Late summer home sales in Magnolia resemble those in early summer, but sales have dropped from 2010.
The number of pending and closed sales for July and August in Magnolia appear to be in step with the previous two months, with a steady inventory of single-family residences (SFR) and condos for sale, according to the Northwest Multiple Listing Service (NWMLS).
The NWMLS cited that short-sales and bank-owned properties are part of the inventory but do not dominate the active Magnolia market, although of those properties that are currently in a pending status, close to 40 percent are either listed as short sales, bank-owned or bankruptcy sales.
Since July 1 through Aug. 31 of this year, there have been 51 closed sales (44 SFRs and seven condos) ranging in sales prices of $120,000 to $1,835,000. Of these sales, none were were listed on the MLS as short sales, and five were listed as bank-owned properties.?Of the SFRs, three sales were for more than $1 million.
For these closed sales, the cumulative days on market (CDOM) ranged from 1 to 761 days – these numbers do not reflect further analysis of individual properties’ previous histories of cancellations or expirations.
As of Sept. 12, there were a total of 45 pending sales (SFR and condos) ranging in price from $125,000 to $1,250,000. Of these pending sales, 14 are listed on the MLS as short sales, two bank-owned and two are bankruptcy sales.
Also as of Sept. 12, there were a total of 79 SFRs and 27 condos available for sale in Magnolia as listed in the NWMLS, ranging in price from $109,000 to $6,750,000. Twenty-eight of these properties are listed at prices of more than $1 million.
Looking at closed sales for SFRs in Magnolia in July of this year as compared to July 2010 as compiled by Rainier Title, there was a 39 percent decrease in the number of closed sales of SFRs, with the median sales price down by 10 percent from $591,950 to $531,836.
? Content provided by?Whitney Mason, Coldwell Banker Bain Associates