The average sold price has gone up 12.4% and is currently at $942,847, which is up from this time last year but down from last month. The median sold price, however, is up 7.5% from last year at $806,500 and up from last month. The average price per square foot is up 13.9% from last year at $450. The average percentage of list price is the same as last month at 103.4%. This number indicates a buyer’s negotiation power. This basically means that homes for sale in Magnolia Seattle are going for not only the full amount of the asking price, but over on average. Like the rest of Seattle, this is due to high demand and low inventory. While sellers may rejoice with this news, buyers definitely have their work cut out for them. The littlest increase in price can impact your buying power. The good news for buyers is that new listings are up 21.1% in this neighborhood compared to this time last year. The overall homes for sale in Magnolia Seattle are up 13.3%, pending sales are up 19.8% and closed sales are up 17.9%. Unfortunately, the month supply is still sitting at 1.3, which it has been at for the past few months. Magnolia Seattle real estate is still very much in a seller’s market as we need a 6 month supply in order to be considered balanced. Whether you are looking to list or buy Magnolia Seattle homes for sale, working with a Magnolia Seattle realtor who knows what is happening in the market is crucial. This information can help guide your decisions which has a huge impact on whether or not your experience is a success. As long time Magnolia Seattle realtors, we would be happy to give you more information on our neighborhood.
Magnolia Seattle Real Estate Update
Posted on December 26, 2017 at 7:00 pm Scott, Molly, Sarah, Kimberlee & Kelsey: The Shutes Team