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 last two months, Magnolia home sales continue at a comparable pace to earlier this year, and overall inventory continues to stay steady.
Since May 1 through June 30 of this year, there have been 49 closed sales (44 Single Family Residences (SFR) & 5 condos) ranging in sales prices of $137,000 to $1,950,000. Of these sales, six were listed on the MLS as short sales, and three were listed as bank-owned properties. Of the SFRs, four sales were for more than $1 million.
For these closed sales, the cumulative days on market (CDOM) ranged from two days to 995 days – these numbers do not reflect further analysis of individual properties’ previous histories of cancellations or expirations.
As of July 5, there were a total of 45 pending sales (SFR and condos) ranging in price from $117,000 to $1,295,000, with 1 being listed at more than $1 million.
Also as of July 5, there were a total of 76 SFRs and 33 condos available for sale in Magnolia as listed in the NWMLS, ranging in price from $65,000 to $6,750,000, with 26 of these properties with asking prices of more than $1 million.
Looking at closed sales for Magnolia in May of this year as compared to May 2010 as compiled by Rainier Title, there was a 4% decrease in the number of closed sales of SFRs, with the median sales price down by 7% from $535,000 to $499,000.
After the annual spring “buying season” prices will resume their downward trek. The economy is living on fumes with astronomical debt accumulating and no end in that trend in sight.?
So there is only two months of inventory in Magnolia? That isn’t bad considering the condo market in Seattle downtown has about a year’s worth of inventory last time I checked.
After the anniversary bounce “buying season” prices will resume their bottom ward trek. Looking aback at the endure two months, Magnolia home
sales abide at a commensurable clip to beforehand this year, and
all-embracing account continues to break steady.?
When you plan as a abettor in bartering absolute estate, annihilation is
bigger than to accept audience and affairs alarm you to account their
superior acreage for sale.
?
The levels of charter allurement and the way in which they are
implemented are best controlled by an accomplished real estate
agent.
?
However, the close did say that the US is currently ranked the amount 1 real estate investment destination in agreement of abeyant for
basic appreciation.
Interesting information, thanks a lot!