Magnolia, Seattle Real Estate Update

When it comes to listing or buying homes for sale in Magnolia, Seattle, it is important to stay educated on the neighborhood market conditions. Regardless of whether you are the buyer or the seller, 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 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. 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. 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 15.9% from this time last year at $976,487. This also up from last month’s $964,795. The median sold price is up 16.1% from this time last year at $841,500, up from last month’s $836,000. The average price per square foot is up 12.3% compared to this time last year at $456. The average percentage of list price is up 1.2% at 103.9%. This number indicates your negotiation power. In this case, it indicates that homes for sale in Magnolia, Seattle are going for over asking price on average. Days on market are 8 for the median and 22 for the average.

As far as the inventory goes, this is probably the first month in a while that we have seen an increase in all four categories. New listings are up 9.3% while the total amount of Magnolia, Seattle homes for sale are up 8.7%. Pending sales are up 16% and closed sales are up 19%. The current month supply still remains incredibly low at a 1.2. 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. We act as your guide while helping 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!