Queen Anne and Magnolia - State of the Market Update

When comparing February of 2012 to past years, more home buyers entered the market with 54 pending listings. This is up from 38 in January.

Month to month closed sales remained flat with 25 home closed. While the number of active listings moved up slightly from January but remains low when compared to prior years. The average days-on-market for a home to sell was 116 days. Up significantly from January. The absorption rate was at 4.92% making a 5 month supply of homes. Normal is 6 months.

When comparing the number of active listings to the number of pending a ratio can be created. This is a good indicator of what home buyers are doing and how active the market is. The ratio of active and pending listings in February moved up to 46%. The ratio for the 2nd week of March was 67%. This is a sign that the market is shifting from a Buyer’s Market to a Seller’s Market. The supply of homes on the market is low and the demand is on the rise.

Keep in mind, these statistics are averages. Some price ranges are more active than others. The hottest price range is $450,000 to $500,000. While the market is slow above $1.25 million.
In the last 6 years the median home price has moved down 15% to $475,000.

As I mentioned last month, home values and mortgage interest rates are low. The monthly mortgage payment for a home has become much more affordable.

Which homes are selling in Queen Anne and Magnolia?

In a previous post about homes in north Seattle I spotlighted what price ranges are most active. It is important information if one is considering buying or selling a home, because the real estate market is different at different price points.

Think of it like the weather. The weather for the state of Washington on a given day will be different than the weather in Seattle. The weather in Seattle may be different if you are on the waterfront vs. in land.

Which homes are selling in Queen Anne and Magnolia? At different price points the market acts differently. The most active price point in the last six months were the 35 homes that sold from $350,000 to $400,000. While the market for homes priced above $700,000 was much slower.

Which homes sold the quickest? Below is a graph that shows the number of days on market (DOM) for homes in many price ranges. In the price range of $500,000 to $550,000 there were 26 homes that sold with an average DOM of 21 days! WOW! That's a hot market!

As it shows above, for those who own homes in active price points now is a good time to sell. Plus there are also some excellent opportunities for home buyers looking in non-active price points.

Seattle New Construction Permits

While listening to the national news today I kept hearing the headline, "New Home Sales Stall." However, if one drives around Seattle, Washington one may come to a different conclusion because of all the holes in the ground where new homes are being built.

For example, when looking at the neighborhood of Queen Anne there have been approximately 23 new construction permits issued so far this year. It seems like a building boom!

The real estate market is like the weather. It is important to pay attention to what is happening locally. I believe Seattle is bucking the national trend.

West Queen Anne Home Appreciation

In the Seattle, Washington neighborhood of West Queen Anne (zip code 98109) home values have appreciated 3.5% since 2004. Below is graph that compares the median home value for the first six months of each year since 2004.

New Listings in Queen Anne and Magnolia

In the last week there have been 14 homes newly listed in the neighborhoods of Queen Anne and Magnolia. Below are six homes that looked interesting. See the link at the bottom of the page for more details.

11 Smith St, Seattle 98109
MLS#: 268378
Price: $469,900
Year Built: 1910
Beds: 3
Baths: 1.75
SF: 2,500
Marketing Remarks: Wonderful Queen Anne location! Charming, well-maintained craftsman with lots of updates. Spacious and bright living room with gleaming fir floors, huge formal dining room off kitchen with eating area and butler's pantry. Three generous bedrooms upstairs, renovated bath with original claw foot tub. Extra room on lower level with plenty of storage and space to expand. Updated plumbing and electrical, and fresh interior paint. Off-street parking.

2612 32nd Ave W, Seattle 98199-3222
MLS#: 268614
Price: $475,000
Year Built: 1951
Beds: 3
Baths: 1.75
SF: 2,820
Lot Sz: .157 ac/6,846 sf
Marketing Remarks: Beautifully Maintained and updated Mid-Century home on large lot with gorgeous private back yard retreat. 3 beds on main, 1 3/4 baths, newer kitchen, roof, bath & heating system. Close to shops, schools, stores & community pool. Huge family/recroom with cosy fireplace, spacious laundry room, loads of storage, office in extra finished room, basement garage with work space, sprinklered front yard and much more.

2855 13th Ave W, Seattle 98119
MLS#: 266547
Price: $525,000
Yearr Built: 1946
Beds: 4
Baths: 3
SF: 2,620
Lot Sz: .122 ac/5,319 sf
Marketing Remarks: Charming exterior masks the spacious interior. Fully updated w/contemporary flare. Chef’s kitchen w/granite, SS appliances and sun-drenched eating area. Perfect layout w/ great room concept. Spacious master suite fills the entire upper level w/ complete privacy, lovely westerly views & his/hers closets. Lower level media rm and guest bedrm. Sip a drink on the oversized patio under the old apple tree. Move in ready w/new landscaping, paint, roof, windows and more. Don't let this one slip away!

3015 W Viewmont Wy W, Seattle 98199
MLS#: 266261
Price: $765,000
Yr Blt: 1930
Beds: 5
Baths: 2.75
SF: 3,100
Lot Sz: .146 ac/6,380 sf
Marketing Remarks: Romance is back! 5-bedroom/3 bath brick Tudor home on Magnolia's Millionaire's Row. Market priced with tons of space & level fenced yard. Old world charm abounds with original oak floors, stunning fireplace & stained glass. Granite kitchen & stainless steel appliances open to a charming family room. Gas heat & hot water. Master with own bath & private deck with Olympics & Sound views + 2nd upstairs bedroom for nursery or study. 2 bedrooms & bath on the main, guest suite & media room on lower.

2807 W Viewmont Wy W, Seattle 98199
MLS#: 267719
Price: $1,950,000
Yr Blt: 1928
Beds: 6
Baths: 3.25
Lot Sz: .294 ac/12,793 sf
Marketing Remarks: Pure elegance in this restored 1928 classic sited on an expansive corner lot with panoramic Sound, Olympic and Island views from most rooms. Lovely formal spaces include a sun room, kitchen, family room that opens onto an entertainment size deck overlooking the views and gardens. The master suite includes a dressing room/closet, 5 piece bath and opens onto a private patio. 4 bedrooms upper floor.

1419 8th Ave W, Seattle 98119
MLS#: 268114
Price: $1,995,950
Yr Blt: 1993
Beds: 4
Baths: 2.25
SF: 4,270
Lot Sz: .209 ac/9,107 sf
Marketing Remarks: Sweeping, unobstructed views on all 3 levels lift your soul. Reflects the best of the neighborhood's craftsman charm, w/ a light-filled, airy, updated floorplan & many modern conveniences. Featured in Home Magazine! Woven throughout all 3 levels are rich architectural details: box beam ceilings the living/dining rms, ribboned hardwood floors, & mullioned transoms on the windows. Kitch w/ granite counters/cherry cabinets. Incredible view decks for outdoor entertaining! Rare double lot!

Click the following URL to see the Listings: http://www.matrix.nwmls.com/DE.asp?ID=3247381539

Click here to search for listings.

Queen Anne and Magnolia Residentual Home Values

Queen Anne and Magnolia home values are trending up from the low in March of this year. In July the median home value was $548,000 and the average was $655,035, which is an increase of 17% and 24% from March. However, it is a decrease of 10% and 1% from July of 2010.

The number of homes sold is up significantly from the February. While the number of pending sales is showing signs of declining which is typical for this time year.

Queen Anne and Magnolia Home Values

From January to May home values in the Seattle neighborhoods of Queen Anne and Magnolia have been slowly increasing. However when comparing May of 2010 to May of 2011 both the median and average home price is off by 15%. So far 2011 has been a tough year on home prices in Queen Anne and Magnolia.

The number of pending and closed homes sales were strong in May with 57 homes pending and 51 homes closed.

Queen Anne/Magnolia Home Values

The home values continue to slide in the Seattle neighborhoods of Queen Anne and Magnolia in March with a median of $469,500 and an average of $528,457. High end homes sales were suffering in these neighborhoods because the pending and average home value are so close together. The NWMLS lists only 5 homes closing with a price of over $800,000 in March (View Listings).

Pending and closed homes sales rose with 60 homes pending and 36 closed.

Queen Anne and Magnolia Home Values

Home prices in the Seattle, Washington neighborhoods of Queen Anne and Magnolia rose slightly in February. The median and average home price was $510,000 and $595,719.

27 homes sold while 43 are pending. Spring is here so homes sales will likely begin to improve.

Statistics provided by the NWMLS.