If you are thinking of buying or listing homes for sale in Seattle, knowing what is happening in the market is super important. As is working with an experienced Seattle Realtor. Especially because the Seattle real estate market is still seeing prices go up and inventory go down. Aligning yourself with a local, professional Seattle Realtor who knows the various neighborhoods and their current trends is so beneficial to your success. When you use the current market stats such as days on market and sold prices, both buyers and sellers can utilize these details to their benefit. Buyers can create a competitive offer while a seller can attract a competitive offer. The best resource for this information is a Realtor in Seattle. We use the local NWMLS InfoSparks, which is the most current stat reporting system. 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 $750,749. Meanwhile, the median sold price for homes for sale in Seattle is up 15.8% compared to this time last year at $666,520. Just like the average sold price, the median sold price is also up compared to last month. The average price per square foot has increased 11.4% at $458. Meanwhile the percentage of list price is up 2% at 105.4%. This number is used to determine your negotiation power when it comes to homes for sale in Seattle. Currently, this stat indicates that properties are getting well over the listing price, which is not news and one of the main reasons our market has been making headlines for some time.
Now that we have covered the finances, let’s look at the inventory. The available number of Seattle homes for sale is down 14.3% at 974 (at the time this blog was published. This is also the same as last month). New listings are also down 1.7%, pendings are down 1.5% and closed sales are down 5.3%. The average days on market is 17 while the median is 8. These numbers have been about the same for the past couple months. Additionally, the month supply is still 1 for Seattle real estate. A balanced market needs a 6 month supply and anything less than 4 is considered a seller’s market. 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. If your property is priced according to the market, the likelihood that your home will move 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 goals since 1989!