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.