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 figure out 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 14.3% from this time last year at $964,795 AND up from $955,692 just last month. The median sold price is up 13.7% from last year at $836,000 and up from last month’s $825,000. The average price per square foot is up 12.2% compared to this time last year at $452. However, this is actually the exact same as last month. The average percentage of list price is up 0.8% at 103.6%, which is actually unchanged from last month as well. This number indicates your negotiation power which 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 23 for the average. If you are selling, be prepared to move fast and as a buyer, be prepared to make an offer quickly.

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 21.1%. Magnolia, Seattle homes for sale are up 15.6% while pending sales are up 19.3% and closed sales are up 16.8%. We love seeing an increase in inventory, especially because not all of the local neighborhoods can report this. Unfortunately, the current month supply remains at a 1.3, which is unchanged for the last four months now. 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. If you are interested in more information, feel free to give me a call. I would be happy to help!