Uncategorized August 1, 2018

Seattle Real Estate Market Update

If you are looking to list or buy homes for sale in Seattle, WA, the two things to do to get started are finding a Seattle Realtor and letting them inform you on what is happening in the Seattle Real Estate Market. As a buyer, you can understand your position in the market and use that to craft a competitive offer. As a seller, you can price according to market value which ensures you have a shortened market time and get the most money at resale. When you pick a qualified and professional Seattle Realtor to represent you, you can rest assured that no matter what side of the transaction you are on, you have an advocate that is skilled and able to guide you throughout the process. Additionally, a Seattle Realtor will be able to give you an update on the Seattle Real Estate Market. Details like days on market, average and median sold prices for homes for sale in Seattle, month supply and more can give you the details needed for a successful experience. So how is the Seattle Real Estate market doing? Let’s take a look!

As far as the average and median sold prices for homes for sale in Seattle goes, prices are up from this time last year and last month. The average is up 14% at $794,844 and the median is up 14.3% at $700,000. The average percentage of list price is currently 104.5%, which is up from this time last year but actually down a little bit from last month. Of course, this number still suggests that on average, folks are getting over asking. In order to understand this number, you should chat with your Seattle, WA realtor, but in a nutshell, it determines your negotiation power.

As far as inventory goes, the amount of Seattle homes for sale is up 4.1% (good news for buyers!) while the amount of new listings is actually up 5.4% (also good news for buyers!). Closed sales are down 5.3% and pending sales are down 3.%. The month supply is currently at a 1 and unchanged from last year. While a lot of news outlets have shared that Seattle’s market may be cooling a bit for the first time since 2016, the reality is that inventory is still very low. To put this number in perspective, anything 6 or over is considered balanced while anything less than 4 is a seller’s market. The median days on market for Seattle homes for sale is 8 while the average is down to 17. This has been consistent for the past couple months.

If you are looking for a Seattle Realtor or Seattle homes for sale, feel free to give our team a call. We would be happy to help!