As one of the hottest markets in the nations dives into 2018, we may be starting a new year, but we are starting it off with 2017 trends. The Seattle real estate market is still seeing increased prices and low inventory. If you are thinking of selling or buying Seattle homes for sale this year, it is crucial to work with an experienced Seattle realtor. While sellers and buyers have their work cut out for them, the best thing you can do for success is aligning yourself with a local professional who knows the various neighborhoods and their current trends. Using current market stats such as days on market and sold prices can help both buyers and sellers when it comes to making a competitive offer as well as trying to attract a competitive offer. The best resource for this information is a Seattle realtor. So how is the Seattle real estate market doing? Let’s take a look!
The good news for sellers is that median and average sold prices have gone up! The average sold price for Seattle homes for sale is up 12.5% at $739,037 and the median sold price for homes for sale in Seattle is up 15.2% at $651,000. The average price per square foot has increased 10.6% at $450. Meanwhile the percentage of list price is up 1.7% at 105.1%. This number is used in determing your negotiation power when it comes to homes for sale in Seattle.
Now that we have covered the finances, lets look at the inventory. The available number of Seattle homes for sale is down 16.7% at just under a 1,000. New listings are also down 3.1%, pendings are down 0.9% and closed sales are down 3.8%. The average days on market is 18 while the median is 8. If you are buying, be prepared to make an offer fast. If you are a seller, prepare your listing appropriately ahead of time by packing up, de-cluttering and selling items as the likelyhood of your home moving quickly is high.
If you are interested in buying in King County, working with an experienced Seattle realtor is going to make the difference. As a seller, they will exhaust all marketing efforts to attract a qualified buyer and top dollar. As a buyer, they are going to help you craft a competitive offer that sellers will find enticing. With so many properties getting so many offers, you want yours to stand out in the crowd.