Magnolia’s real estate remain steady while demand weakens
This Week:
The median list price this week in Magnolia is $1,016,950 is unchanged from last week’s list price of $1,016,950. The Market Action Index (MAI see below chart) has been trending down lately, while day-on-market climbing, providing mostly bearish signs for the market.
Supply and demand
The market conditions for Magnolia real estate have been consistently cooling in the past several weeks. Because we’re still in a Seller’s zone, prices have not yet begun to drop. It may take a few weeks of slack demand for prices to reflect and begin to fall. Expect prices to fall if the index persistently falls to the Buyer’s zone.
Average days-on-market: 144 down from last week’s 160 days.
Percent of properties with price decreases: 30% up from last week’s 23%.
Price
While this week the median price in Magnolia didn’t fluctuate much, we continue to sit t all time high prices. Watch for persistent downward shift in the Market Action Index into the Buyer’s zone s a leading indicator of the price strength subsiding.
Receive a FREE WEEKLY UPDATES on the latest Magnolia real estate market activity e-mailed to you weekly. View recent sales in the Magnolia neighborhood.
Localized real estate market reports are great for getting a “feel” of what that specific market is doing. For a more accurate pricing on residential property a Competitive Market Analysis (CMA) needs to be done comparing your home with current
properties that have sold recently in your neighborhood for a detailed report contact Adrian Willanger @ 206 909-7536.
How do Magnolia median list prices compare to Queen Anne Hill?
Looking to purchase a home in Magnolia?
Looking to buy check out our new homes and lifestyle search below. Search homes for sale, neighborhood amenities and view real estate trends in and around Magnolia. For more individualized information contact Adrian Willanger.
Seattle’s Magnolia neighborhood is the second largest neighborhood in the Seattle area with roughly 20,000 residents. Magnolia is bordered by Salmon Bay and Shilshole Bay and the Lake Washington Ship Canal. The majority of homes in Magnolia are either built near or close to a hill allowing many Magnolia residents great views. View homes in Magnolia are a prize to be had and are in great demand.Living in Magnolia
Water, Parks, views and shopping Magnolia
Magnolia in addition to being surrounded on three sides by water it has an abundance of public parks that offer visitors and occupants the opportunity to hike, run, picnic while enjoy major water and mountain views. One of the largest attractions of Magnolia is the “Village” which has everything one needs without having to drive away from the neighborhood. The popular shopping community has many homes for sale that are within walking distance to Magnolia Village.
Sunday’s open houses in Magnolia are always extremely busy filled with residents of Magnolia and home-buyers looking to purchase a home in Magnolia.
New listing within the last 7 days
New bank owned and short sales within the last 7 days
Pending sales within the last 7 days
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