In 2017, the median single-family home price of $946,000 in Queen Anne and Magnolia, highest among all eight areas of Seattle, was just 5.8 percent greater than the 2016 median price of $894,100. Due to comparatively few annual sales in these desirable neighborhoods (772 in 2017), selling volume was $846.2 million—least among the city’s affluent northern areas.
Yet single-family home transactions in Queen Anne and Magnolia were up by 14.5 percent, to 772 from 674. Moreover, the numbers of these sales were progressively higher year over year for the first three quarters of 2017: up by 12.2 percent in the first quarter, 19.3 percent in the second, and 33.9 percent in the third. As in the rest of Seattle, listings sold quickly, with quarterly medians of no more than ten cumulative days on market throughout the year.
The single-digit increase in the single-family home selling price was influenced by year-over-year declines in the third quarter at and above the 75th-percentile price. However, prices at and below the median rose steadily throughout 2017, with double-digit increases in the fourth quarter year over year.
These dynamics were reflected in the differences in prices by bedroom counts between Queen Anne/Magnolia and Central Seattle—an emergent pricing phenomenon in those communities since 2014. While buyers were offering more for premium single-family homes in Central Seattle, the prices of four- and five-bedroom homes in Queen Anne and Magnolia were comparatively lower (by 4.2 percent and 3.3 percent, respectively) as premium prices there were declining or flat.
Meanwhile, as entry-level prices in Queen Anne/Magnolia were rising, two- and three-bedroom homes were selling for respectively 7.0 percent and 4.1 percent more than their Central Seattle equivalents.
2017 AT A GLANCE
Median Home Price:
Home Sale Volume: