There are several important factors you should consider before you refinance your mortgage this year, including current rates and your financial situation.
Seattle is home to a number of amazing neighborhoods, including Queen Anne and Magnolia. Both of these areas are highly sought after, but how much do homes cost? We’ll discuss this in more detail in this article.
In This Article:
- Price Trends in West Queen Anne
- Price Trends in Magnolia
- Summing Things Up
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 $1,136,589; this represents an increase of 8% from where the median home value was 1 year ago.
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 $573, compared with the general Seattle average of $517. 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 also presents a favorable picture for sellers in West Queen Anne. Redfin describes the area as somewhat competitive, with some homes getting multiple offers and most homes going pending in as little as 8 days. Hot properties can sell for 1% over the listing price and sell in as little as 2 days.
The average sales price per square foot in West Queen Anne over the last month was $587 according to Redfin, a 6.9% 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 have increased during this last year. According to Zillow, Magnolia home values have increased by 10.4% from last year.
However, like West Queen Anne, Zillow predicts that home values in this region will remain stagnant over the coming year. Given this data, it’s fair to say that home values in Magnolia have remained relatively consistent. The median home value in Magnolia is an impressive $1,112,465, which is far above the median for Seattle.
At the moment, Magnolia seems to be a seller’s market for those homes which are up for sale. The current median list price per square foot is $532, which is higher than the general Seattle average of $517. 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.
Keep in mind that 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 both West Queen Anne and Magnolia over the past year, and are expected to continue increasing over the next 12 months.
Both neighborhoods appear to be sellers’ markets, with median listing prices per square foot hovering just under $600 (according to RedFin).
Need a Mortgage to Finance a New Home Purchase?
If you’re in need of a home loan, Sammamish Mortgage can help. We are a local mortgage company serving the Pacific Northwest region including Washington, Idaho, Colorado, and Oregon. We have been providing several mortgage programs with flexible qualification criteria to borrowers since 1992. Please contact us if you have any questions or are ready to apply for a mortgage.