With recent reports claiming Seattle real estate will be the number #1 market for 2018, there is a lot of discussion surrounding our current real estate conditions. Thanks to rapid economic growth and a large number of transplants looking to call the Pacific Northwest home, knowing the current conditions is crucial for success. As a seller, regardless of the market, you must price accordingly. As a buyer, you need to write a competitive offer that stands out. In a market as tight as ours, that is actually more important than ever. When you know certain details like what the sold prices are along with price per square foot, month supply, days on market, etc. you can successfully do both of these things. First and foremost, you should always work with a qualified Seattle Realtor. As Seattle realtors who have been working with the top Seattle brokerage since 1989, we have the ability to act as our clients advocates while advising on the market using knowledge based on both the past and present market conditions. So how is our Seattle real estate market doing? Let’s look at the stats.
According to the Northwest MLS, the average and median sold prices have increased. This is great news for sellers as they will likely make a profit at resale. While every home varies, the average sold price is up 10.7% at $721,555 while the median is up 14.2% at $636,000. The average price per square foot is up 9.7% at $440. We wish we could report good news for buyers as far as the amount of new listings go, but the number is down 3.6% while the amount of homes for sale in Seattle is down 16.9% compared to this time last year. Pending sales have seen a very slight decrease at 0.1% and closed homes for sale in Seattle are down 0.8%. The median days on market is down to just 8 while the average is 19. While we are on the topic of decreases, the month supply is down 16.7% at 1. As we have discussed in other blogs, a balanced market needs a 6 month supply. So currently, aligning yourself with a qualified Seattle realtor is necessary for success in this market. If you have more questions, feel free to reach out. We would be happy to help!