Seattle Real Estate Update

If you are thinking of listing or buying homes for sale in Seattle, knowing the current market conditions is super important. Even more so, 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. Aligning yourself with a local professional who knows the various neighborhoods and their current trends is so beneficial to your success. Using current market stats such as days on market and sold prices can help both buyers and sellers when it comes to crafting 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 13.2% compared to this time last year at $745,352. This is up from last month’s average sold price of $739,037. Meanwhile, the median sold price for homes for sale in Seattle is up 16% compared to this time last year at $660,000, up from last month’s $651,000. The average price per square foot has increased 10.8% at $453. Meanwhile the percentage of list price is up 1.8% at 105.2%. This number is used to determine your negotiation power when it comes to homes for sale in Seattle. Currently, properties are getting well over asking based on this number.

Now that we have covered the finances, let’s take a look at the inventory. The available number of Seattle homes for sale is down 15.7% at 974 (at the time this blog was published). New listings are also down 2.6%, pendings are down 1.8% and closed sales are down 5.6%. The average days on market is 18 while the median is 8. These numbers have been sitting pretty for the past couple months. If you are buying, be prepared to make an offer quickly-do not sleep on it! That could cause you to lose out on the property to someone else. If you are a seller, prepare your listing appropriately ahead of time by packing up, de-cluttering and selling items as the likelihood of your home moving fast is very high. This saves you time and stress during the escrow process.

If you are interested in buying in King County, working with an experienced Seattle realtor truly makes the difference. Especially with our current market conditions. As a seller, a realtor in Seattle will exhaust all marketing efforts to attract a qualified buyer who is offering top dollar. As a buyer, they are going to help you put together a competitive offer that sellers will find attractive. With so many properties getting so many offers, you want your offer to stand out. For more information about buying or selling Seattle real estate, feel free to give me a call. I have been helping people achieve their real estate dreams since 1989!