By Whitney Mason, Coldwell Banker Bain Associates
The fourth quarter of 2011 for real estate sales in Magnolia appears to be mirroring the general state of real estate city and countywide without any significant departure from previous months.
However,?inventory continues to?decrease as compared to?the previous couple of years,?with steadily?increasing numbers of short sales and bank-owned properties in the mix.
Since Oct. 1?through Dec.?31 of?2011,?there were 65 closed sales (55 SFRs and?10 condos) ranging in sales prices of $98,000?to $2,700,000. Of these sales, nine were listed on the MLS as short sales, and?seven were listed as bank-owned properties – roughly one-quarter of the?sales. Of the sold SFRs, three sold for more than $1 million.
For these closed sales, the cumulative days on market (CDOM) ranged from two days to?351 days – these numbers do not reflect further analysis of?individual properties’ previous histories of cancellations or expirations.
As of Jan. 5, there were a total of 40 pending sales (SFR and condos) ranging in price from $112,000 to $975,000. These include 13 short sales and five bank-owned properties as listed on the NWMLS, making up 45 percent of these sales.
Also as of Jan. 5,?there were a total of 56 SFRs and 12 condos available for sale in Magnolia as listed in the NWMLS, ranging in price from $114,950 to $4,975,000, with 24 of the SFR properties listed at?more than $1 million.
Information in this story was compiled using statistics from Northwest Multiple Listing Service.