2015 Queen Anne & Magnolia Real Estate Market in Review

Seattle’s real estate market was one of the first to recover from the recession, due to the growth and strength of Seattle’s job market. As Seattle’s economy has continued to grow, more people are drawn to the area. As the nation climbed out of the recession, Seattle’s recovering home values kept inventory low, and a combination of low interest rates and job growth kept the pool of buyers strong. This was the beginning of Seattle’s hot real estate market. For the past few years, Seattle’s market has been near the top of every national “hot market” list; 2015 was no exception!

Now we are post-recession and in most Seattle neighborhoods, values have surpassed pre-recession values. Queen Anne and Magnolia continued to be among the most desirable neighborhoods due to their proximity to Downtown and South Lake Union. For 2016, these areas’ desirability is projected to continue as the influx of jobs to the area remains and potentially increases! This is great news for home values and potential sellers, but will likely mean a continuation of multiple-offer bidding for buyers. Here is a re-cap of the Queen Anne and Magnolia real estate markets in 2015:

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Queen Anne Median Sales Price: $799,950 (Median Sales price in 2014 was $731,000)

 Magnolia Median Sales Price: $731,475 (Median Sales price in 2014 was $667,000)




In 2015, listing inventory was significantly lower than in 2014. Every month saw a lower level of listings when compared to the same month the previous year. The most dramatic dip was July, which was down by 53%. There are many contributing factors to 2015’s drop in listing volume. In general, it can be attributed to two primary considerations. The first is rather simple: more people are moving into the area than out of it. Second, many homeowners who would like to sell are opting to wait out of fear of entering the competitive market as a buyer. One reason for this is that many homeowners need to sell in order to purchase a new property. This market is not conducive to added contingencies, like a home-sale contingency. As a result, many feel unable to successfully enter the market as a buyer.


In 2015, the combination of low listing inventory and high levels of demand caused most homes priced under $1 million to sell in fewer than 30 days. Many sold in less than a week (see below).


The second impact of low inventory and high demand was that many properties received offers from multiple buyers. The frenzy of buyers resulted in offers that escalated above listed prices. As a result, the majority of single-family listings sold for above the listed price (see below).


In keeping with traditional economic models, the result of low supply and high demand is a market where values increase. In 2016, we can expect to see a continuation of high levels of demand, and therefore expect the competitive market atmosphere of 2015 to continue.

Mortgage Rates Expected to Rise in 2015

Experts believe that with national economic growth projected at 3.3% this year and unemployment figures expected to fall, we should also expect to see a mortgage rate increase during 2015.

After the financial market crash, we have had 6 years of record low mortgage rates.  For years now, the financial world has been abuzz with speculation of how long these low rates will last.  Despite the debate, most experts agree that rates will begin to go up in 2015.  How much rates are expected to rise is where the experts are divided.

Current rates for a 30-year fixed are hovering just below 4%.  Some expect to see that figure rise to around 4.75% by the close of 2015, while others estimate that they will rise as high as 5%.

What will an increase mean to end consumers?  On a $500,000 mortgage, a rate increase from 4% to 4.75% would increase the borrower’s potential monthly mortgage payment by $221.

Although rates are expected to increase, lets keep things in historical perspective.  Rates were around 6% leading up to the recession and have averaged just over 8.5% since Freddie Mac began tracking them in 1971.  So even with the expected increase, 5% is still very low.

This modest rate increase isn’t expected to have a significant impact on buyers’ demand.  This is good news for sellers because we can expect to see housing inventory increase this year as well, since most areas of Seattle have recovered or surpassed their pre-recession values.  Although buyer demand remains high, buyers can expect 2015 to have fewer multiple-offer frenzies than the past two years, bringing some formerly discouraged buyers back in the hunt.

No matter who you are, 2015’s projections are positive.  Buyers can take advantage of continuing low rates and sellers can expect the competitive market to result in short market times and strong offers from prospective purchasers.

Seattle PI article featuring Sam Konswa on the upcoming neighborhood of South Lake Union

Three big new words in Seattle real estate: ‘South Lake Union’

Look through home listings in Seattle these days and one phrase appears way more than it used to: “South Lake Union.”

It’s not just that the urban neighborhood has a lot more homes than it used to. Residences in adjacent neighborhoods, such as Belltown, Queen Anne and Eastlake, increasingly boast about their proximity to South Lake Union.

So do homes in such further-away places as Magnolia, Phinney Ridge, Wallingford, Fremont and Capitol Hill.

South Lake Union has gained the sort of cachet long associated with Downtown Seattle and other popular neighborhoods, such as Capitol Hill, Fremont and Ballard.

No more than 100 listings a year mentioned South Lake Union until 2013, when mentions exploded to 277, according to Redfin. This year, mentions have surged to 433.

Why? In a word, Amazon, which has established its headquarters in South Lake Union.

“The South Lake Union area is exploding with job growth,” said Windermere Real Estate agent Patrick Corr, who recently mentioned proximity to South Lake Union in a listing on the south side of Wallingford. “I want the incoming buyers to be aware that the north end of Lake Union is very convenient to their jobs.”

Sam Konswa, of Queen Anne Real Estate, reported that Amazon employees make up at least half the people seeking $1 million homes in Queen Anne, three-quarters of those seeking $1.5 million homes and 90 percent of those shopping for homes priced at $2 million and up.

While Amazon is South Lake Union’s biggest catch, the neighborhood also has drawn other employers, such as Group Health, Fred Hutchinson Cancer Research Center, University of Washington Medicine, the architecture firm NBBJ and global health nonprofit PATH.

People searching for homes near the neighborhood include employees of those companies and investors looking to rent to area workers, according to Redfin agent Ben Hitchins, who lives in South Lake Union.

Another big reason so many listings outside of South Lake Union mention the neighborhood is that South Lake Union itself has a limited selection of places to live.

Developers have erected plenty of apartments there in recent years. And a bunch of condo buildings went up before the real estate bust. But supply of both is tight. And forget about a single-family house.

“Many of the homebuyers I represent work in South Lake Union but are searching for single-family homes in city neighborhoods such as Green Lake, Magnolia and Queen Anne,” Hitchins said. “They mostly want a little bit of space, a yard and some sort of neighborhood feel. But they still want to be able to get to South Lake Union.”

Amazon’s growing presence is a “double-edged sword,” Konswa said. “On the positive side you have tremendous buying power, and a huge pool of qualified buyers with very ample resources. On the other side, because they are all concentrated from one company, if Amazon slows down the area will definitely see the effects that may have.”

Customer Service at its Best

A wonderful review from a client.

Excellent, professional, above and beyond expectations! Sam listened, put energy into the pursuit of the right house, always answered our calls promptly, advised us well, and we felt we could trust him, because he is a person of integrity. Sam listened to what we wanted and needed. After having a different home fall through (when Sam was not our agent), and after looking for some time, we were ready to give up until spring. Sam persevered. He heard about this house that fit the description of our needs and called us. He encouraged us to pursue it, even though we were faint-hearted. His faith was strong when ours was weak. We are so thankful to the lord and for Sam who was his instrument in our lives to pull it all together.

M.C. Seattle, WA

New Listing and Open House this weekend!

1055 W Wheeler St Seattle, WA 98119

Perched perfectly on three corners with massive views of Puget Sound & Olympic mountains!! First time on the market in over 40 years. Completely updated with amazing finishes and perfect floor-plan. Three bedrms, 2 sink bath, office and view deck with Hot Tub all upstairs. Stunning Living room with two sets of French door on either side of fireplace. New kitchen, view sun-room with wood burning fireplace, patio are just few features of this unbelievable home. Close to everything we love on QA!

Open House this weekend Saturday April12-13th from 1-4pm Hosted by Sam Konswa 206-972-4045

Queen Anne Real Estate’s Featured Listings & Upcoming Open Houses

Queen Anne Real Estate currently has some exciting listings that we would like to bring attention to. Each of these listings are available for showings and if you have any further questions or need any futher information please feel free to contact Queen Anne Real Estate at 206-217-0900 or email us at info@queenannerealestate.com. You can also always feel free to come by our office at 1823 Queen Anne Avenue North Seattle, WA. Queen Anne Real Estate always has agents available to discuss your housing needs! Each of our agents offers expertise in the various neighborhoods throughout Seattle.

We also have three open houses happening this Columbus Day weekend!

Open House # 1:
Date and Time of Open House:
Saturday, October 6th from 1:00pm-4:00pm and Sunday October 7th from 1:00pm-4:00pm.
Property Address: 1940 9th Ave W Seattle, WA
Agent Hosting Saturday Open House: Ken Graff  Contact: 206-498-7818
Agent Hosting Sunday Open House: Mark Reys  Contact:  206-383-7547

For more information on this property please visit this link: http://www.queenannerealestate.com/index.cfm?fuseaction=listing-home&startrow=3&cfid=8250135&cftoken=67279991

Open House # 2:
Date and Time of Open House: Saturday, October 6th from 1:00pm-4:00pm
Property Address: 2806 13th Ave W Seattle, WA
Agent Hosting Open House: Mark Reys   Contact: 206-383-7547

For more information on this property please visit this link: http://www.queenannerealestate.com/index.cfm?fuseaction=listing-home&startrow=1&cfid=8250135&cftoken=67279991

Open House # 3:
Date and Time of Open House: Saturday, October 6th from 1:00pm-4:00pm
Property Address: 22 W Lee Street, Condo # 601, Seattle, WA
Agent Hosting Open House: Garrett Kaiser   Contact: 206-403-3586

For more information on this property please visit this link: http://www.queenannerealestate.com/index.cfm?fuseaction=listing-home&startrow=1&cfid=8250135&cftoken=67279991

Queen Anne Real Estate’s Featured Listings! (You can request a showing at any of these properties through our website or by calling our office at 206-217-0900):

Featured Listing # 1:

Property Address: 1940 9th Ave W Seattle, WA- DON’T FORGET OPEN HOUSE THIS SATURDAY, OCTOBER 6th AND SUNDAY, OCTOBER 7th FROM 1:00pm-4:00pm!

Marketing Remarks

Stunning Puget Sound and Olympic Mountain views! Three bedrooms and two baths all upstairs & two car garage are just few features of this incredible home. Amazing floor plan perfect for today’s lifestyle. The yard is a gardener’s dream with three separate sitting areas. Very well maintained throughout with lots of storage. Completely fenced yard. Close to shopping, dining, coffee shops and ten minutes to downtown Seattle.


Bath Off Master, Ceiling Fan(s), Double Pane Storm Windows, Dining Room, High Tech Cabling, Jetted Tub, Security System, Vaulted Ceilings, Walk-in Closet

Featured Listing # 2:

Property Address: 2806 13th Ave W Seattle, WA- DON’T FORGET OPEN HOUSE THIS SATURDAY, OCTOBER 6th FROM 1:00pm-4:00pm

Marketing Remarks

Stunning home with an amazing, picture perfect backyard. 3 master bedroom suites, completely updated chef’s kitchen with breakfast bar & double oven, spacious, light filled living room with fireplace & formal dining room—the most perfect floor plan for entertaining. Large finished basement with kitchenette, office, family room and/or bonus room. French doors lead to a wonderful outdoor space that features beautiful landscaping, partially covered deck, patio, hot tub & fire pit.


2nd Master Bedroom, Bath Off Master, Ceiling Fan(s), Double Pane Storm Windows, Dining Room, French Doors

Featured Property # 3:

Property Address: 22 W Lee Street, Condo # 601, Seattle, WA- DON’T FORGET OPEN HOUSE THIS SUNDAY, OCTOBER 7th FROM 1:00pm-4:00pm

Marketing Remarks

Located in historic Queen Anne and voted by Seattle Magazine 2009 the best place to live! Close to shopping, dining and coffee shops. Best unit in the building! Amazing corner unit on top floor. Stunning water and mountain views. 1752 SqFt, 2 master suites, office and half bath. Huge gourmet kitchen w/custom cabinetry, granite counters and SS appliances. Air conditioning, two private patios, secure garage with two deeded parking and oversized storage. Less than 10 min to Downtown Seattle.

Additional Information

  • Taxes$7,399
  • HOA Dues$423
  • View Sound, Mountain
  • Exterior Brick, Stucco
  • Fireplaces1 Fireplace
  • Heating/Cooling Central Air, Forced Air
  • Roof Flat Roof
  • Flooring Ceramic Tile Floor, Wall to Wall Carpet
Featured Property # 4:
Property Address: 1211 8th Ave W Seattle, WA

Marketing Remarks

Unobstructed Puget Sound & Olympic Mountains views…very rare 7200 sq/ft lot size and one bedroom apartment on the top of two car garages makes this home incredibly desirable. Located on the most coveted part of Queen Anne, Southwest corner and West Highland drive. Watch the sunset like you have never seen it! Amazing opportunity to build your dream home or simply remodel. Minutes to downtown Seattle and short blocks to restaurants, coffee shops, parks and everything we love on Queen Anne!

Additional Information

  • Taxes$1,449
  • View Sound, Mountain, Golf Course
  • Lot Size 0.17 Acre (7,200 SqFt)
  • Garage Size2 Car
  • Exterior Wood
  • Heating/Cooling Radiator
  • Roof Composition Roof
  • Flooring Wall to Wall Carpet

Featured Property # 5:

Property Address: 1535 Magnolia Blvd, Seattle, WA

Marketing Remarks

Sophisticated brick classic in a beautifully landscaped Blvd setting. Striking entry leads to an open living/dining plan, culminating in a knockout kitchen w/ custom cabs, high-end appl’s & distinctive granite. Luxurious main-flr master retreat w/private deck, newly renovated, 5pc bath & large walk-in closet. 2nd floor (lower) boasts a fabulous family rm w/party kitchen, 2 large BRs & full BA. Private patio & sunny backyard w/raised beds. Add’l guest ste, library, office & shop/artist retreat.


2nd Kitchen, Bath Off Master, Double Pane Storm Windows, Dining Room, French Doors, High Tech Cabling, Security System, Walk-in Closet

Featured Property # 6:

Property Address: 3617 35th Ave W

Marketing Remarks

Reduced by $50,000. Stunning four bedroom home with character hardwoods located on a quiet, tree-lined street. This exquisite home includes over $200,000 in upgrades and additions and features an elegant entry, light filled living room, dual master bedrooms, an incredible cooks kitchen with top of the line Miele, Liebherr, and Wolf appliances, and spacious downstairs family / entertainment room complete with wet bar and wine fridge. An additional finished room makes a perfect playroom or study.


Wet Bar, 2nd Master Bedroom, Wine Cellar, Double Pane Storm Windows, Dining Room, High Tech Cabling, Hot Tub/Spa, Security System

Additional Information

  • Property Description Cable TV, Dog Run, Partially Fenced, Gas Available, Hot Tub/Spa, RV Parking, Shop, Sprinkler System
  • Taxes$4,838
  • View Territorial
  • Lot Size 0.14 Acre (6,000 SqFt)
  • Garage Size1 Car
  • Exterior Wood
  • Heating/Cooling Baseboard
  • Roof Composition Roof, See Remarks on Roof
  • Flooring Ceramic Tile Floor, Hardwood Floor, Wall to Wall Carpet

Housing Market Today

Curious about the housing market in Queen Anne and Magnolia?

Our current ad in the Queen Anne & Magnolia Newspaper focuses on the average prices of residential homes and condominiums in Queen Anne and Magnolia. We also discuss record low interest rates and how people are taking advantage of them. Click the image to learn more and to view our upcoming properties!

Happy Holidays!

Wishing all of you a very safe and happy holiday!

Holiday Magic!

Join us for Queen Anne’s annual Holiday Magic on Queen Anne Avenue. Enjoy live music, treats, holiday crafts and more from participating business in Queen Anne. Queen Anne Real Estate will have popcorn and holiday crafts! We hope to see you!

Positive Thinking

The real estate market is something that seems to be continually discussed among all of us these days. While we all know the current market isn’t as thriving as in past years, there is still positive, and  perhaps reassuring, news. According to a recent Zillow report and the Seattle PI, “U.S. home values posted the smallest quarterly decline in more than four years in the second quarter, while Seattle-area prices actually rose.” Compared to last quarter, Seattle’s home prices are up just over 1%. Yes, it’s only 1%, but it’s 1% in the right direction, and we can hope for it to continue that way.  The market may be tough, but it’s definitely not impossible.