for some reason, i have it in my head that magical realism is meant to be self-contained, one novel and then you're done. because to make a series is to imply that there are consistency things to consider going back to the previous book(s), and for whatever-the-hell crappy reason, i have it in my head that consistency is almost besides the point in a MR book. can someone please steer me straight on this one? because that CAN'T be right, but my brain is fighting me a little bit on this.
Haruki Murakami's 1Q84 comes to mind as a magical realism book series [trilogy]. The thing with Murakami though is that he isn't that preoccupied with consistency or even closure, so there's that to consider. So it's been done, and it's a great series, but maybe there's indeed a bit of incompatibility if you think with the traditional 'genre' book saga model [like the one used in fantasy/sci-fi] with tons of lore, cliffhangers between books, etc. and try to apply that to the Magical Realism genre.