If you are thinking of buying or selling Seattle, WA real estate, knowing what the current market conditions are can have a very positive impact on your experience as both a buyer and a seller. As a buyer, you get a good idea of what you can expect to spend. As a seller, knowing things like the average and median sold price will help guide you in picking a listing price that is appropriate for the current market. In addition to knowing how to work that magic number, you get a good idea of how long homes for sale in Seattle, WA are spending on the market, who has the negotiation power (this is indicated by percentage of list price), the month supply (which determines if the market is in favor of the seller or the buyer) and more. Of course, working with a qualified Seattle, WA realtor that can guide you throughout the entire process makes a big difference. You will need someone who is well versed in the local market, as well as someone who acts as your advocate in case things don’t go as planned. In a competitive market like the one we are experiencing today, this is big! So how is Seattle, WA real estate doing? Let’s take a look!
The median sold price for homes for sale in Seattle, WA is up 14.5% at $629,950 while the average sold price is up 10.5% at $713,604. These numbers are not only up from this time last year, but also just last month. The average price per square foot for real estate in Seattle, WA is up 9.3% at $434. Also up from this time last year, and up from last month, although only by a couple dollars. The average percentage of list price for homes for sale in Seattle, WA is 104.7% which is up minimally at 1.3%. This stat indicates your negotiation power and currently, on average, homes for sale in Seattle, WA are not only getting full price, they are getting over. This is likely due to the fact that we are dealing with a month supply of 1, which is down 16.7% compared to this time last year but has stayed the same since last month. A Seattle, WA realtor looks for a 6 month supply in order to consider the market “balanced”. To further prove that point, new listings are down 4.6% while homes for sale in Seattle, WA are down 16.7%. Pending sales are up, but only by 1.5% and closed sales have had no change. The median days on market is 8 while the average days on market for Seattle, WA real estate is 20. This means real estate in Seattle, WA is moving fast, making it more important than ever to work with a qualified Seattle, WA realtor. If you are looking to buy or sell, give us a call. We would be happy to help!