Uncategorized October 31, 2017

Magnolia, Seattle Real Estate Monthly Update

The average price for homes for sale in Magnolia, Seattle has gone up 13.9% and is currently at $933,027, which is up from this time last year and even a little bit from last month! The median sold price is up 7.9% at $783,000, once again up from this time last year and last month. The average price per square foot is up 12.3% at $439. This is good news for sellers as it means the value on their home for sale in Magnolia, Seattle real estate has likely increased. Also up are a majority of the other categories we follow: New listings are up 15.7%, homes for sale in Magnolia, Seattle are up 11.1%, pending sales are up 20.8% and closed sales are up 17.9%. This is interesting as some of the other neighborhoods in our area/King County in general have seen a decrease in a few or more of these categories as prices continue to climb. Now the good news for buyers is that our month supply has increased 8.3% from this time last year, although it is no different than last month at 1.3. 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. The average percentage of list price is 103.4%, which indicates a buyer’s negotiation power. This basically means that homes are going for not only the full amount of the asking price, but over. This is due to high demand and low inventory resulting in bidding wars and homes getting well over the asking price. Whether you are looking to list or buy a home for sale in Magnolia Seattle, working with a Magnolia Seattle realtor who knows what is happening in the market is crucial. As long time Magnolia Seattle realtors, we would be happy to give you more information.