• Magnolia Real Estate Market Update 2016

    Magnolia Real Estate Market:View from the front gate.  A street front hedge lends privacy.

    There are 16 Magnolia homes for sale currently in the NWMLS including three architectural beauties on Magnolia Boulevard. The Magnolia properties  listed currently range in price from $588,880 for an 1880 square foot home on 23rd Ave W to $4,400,000 for one of the magnificent Magnolia Boulevard homes mentioned above.  The median list price for these homes in Magnolia is $1,014,500. The average days on market for the current active listings is 100 days with a range of 1 to 595 days. The average dollar per square foot of Magnolia homes for sale right now is $470.85 with a range of $268.81 to $1086.63.

    So what other movements are happening in the Magnolia real estate market?

    Contingent:  There is a Perkins Lane home priced at $2,395,000 with a contingent offer on it.

    Pending:  The most amazing piece of info is that there are 40 straight “pending” Magnolia homes – Homes in Magnolia that are waiting to close in escrow. These range in list price from $459,990 for a 1240 square foot home on Ruffner to a Magnolia Boulevard home listed at $2,548,000 with a median list price of $881,500.  The Magnolia million dollar listings and up include Briarcliff Homes for sale and homes on Viewmont Way, Williams Ave, Cramer Street, Plymouth Street, and Magnolia Boulevard. The average days on market for these homes is 47 days with a range of zero to 268 days.  The average dollar per square foot is $374.16 with a range of $241.60 for a 2380 square foot Magnolia home on 21st Ave W to $595.24 for a 840 square foot home on Lawton Street.

    Pending Feasibility: Just one on Burton Place W listed for 395,000 (one bedroom, 1 bath, 570 square feet).

    Pending Inspection: Two homes being inspected now including one of the Fort Lawton Homes for sale on Montana Circle listed for $949,000 and a $2,080,000 Magnolia home on 43rd Ave W.

    Pending Short Sale Properties: Really? There are TWO short sales going through the motions in Magnolia.  That is hard to believe. They are listed for $549,000 and $599,000 and located on 22nd Ave W and 28th Ave W.  The dollar per square foot average of these is $306.42 which is on the low side so makes me wonder.  BTW on that note, if you happen to think your home is a short sale in Magnolia then please call me because chances are, it isn’t. Or haven’t you heard?  There is an inventory crisis. Just my two cents.

    Sold Magnolia Homes: (drum roll) There have been 17 Magnolia homes for sale in the MLS that have closed in escrow in the last 30 days. You can see the list here:

    Magnolia homes for sale that have sold

    The list and sales price ranges for these sold Magnolia homes is follows:

    List price from $479,000 to $1,780.000 and Sold Price (the price for which it actually sold for) from $535,000 to $1,780,000.  The range of percentage of sales price to list price is 91.43% to 111.69% with an average showing that these sold Magnolia homes received overall 101.32% of their asking price. The median sales price is $690,000 and average days on market is 92 days.

    Magnolia SOLD multiline_Page_4 Magnolia SOLD multiline_Page_1 Magnolia SOLD multiline_Page_2 Magnolia SOLD multiline_Page_3

    Magnolia Real Estate Market Trends (through January 2016): Magnolia real estate market

    Please let us know if you are interested in learning more about Magnolia real estate.  Molly and I are Magnolia Realtors and we look forward to helping you.

    Molly Cartwright  206-841-6800 / Courtney Cooper 206-850-8841


Comments are closed.