Magnolia, Seattle Real Estate Update

Whether you are looking to buy or sell Magnolia, Seattle real estate, knowing the current market conditions is the difference in having a successful real estate transaction. As a seller, you want to rest assured that you listed at market value. An over priced home for sale in Magnolia, Seattle can sit and “grow stale”. Generally, if a home is active for too long, potential buyers will overlook it as they assume there is something wrong with it. After all, if there wasn’t, it would have sold already. Not exactly accurate, but this is why Seattle realtors stress the importance of listing at market value. Additionally, you don’t have to worry about leaving money on the table. As a buyer, you want to feel confident in your purchase and that you didn’t overpay. Truthfully, Magnolia, Seattle real estate is all about making sure both parties got what they wanted for the price they wanted. So how is our local neighborhood doing? Let’s take a look.

The good news for sellers is that the sold price for homes for sale in Magnolia, Seattle have gone up. The median sold price is $751,000 while the average sold price is $893,353. The average percentage of list price is up 0.2% at 103.1, which means that in most scenarios, Magnolia, Seattle real estate is going for over asking. Pending sales are up 20% and closed sales are up 7%. The good news for buyers is that new listings are up 17.5%. This is a little bit of relief to buyers looking to purchase a home for sale in Magnolia, Seattle. Although, unfortunately, while the month supply is up 27% from this time last year, it is still very low with a 1.4 month supply. If you are not sure what month supply is, this determines what kind of market we are in. A balanced market needs a 6 month supply, which we are not even close to. Sellers would stand to gain from listing right now as there is absolutely buyer demand. In order for buyers to have success in this competitive market, it is crucial for them to work with a local Seattle realtor. As a long time Seattle realtor since 1989, I can help you navigate this market whether you are buying or selling.