If you are thinking of selling or buying Seattle homes for sale this year, it is crucial to work with an experienced Seattle realtor. We can’t stress this enough as we have mentioned it in almost every market blog. 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 the entire process seamlessly. It is truly the best thing you can do for a successful Seattle real estate experience. Not only that, but we use current market stats such as days on market and sold prices to help buyers and sellers when it comes to making a competitive offer as well as trying to attract one. So how is the Seattle real estate market doing? Let’s take a look!
The good news for sellers is that the median and average sold prices have gone up! The average sold price for Seattle homes for sale is up 13% at $757,404 and the median sold price for homes for sale in Seattle is up 16.4% at $675,000. These are both up compared to this time last year as well as last month. The average price per square foot has gone up 12.1% at $464, also up from last month too. Meanwhile the percentage of list price is still at 105.4%. This last number is used to determine your negotiation power when it comes to homes for sale in Seattle. It also tells us that homes, on average, are going for above asking. Which is not news as this has been the case for quite some time.
Inventory has decreased across the board. The available number of Seattle homes for sale has gone down by 12.5%. New listings are also down 1.4%, pendings are down 1.2% and closed sales are down 6.7%. The average days on market is 17 while the median is 8. The month supply is still at a 1. We have been sitting at this number for the past couple months now. A balanced market needs 6 months and anything less than 4 is considered a seller’s market. If you are a seller, prepare your listing appropriately ahead of time by packing up, de-cluttering, cleaning and selling items as the likelihood of your home getting an offer fast, is high. If you are buying, be prepared to make an offer fast too. This is not the kind of market where you can sleep on anything or take too much time to mull things over.
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 order 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. For more information, give us a call. We’d be happy to help!