If you are thinking of listing or purchasing Seattle, WA real estate, knowing what the current market conditions are can have a very beneficial impact on your experience as both a seller and a buyer. As a buyer, you know a general idea of what to expect as far as an offer price goes. As a seller, knowing things like the average and median sold price will help guide you in picking an appropriate listing price. In addition to knowing how to work that magic number, you can get a good idea of how long properties are spending on the market, what the percentage of list price is, the month supply (what kind of market you are in) and more. Of course, working with a qualified Seattle, WA realtor that can guide you throughout the entire transaction also makes a big difference. You will need someone who is well versed in the local market, as well as someone who acts as your advocate in case things get complicated. In a competitive market like the one we are experiencing today, this is incredibly crucial! So how is Seattle, WA real estate doing? Let’s take a look!
The median sold price is up 14.5% at $629,950 while the average sold price is up 10.5% at $713,604. These numbers are not only up from this time last year, but also just last month. The average price per square foot for real estate in Seattle, WA is up 9.3% at $434. Also up from this time last year, and up from last month, although only by a couple dollars. The average percentage of list price for Seattle, WA real estate is 104.7% which is up minimally at 1.3%. This stat indicates your negotiation power and currently, on average, homes for sale in Seattle, WA are not only getting full price, they are getting over. This is likely due to the fact that we are dealing with a month supply of 1, which is down 16.7% compared to this time last year but has stayed the same since last month. A Seattle, WA realtor looks for a 6 month supply in order to consider the market “balanced”. To further prove that point, new listings are down 4.6% while homes for sale in Seattle, WA are down 16.7%. Pending sales are up, but only by 1.5% and closed sales have had no change. The median days on market is 8 while the average days on market for Seattle, WA real estate is 20. This means homes for sale in Seattle, WA are moving fast, making it more important than ever to work with a qualified Seattle, WA realtor. If you are looking to buy or sell, give me a call. I would be happy to help!