The Queen Anne real estate market continued to favor home buyers last month, said Managing Broker with John L. Scott Real Estate John Madrid.
“February was a tough month for home sellers in Queen Anne and Magnolia, with prices down significantly from February of last year,” said Madrid.
The figures given by Madrid, which were processed from Northwest Multiple Listing Service data and posted on his blog, can be compared to last month’s here.
In Queen Anne and Magnolia, the overall months of inventory is 5.7 months, which is up from 4.84 last month, according to Madrid’s figures. This makes selling homes a little more difficult, but this is still in the range of a “balanced market,” according to Madrid, which is much better than the figure from this same time last year.
“This is a big improvement from the over 9 months of inventory on the market in February 2010,” said Madrid, adding that homes are moving quicker due to more competitive house pricing. The average number of days on the market fell from 80 last year and 67 last month to 56 days in February.
Home prices were relatively flat compared to last month, with mean prices slightly down and median prices slightly up. The number of homes closed in February, 27, is down from January’s 33, but is up by two from last year’s figure.