Your Queen Anne Market Report for January 2020 with 2019 Market Summary

I hope you all had a wonderful Holiday season and were able to take a break from work for a few days to relax and re-group! Now, let’s jump right in and look at a summary of the homes sold on Queen Anne for 2019. This data comes from the NWMLS and does not include condominiums or multi-family dwellings and contains only single family homes on the Hill that sold in 2019.

In looking at the data above, the first thing you will notice is that statistically there was no average appreciation during 2019 from 2018. I am flabbergasted at that number because I know many homes did appreciate last year. I know my raw data from the NWMLS is correct and complete. One factor in this lower average appreciation number is there were 65 homes that sold for less than $1M which is 28% of the total annual sales; a number larger than most previous years. This larger percentage has worked to counteract any increase in the average sold price of all homes sold. It is related to the significant number of price reductions homes have had this year before going into escrow. Another indicator is to look at the median sold prices between the two years. The median, as you probably know, is the price that an equal number of homes on the Hill sold for above and below that $1.265M median. This number does indicate a small gain of about 1% in price over last year. Please see attachment for all of the 234 homes that sold on the Hill last year with the details of each. (The computations have been made by the MLS computer so no chance of mathematical error on my part if you happen to be wondering that!)

At present, we have only 5 active homes listed for sale on the Hill.  This number will be increasing over the next three months as we approach spring and prices begin to rise once again with increasing demand. BTW, the grand prize for the home that sold for most over list price in 2019 goes to 2120 2nd Avenue West, a fixer on a large lot in a wonderful location listed at $1M and sold for $1.250M. Last year, 45 homes sold for more than list price although many of them sold for just slightly more. With a strong local and national economy, I am confident we will see more appreciation in prices this year. Also, the state excise tax on the sale of a home has actually gone down for homes at $1.5M or less. Over $1.5M it has doubled. “A man’s money is never safe when the legislature is in session”-Mark Twain.

View Full Report Here

And that’s the way Steve sees it… Don’t forget to have a little fun every day.

Posted on January 19, 2020 at 2:33 am
Stephen Hicks | Category: Homeowner, Market News | Tagged , , , , ,