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% compared to this time last year at $757,404. This number is up about $7000 compared to just last month. Meanwhile, the median sold price for homes for sale in Seattle is up 16.4% compared to this time last year at $675,000. This is up about $9000 from last month. The average price per square foot has increased 12.1% at $464, also up from last month. Meanwhile the percentage of list price is still sitting at 105.4%, which is up compared to this time last year but still the same as last month. 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 over asking, which has been common for our market for a while.
Inventory wise, the available number of Seattle homes for sale is down 12.5%. New listings are also down 1.4%, pendings are down 1.2% and closed sales are down 6.7%. The average days on market is 17 while the median is 8. These numbers have been about the same for the past couple months. Also unchanged is our month supply, which is still at 1 for the 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 fast! Taking your time to think about it will likely have a negative impact on your buying experience as there are so many other buyers trying to get into homes. If you are a seller, be prepared for a quick move! If your property is priced according to the market, the likelihood that your home will sell fast is very high.
If you are interested in buying in King County, working with an experienced Seattle realtor truly makes a very positive impact. As a seller, a realtor in Seattle will utilize strategic marketing efforts to attract a qualified and serious buyer. 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 within 24 hours, 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!