State of the Market in Queen Anne and Magnolia - January 2012

The real estate market in Seattle, Washington neighborhoods of Queen Anne and Magnolia appears to be shifting from a Buyer's Market to a Balanced Market. The supply of homes is low and the demand is rising. When comparing January of 2007 to January of 2012 the median home price is up 1%. With home prices lower and mortgage interest rates around 4%, in King County the monthly mortgage payment is less expensive than the monthly rent for the average home.

Home Values Up 14%!!!

How much have the home values in your neighborhood appreciated since 2004?

Given all the negative news about the real estate market, one may not know that the median home value in central and north Seattle appreciated 14% since 2004!!! Above shows appreciation for the neighborhoods of Queen Anne, Magnolia, East Lake, Capital Hill, Madison Park, Ballard, Fremont, Wallingford, Green Lake, University District, Ravenna, Bryant, Wedgewood and many more...

Keep in mind this is comparing the first 6 months of 2004 to the first 6 months of 2011. If one purchased a home after 2004 the picture may not be as rosy. However, the image above shows that real estate is a solid invest for those who intend to buy and hold. Below is more information about the real estate market since 2004.

In 2004 the median home value was $397,5000. In 2007 it peaked at $555,000 and in 2011 it was $453,000 which was roughly the same as in 2005. The graph shows that median home values are trending up since 2009 which is a good sign.

In 2004 the average home that sold was on the market for 35 days. Compared to 51 in 2011. The graph shows that the number of days on market is trending down since 2009 which is a good sign. A market time of 45 days is consider healthy

In 2004 over 2,000 home sold in the first 6 months of the year. In 2011 just over 1,300 sold. The graph shows that the number of home sold is trending up since 2009 which is a good sign.

If bought and held real estate in central and north Seattle is a good investment.

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.

Queen Anne and Magnolia Home Values

The median priced home in Queen Anne and Magnolia neighborhood of Seattle in January was $475,000 and the average was $608,075. The median value is the lowest since 2005.

33 homes sold and 48 homes were pending in January.