Magnolia’s real estate market continues to display signs of weakening
This Week:
The median list price this week in Magnolia is $900,000 up from last week’s list price of $890,000. Inventory is up and Market Action Index is trending down recently. While days-on-market appears to be trending lower, the overall conditions are weakening a bit.
Magnolia real estate supply and demand
The market has started cooling and prices have been flat for several weeks. Since we’re in the Seller’s zone, watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Average days-on-market: 62 down from last week’s 80 days.
Percent of properties with price decreases: 35% up from last week’s 29%.
PRICE
The market has started cooling and prices have been flat for several weeks. Since we’re in the Seller’s zone, watch for changes in MAI, if the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
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.
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