Magnolia, Seattle Real Estate Monthly Update

If you are looking to purchase or sell Magnolia Seattle Real Estate, being aware of the current market conditions is key to a successful transaction. As a seller, you get a good idea of what is a market appropriate list price, how many days a home is sitting on the market as well as what kind of market you are in. As a buyer, you get an idea of the average and median sold prices (aka a ball park number of what you can expect to spend for a certain neighborhood) as well as the percentage of list price (which basically indicates what type of negotiation power you have). Of course, whether you are buying or selling Magnolia Seattle Real Estate, choosing a qualified Magnolia Seattle Realtor is key. They can not only help you navigate the current market, but also be your guide throughout the entire process. So, how is this neighborhood doing this month? Let’s take a look.

The average sold price has gone up 13.9% and is currently at $933,027, which is up from this time last year and even a little bit from last month! The median sold price is up 7.9% at $783,000, once again up from this time last year and last month. The average price per square foot is up 12.3% at $439. This comes as good news for sellers as it means the value on their home for sale in Magnolia, Seattle real estate has likely increased. Also up are a majority of the other categories we follow: New listings at 15.7%, homes for sale at 11.1%, pending sales at 20.8% and closed sales at 17.9%. This is interesting as some of the other neighborhoods in our area/King County in general have seen a decrease in a few or more of these categories as prices continue to climb. Now the good news for buyers is that our month supply has increase 8.3% from this time last year, although it is no different than last month at 1.3. Magnolia Seattle real estate is still very much in a seller’s market as we need a 6 month supply in order to be considered balanced. The average percentage of list price is 103.4%, which indicates a buyer’s negotiation power. This basically means that homes are going for not only the full amount of the asking price, but over. This is due to high demand and low inventory resulting in bidding wars and homes getting over the asking price. Whether you are looking to list or buy a home for sale in Magnolia Seattle, working with a Magnolia Seattle realtor who knows what is happening in the market is crucial. This information can help guide your decisions which have a huge impact on whether or not your experience is a success. As a long time Magnolia Seattle realtor, I would be happy to give you more information.