Uncategorized January 30, 2018

Magnolia, Seattle Real Estate Update

When listing or buying homes for sale in Magnolia, Seattle, it is helpful to know what the current market conditions are. Whether you are a buyer or a seller, things like days on market, average and median sold price and percentage of list price can help you have a successful Magnolia, Seattle real estate experience. As a seller, you can use the local comparable sales as a way to come up with an appropriate selling price. When you list according to the local Magnolia, Seattle real estate values, you can rest assured your home will move fast. As a buyer, you can use this info to your benefit as a way to inspire a competitive offer. This is so important in our local market as homes for sale in Magnolia, Seattle are pending in record time. The best place to get this information is from a Magnolia, Seattle realtor. An experienced, local professional is the best resource to find out what is happening when it comes to Magnolia, Seattle homes for sale. Let’s take a look at how our neighborhood is doing!

When it comes to listing Magnolia, Seattle homes for sale, now is the best time! The average and median sold prices have gone up compared to this time last year. The average is up 13.1% at $955,692 and the median is up 12.2% at $825,000. The average price per square foot is up 13.3% at $452. The average percentage of list price has increased 0.9% at 103.6%. This number basically indicates your negotiation power and tells us that homes for sale in Magnolia, Seattle are going for not only the full amount of the asking price, but over on average. Days on market are 8 for the median and 22 for the average. If you are selling, this information prepares you by letting you know you’ll have to move fast. As a buyer, be prepared to make an offer just as quick!

Now that we have covered the financial aspect of this report, let’s look at the inventory. If you are a buyer and you were starting to feel frustrated, we have some good news for you. New listings have increased by 17.2% while the amount of Magnolia, Seattle homes for sale have gone up 10.9%. Pending sales are up 19.2% and closed sales are up 20.1%. While we love all this increase in activity, the month supply is still very low at 1.3. Which is the number we have been sitting at for the past few months. Us Magnolia, Seattle realtors look for a 6 month supply in order to consider the market balanced. Anything less than 4 is considered a seller’s market, which we are clearly in. The best piece of advice I can give anyone looking to buy or sell in this neighborhood is to work with a qualified Magnolia, Seattle realtor who knows the neighborhood. We help you navigate the entire process from start to finish and beyond. If you are interested in more information, feel free to give us a call. We would be happy to help!