Magnolia Seattle Real Estate Update

When listing or buying homes for sale in Magnolia, Seattle, it is important to know what the neighborhood market conditions are. No matter what side of the transaction you are on, things like days on market, average and median sold price and percentage of list price can help you have a successful Magnolia, Seattle real estate experience. As a seller, you can use the local comparable sales as a way to come up with an appropriate list. When you list according to the local Magnolia, Seattle real estate values, you can rest assured your home will sell quickly. As a buyer, you can use this info to create a competitive offer. Which is so important in our local market as homes for sale in Magnolia, Seattle are pending in record time. The best place to get this information is from a Magnolia, Seattle realtor. An experienced, local professional is the best resource to find out what is happening when it comes to Magnolia, Seattle homes for sale. Let’s take a look at how our neighborhood is doing!

When it comes to listing Magnolia, Seattle homes for sale, now is a great time! The good news for sellers is that the average and median sold price is up compared to this time last year. The average is up 13.1% at $955,692 and the median is up 12.2% at $825,000. The average price per square foot is up 13.3% at $452. The average percentage of list price is up 0.9% at 103.6%. This number indicates your negotiation power. This basically means that homes for sale in Magnolia, Seattle are going for not only the full amount of the asking price, but over on average. Days on market are 8 for the median and 22 for the average. If you are selling, be prepared to move fast and as a buyer, be prepared to make an offer just as quick.

Now that we have covered the financial aspect of this report, let’s look at the inventory. If you are a buyer and you were starting to feel frustrated, I have some good news for you as well. New listings are up 17.2%. Although down slightly from last month, any increase in this department is welcomed news. Magnolia, Seattle homes for sale are up 10.9% while pending sales are up 19.2% and closed sales are up 20.1%. While we love all this increase in activity, the month supply is still incredibly low at 1.3. We have been sitting at this number for the past few months. Us Magnolia, Seattle realtors look for a 6 month supply in order to consider the market balanced. Anything less than 4 is considered a seller’s market, which we are clearly in. The best piece of advice I can give anyone looking to buy or sell in this neighborhood is to work with a qualified Magnolia, Seattle realtor who knows the neighborhood. Not only do we act as a guide, but we help you navigate the entire process from start to finish and beyond. Not to mention, someone who has been working in this neighborhood for a while will be the first to know of properties that are coming on the market soon. This inside knowledge could get your offer to the top of the pile as a buyer. If you are interested in more information, feel free to give me a call. I would be happy to help!