A Magnolia homeowner and client of ours asked for an update on the Magnolia real estate market for 2015 so far, so here we go… Magnolia homes for sale, sold, and pending are on the chart below – these come from Trendgraphix which pulls data from all sources – not just the NWMLS Magnolia listings. In order to look at Magnolia in general, we really need to go outside the Magnolia “bubble” and look at Seattle overall.
The crystal ball… In order to look at the future of the Seattle real estate market, you must look at the past couple of years.
Seattle has seen a huge appreciation rate for the last few years – in the double digits. Can it continue? What do you project for next year’s appreciation? These are the questions we are getting from buyers and sellers in Seattle. According to the latest stats form the NWMLS, King County rang in at a 13.2% increase for prices from the same time last year. Single family homes alone jumped 14.4% from last year in price. Condo median prices in King County jumped up 19.7% from last year. My prediction based on the factors below is a 6% to 8% increase in prices for Seattle proper overall. I feel like this is a conservative assumption. Our outlook is good, but I don’t expect to see double digit increases again in the next year. Obviously there are the traditional pockets of Seattle that will completely defy my predictions in both directions, but overall, based on what is happening out there, this is my opinion.
What Is Driving These Double Digit Market Price Increases?
What Could slow down Seattle’s real estate market?
The Current Magnolia Real Estate Market:
Comparing Magnolia Real Estate to Seattle Real Estate overall:
Comparing All Price Points In Magnolia Homes For Sale (Residential Only) to the same time last year:
Magnolia Homes SOLD In The Million Dollar Listing Price And Up (Year Over Year):
Do you have some information to add to this? I will be updating this regularly form here on out with recent sales and market talk. I am very interested in what you have to say.
Courtney Cooper 206-850-8841 firstname.lastname@example.org