Real estate figures for Queen Anne and Magnolia have not improved since February, according to Managing Broker with John L. Scott Real Estate John Madrid.
Based on numbers from the Northwest Multiple Listing Service, he said it was another difficult month for Queen Anne and Magnolia with prices down significantly compared to the same time last year, as well as being down from the numbers last month.
He’s cautiously optimistic, however, pointing out that the market is still in the “balanced” range at 4.28 months of inventory on the market.
Buyers in the region have plenty of homes to choose from, although selection has tapered down compared to a year ago, according to a NWMLS press release on March real estate activity for Western Washington.
“In fact, some urban core neighborhoods, such as Greenlake, Queen Anne and West Bellevue, are seeing very strong demand, and a waning supply of desirable homes for sale,” said President and COO of Coldwell Banker Bain Mike Grady in the NWMLS press release.
Overall, the current real estate statistics give reason for optimism when considering this year’s lack of the federal tax credits used by home buyers last year, said Grady.
“Most real estate professionals will be happy to move past the year-over-year comparisons that have been made the first few months of 2011, as they reflect the boost given home sales by last year’s Homebuyer Tax Credit,” said Grady. “Home sales are now standing on their own — without the benefit of incentives — and the market is actually behaving quite typically.”
NWMLS Director and President of Windermere Real Estate Company OB Jacobi agreed that the market is doing remarkably well without a stimulus.
“Considering that this time last year there was a rush of buyers trying to beat the tax credit deadline, to have the number of sales off just slightly points towards a strengthening market,” said Jacobi in the NWMLS press release.