The Shutes team is kicking off 2018 in one of the hottest markets in the nation and we are just as busy as we were in 2017. Unfortunately for buyers, it isn’t “new year, new me”. We are beginning 2018 with some of 2017 trends: high prices and low inventory. While we are expected to get more inventory in the last half of 2018 and prices are expected to level out, the first 6 months are still tough on buyers. If you are thinking of selling or buying Seattle homes for sale this year, it is crucial to work with an experienced Seattle realtor. It is truly the best thing you can do for a successful Seattle real estate experience. When you align yourself with a local professional who knows the various neighborhoods and their current trends, you can rest assured that you have an advocate on your side who can guide you through seamlessly. Not only that, but we use current market stats such as days on market and sold prices to help both buyers and sellers when it comes to making a competitive offer as well as trying to attract a competitive offer. So how is the Seattle real estate market doing? Let’s take a look!
The good news for sellers is that median and average sold prices have increased! The average sold price for Seattle homes for sale is up 12.5% at $739,037 and the median sold price for homes for sale in Seattle is up 15.2% at $651,000. The average price per square foot has gone up 10.6% at $450. Meanwhile the percentage of list price is up 1.7% at 105.1%. This number is used to determine your negotiation power when it comes to homes for sale in Seattle.
Now that we have covered the finances, lets take a look at the inventory. The available number of Seattle homes for sale has decreased by 16.7% at just under a 1,000. New listings are also down 3.1%, pendings are down 0.9% and closed sales are down 3.8%. The average days on market is 18 while the median is 8. If you are a seller, prepare your listing appropriately ahead of time by packing up, de-cluttering and selling items as the likelyhood of your home moving quickly is high. If you are buying, be prepared to make an offer fast.
If you are interested in buying Seattle real estate, working with an experienced Seattle realtor is going to make the difference. For our sellers, we exhaust all marketing efforts in our effort to attract a qualified buyer and top dollar for your home. As a buyer, we are going to help you craft a competitive offer that sellers will find enticing. With so many properties getting so many offers, you want yours to stand out in the crowd.