analyzing the market for individual purposes.