Magnolia, Seattle Real Estate Update

If you are buying or selling homes for sale in Magnolia, Seattle in the upcoming months, you have come to the right spot! When listing or buying Magnolia, Seattle homes for sale, it is crucial to be “in the know” on the current market conditions. Whether you are a buyer or a seller, stats such as sold prices, days on market, and percentage of list price can help you have a successful Magnolia, Seattle real estate transaction. As a buyer, you can use these details to your benefit by creating a competitive offer. As a seller, you can use these details to not only come up with a market appropriate list price but also prepare your home according to how fast properties are moving. When you list according to the local Magnolia, Seattle real estate values, you can rest assured your home will move fast. 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!

In regards to the financial aspect of the current stats report, Magnolia, Seattle homes for sale are up compared to this time last year, but are down a bit compared to just last month. Currently, the average sold price is at $982,969 (an 11.2% increase from last year at this time!) and the median is up 13.4% at $850,500 (unchanged from last month). The average price per square foot is up 12.3% at $466. The average percentage of list price has increased up to 104.1%. This number was sitting still for a couple months. This number is used to understand 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 0.8% (we will take it!) while the amount of Magnolia, Seattle homes for sale have gone up 2.1%. Pending sales are up 7.6% and closed sales are up 6%. While we love all this increase in activity, these numbers aren’t too different from last month. The month supply is still very low at 1.2, 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 we 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!