Magnolia condos Feed

It's a Seller's Market: Seattle Condo March 2013 Update

I took a look at March 2013 data and pretty much every neighborhood has the same story.  Sales up. Median prices up.  Inventory flat.  

If you were one of those condo investors waiting for the market to pick up to avoid having to have a unit sit on the market too long, your time may have come.  You'll not reap huge windfalls from a pricing point of view but you'll certainly see some action and at a price that's considerably more than you would have gotten a year ago.

In terms of neighborhoods, Belltown/Downtown and Queen Anne/Magnolia both had almost double the units sold in March as they did in Feb but number of listings available was either flat or down versus February.  

 

Seattle Condo Sales MOM

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Seattle Condo Market Update: Soft Landing for the Winter

November 2012 data are in.  Here's some key takeaways and of course, the charts.

  • After several year-over-year thumpings of monthly 2011 sales, November 2012 was higher than November 2011...but only by ~15% (versus the ~30% advantages we saw in September and October year-over-year comparisons).  Perhaps the we're finally settling in for our winter hibernation.
  • Median prices for Seattle overall saw a soft landing, slightly higher than November 2011 but considerably lower than the banner October 2012 numbers ($245K versus $275K).
  • At the neighborhood level Belltown/Downtown remains the most solid overall with sales almost as high as October 2012, median prices up 10% month over month, and inventory still tight.   

 

Seattle Condo Sales MOM

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September 2012 Condo Sales Stronger than Expected

I finally got around to analyzing the September Seattle condo sales data!  Below are some interesting observations and those beloved charts.

  • Last year we saw a drop in sales from August to September of over 20%.  
  • This year we saw as many sales in September as we did in August.
  • Prices are holding steady.  Median prices have been exactly $250,000 for the last three months.
  • Inventory continues to be tight at about 40% fewer listings than September 2012.
  • Capitol Hill / Madison / Central saw the biggest strength with sales jumping 35% versus the previous month.

So overall, we saw a nice September with some encouraging signs that the Seattle condo recovery continues to plod forward.

 

Seattle Condo Sales MOM

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July 2012 Seattle Condo Market Conditions: Queen Anne / Magnolia Power Ahead

July 2012 market data is in.  Here's what you need to know and a bunch more.

  • July 2012 saw 40% more sales than July 2011 showing continue evidence of a gradual recovery.
  • Median prices came in at $250K (within the $235-$270 range we've been seeing since March).
  • Inventory continues to shrink with only 576 units on the market, the lowest number of condos on the market in the last 6 months.
  • While most of the neighborhoods had a seasonally expected dip, Queen Anne/Magnolia actually had a month-over-month increase of 25% in condo sales (compared to a 50% decrease in over the same period in 2011).

 More charts and data below 

Seattle Condo Sales Y-O-Y

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Promenade- Magnolia

The Promenade, an eighteen-unit condo is the most recent conversion project in Magnolia.  The building is located one block away from Magnolia's Discovery Park (3855 34th Ave W) and features studios, one bedrooms, and two bedrooms with parking for each unit.  Prices range from $149,000 to $249,950.  The project team is counting on the low price point to draw buyers after the tax credit has expired.  The developer is also offering additional cash incentives ($5,000) to the first set of buyers as a way to extend the credit.

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