Seattle Real Estate Market Update

The Seattle real estate market has been making headlines across the nation because of low inventory, high housing demand and a rapidly growing economy. With no signs of slowing down anytime soon thanks to the continued influx of people moving to the region every single day, it is not shocking that our little area of the Pacific Northwest has been making the news all over the United States. As a result, the current Seattle real estate market is incredibly competitive right now making it a fabulous time for seller’s to list their real estate in Seattle. On the flip side, it is a tough time for buyers trying to get into a home for sale in Seattle. Whether you are buying or selling, the use of a qualified Seattle realtor is necessary. As a seller they can help you pick the appropriate list price as well as get your home ready for the market. If you are a buyer, working with an experienced Seattle realtor will help you in a few ways. First, they will have good working relationships with other brokers, which can aid in making a strong offer. Second, they will know of properties that haven’t yet hit the market, but will. Which means, you have a good chance of taking a tour before anyone else knows about it. In addition to these two perks, they are able to guide you every step of the way using their expertise. So how is the current Emerald City market looking? Let’s take a look.

Both the average and median sold price is up, which sellers will be happy with. The median is up 13.7% at $614,000 while the average is up 10% at 698,870. New listings in Seattle and homes for sale in Seattle are both down. Luckily, the decrease is minimal. New listings in Seattle are down 0.8% and homes for sale in Seattle are down 13%. Pending sales are up 3.6% and closed sales are up 4.1%. The percentage of list price (which helps determine your negotiation power) is at 104.2%. This basically means, on average, real estate in Seattle is getting over asking. The median days on market is currently 8 days while the average days on market is 26. Basically, homes are moving quickly. Which isn’t shocking given that the month supply is at a 1 right now. In order for a market to be considered balanced, there needs to be a 6 month supply. With a market this tight, be sure you have chosen a long time Seattle realtor to help you navigate it. For more information on real estate in Seattle, give us a call!