Seattle Real Estate Update

If you are thinking of selling or buying Seattle homes for sale this year, you are entering one of the toughest markets for a buyer and one of the best for a seller. Regardless of where you sit, it is crucial to work with an experienced Seattle realtor. A local professional knows the various neighborhoods and the current trends and can act as your advocate and guide you through the entire process seamlessly. We take great pride in making sure our clients are well educated and use details like days on market, average and median sold price, month supply and more to help our sellers adequately prepare while our buyers have the tools to make an enticing offer. A Seattle realtor is truly the best resource for a successful Seattle real estate experience.  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 compared to this time last year and just last month.  The average sold price for Seattle homes for sale is up 13.5% at $766,439. The median sold price for homes for sale in Seattle is up 16.2% at $680,000. The average price per square foot has gone up 12.4% at $470, also up from last month too. Meanwhile the percentage of list price is still at 105.4%, which it has been for the past few months. This number is used to determine your negotiation power when it comes to homes for sale in Seattle. It also informs us that homes, on average, are going for above asking.

Inventory has decreased across the board in almost all categories except new listings. Those have seen a 1% increase. Not much, but we’ll take anything. The available number of Seattle homes for sale has gone down by 8.9%. Pendings are down 0.7% and closed sales are down 5%. The average days on market is 17 while the median is 8, which hasn’t changed from last month. Seller’s, use this to prepare yourself before you list and get thinks packed, tossed, donated and ready to vacate. Buyers, note that homes are moving fast which means you do not have time to sleep on it. Blink and you will miss it. The month supply is still at a 1, also unchanged from the past several months. To understand the importance of this number, a balanced market needs 6 months and anything less than 4 is considered a seller’s market.

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!