Median real estate selling prices in Seattle’s Magnolia community are coming off a three year low and in February of 2012 and since bottoming out have started trending upward in mid-February continuing into mid-April.
The listing prices of single family houses coming on the market are priced close to the median selling price of $568K. The inventory level of available homes for sale reached a three year high in February 2012 driving selling prices to a three year low followed by decreasing inventory levels. Buyers took notice of the inventory shortage and started competing for the dwindling listings which caused selling prices to rise.
Typically the inventory of available homes for sale will peak in May and along with buyer activity which is illustrated in the sales cycle for 2009, 2010 and for a brief period in the spring of 2011 when rising prices of new homes coming on the market helped slow down the buying activity and inventory levels started to increase.
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