With recent reports naming Seattle real estate the number #1 market for 2018, there are currently a lot of eyes on what is happening locally. With so much economic growth and a high number of new residents looking for housing daily, knowing our current conditions is absolutely crucial. As a seller, you must price accordingly, regardless of who has control of the market. As a buyer, you need to make a competitive offer. In a market as tight as ours, making your offer stand out against the others is more important than ever. When you know what the current sold prices are along with month supply, days on market, etc. you can successfully do both of these things. First and foremost, you should select a qualified Seattle Realtor. As a Seattle realtor who has worked with the top Seattle brokerage since 1989, I have the ability to act as my clients advocate while advising on the market using knowledge based on both the past and present market conditions. So how is our Seattle real estate market doing? Let’s look at the stats.
According to the Northwest MLS, the average and median sold prices have gone up. This is great news for sellers as it means that they can sell their home and likely make a good profit. While every home varies, the average sold price is up 10.7% at $721,555 while the median is up 14.2% at $636,000. The average price per square foot is up 9.7% at $440. I wish I could report good news for buyers as far as the amount of new listings available, but the number is down 3.6% while the amount of homes for sale in Seattle is down 16.9% compared to this time last year. Pending sales have seen a very slight decrease at 0.1% and closed homes for sale in Seattle are down 0.8%. The median days on market is down to just 8 while the average is 19. While we are on the topic of decreases, the month supply is down 16.7% at 1. As I have discussed in other blogs, a balanced market needs a 6 month supply. So currently, aligning yourself with a qualified Seattle realtor is necessary for success in this market. If you have more questions, feel free to reach out. I would be happy to help!