Magnolia, Seattle Real Estate Update

If you are looking to buy or list Magnolia Seattle homes for sale, being aware of the current market conditions is key to a successful transaction. As a seller, you can pick a list price that is appropriate for the market. As a buyer, you get an idea of the ball park number of what you can expect to spend for a certain neighborhood. Additionally, you will find out what the percentage of list price is (which basically indicates what type of negotiation power you have), how many days before Magnolia Seattle homes for sale get an offer, and more. These details can guide both parties in attracting a competitive offer as well as making one. Of course, choosing a qualified Magnolia Seattle Realtor is most important. 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 14.1% and is currently at $948,215, which is up from this time last year AND last month! The median sold price is up 6.7% at $799,950, once again up from this time last year and last month. The average price per square foot is up 12.9% at $445. 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. While sellers may rejoice with this news, buyers definitely have their work cut out for them. The littlest increase in price can impact your buying power. The good news for buyers if that new listings are up 16% compared to this time last year as well as last month. The overall Magnolia Seattle homes for sale are up 8.7%, pending sales are up 24.1% and closed sales are up 20.3%. Unfortunately, the month supply is still sitting at 1.3, which it has been at for the past few months. 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. 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.