Last week's scheduled economic reports included the Case-Shiller 20 and 20-City Index reports, pending home sales data released by the National Association of RealtorsÂ® and the scheduled post-meeting statement of the Federal Reserve's Federal Open Market Committee. This week's economic calendar includes reports on consumer spending, core inflation and consumer spending. July readings on Non-Farm Payrolls and the national unemployment rate will also be released along with regularly scheduled weekly reports on new jobless claims and mortgage rates.
Queen Anne and Magnolia are among the most attractive, desirable neighborhoods in the Greater Seattle area. Both of these areas offer the combination of the feel of a small, idyllic environment and a proximity to downtown Seattle. Residents of these neighborhoods enjoy the best of both worlds: they get to reside in a quiet, pleasant atmosphere with all sorts of cultural attractions, but also have easy access to an urban center with all the various things such a place has to offer. Both of these areas are ideal for commuters; many employees of Amazon, Microsoft and other large corporations make one of these two neighborhoods their home.
Though both of these areas have plenty to offer, how do they stack up against other areas in the Greater Seattle region in terms of home price trajectory? Have these areas shown significant gains in recent years? These are important questions which every prospective homebuyer in the Greater Seattle region should ponder. This is true even for those who do not intend to resell their home in the near future. As we know, home values can affect a multitude of things, such as the availability of home equity loans, rental prices to outside tenants, and so forth. In this post, we’d like to take a look at some recent data on home price trajectories for both of these areas.
Price Trends in West Queen Anne
For the purposes of simplicity and precision, we will restrict our discussion on Queen Anne to West Queen Anne. This is the area which arguably offers the best possible real estate in the entire Queen Anne area. Kerry Park, the park which offers one of the best panoramic views of Seattle’s downtown skyline, is located in the West Queen Anne area. Price trends in the West Queen Anne area have gone in a positive direction over the past year. According to Zillow, the median home value in West Queen Anne is currently $1,056,100; this represents an increase of 3.4% from where the median home value was 1 year ago. Zillow predicts that this positive trend will continue, with the median home value rising by a factor of 2.6% over the course of this next year.
In terms of list price per square footage, West Queen Anne compares favorably to the Greater Seattle area as a whole. The current median list price per square foot in West Queen Anne is $625, compared with the general Seattle average of $521. Again, this relatively high price per square footage can be attributed to West Queen Anne’s desirable features and its closeness to downtown Seattle.
Recent data from Redfin present a favorable picture for sellers in West Queen Anne. Over the last month, West Queen Anne has seen an average home sales price of $1.12 million, higher than the median home value for the area. This figure of $1.12 million also represents an increase of 2.2% from where things stood 1 year prior. The average sales price per square foot in West Queen Anne over the last month was $627, a 9.8% increase from 1 year ago. Based on these facts, we can conclude that the real estate which is on the market in this area is selling well. Sellers are not having to adjust per square foot prices below the current average per square foot values for West Queen Anne as a whole.
Price Trends in Magnolia
Magnolia boasts some of the most impressive views of downtown Seattle, as well as some of the most attractive homes. Based on the data we have, home values in the Magnolia area appear to have dipped a bit during this last year. According to Zillow, Magnolia home values have declined by 0.6% from last year. However, Zillow predicts that home values in this region will rise by a figure of 0.9% in the coming year, and so home values will rebound to a slightly above where they were previously. Given these data, it’s fair to say that home values in Magnolia have remained relatively consistent. The median home value in Magnolia is an impressive $936,100, which is above the median for Seattle.
At the moment, Magnolia seems to be a bit of a buyer’s market for those homes which are up for sale. The current median list price per square foot is $500, which is actually below the general Seattle average of $521. This of course reflects the quality of the real estate which is currently on the market, but it’s still valuable data considering all of the perks which the Magnolia area has to offer.
According to Redfin, the average sales price for a Magnolia home over the course of the last month is $850,000. This represents a 7.4% decline from the average sales price of 1 year ago. What’s more, Redfin also posts an average sales price per square foot in Magnolia of $465, representing an even greater decline of 12.2% from the previous year. Keep in mind, these are data on sales, and so they offer only limited insights on the Magnolia market as a whole. The market is limited to what is available. Also, these data don’t necessarily reveal anything about the real estate in Magnolia altogether, only the real estate which has recently been sold. Furthermore, the Magnolia market currently has a wide range of real estate available – from $300,000 to homes with listing prices of over $2 million – and so these sales facts can’t tell the whole story of what’s happening.
Related Article: How to Choose the Right Neighborhood in Seattle When Buying a House
Summing Things Up
To summarize, median home values in both West Queen Anne and Magnolia are well above the median for all of Seattle. Median home values have risen in West Queen Anne over the past year and are expected to continue to rise over the next year. Listing prices per square foot in West Queen Anne compare well with general Seattle averages, and over the past month selling prices per square foot have likewise been quite healthy. Median home values in Magnolia fell only slightly over the past year, but are expected to rise slightly in the coming year. In comparing the two neighborhoods, Magnolia appears to be more a buyer’s market, with median listing prices per square foot hovering around $500 (according to Zillow), well below the median value for Magnolia altogether. If you’re looking to buy, Magnolia appears to be the easier neighborhood to break into. Contact our Mortgage Experts to learn more or Get Pre-Approved Now!
This guest post was written by Jorgen Olson on behalf of Adam E. Cobb of Windermere Real Estate in Edmonds, WA. Find out more about Adam’s work by visiting https://adamcobb.com/.