Seattle Real Estate Update

If you are thinking of listing or purchasing Seattle homes for sale, you probably already know that you are about to enter one of the toughest markets for a buyer and one of the best for a seller. Our real estate market has been making news headlines for the last couple years and things are not slowing down anytime soon. Regardless of what side of the transaction you are on, the best way to have a successful experience is by working with a qualified, professional Seattle realtor who has been serving our area for a long time. There are a few perks to this that benefit both parties, especially in a market like ours. A local pro will not only know the current conditions of each neighborhood, but they are able to advise their clients accordingly. They also act as your guide and your advocate from start to finish and beyond. You should always look for a realtor in Seattle that takes great pride in making sure their clients make educated decisions. I use details from the NWMLS like average and median sold price, days on market and month supply to help my sellers prepare their listing and pick a market appropriate list price while I use this information to help my buyers produce a competitive offer. A Seattle realtor is truly the best resource for a successful Seattle real estate experience.  So how is the Seattle real estate market doing? Let’s take a look!

No surprises here, the median and average sold prices have gone up compared to this time last year and just last month.  The average sold price for Seattle homes for sale has increased 13.5% to $766,439. The median sold price for homes for sale in Seattle has increased 16.2% at $680,000. The average price per square foot has gone up 12.4% at $470, also up from last month too. Meanwhile the percentage of list price is still at 105.4%, which it has been for the past few months. This number is used to determine your negotiation power when it comes to homes for sale in Seattle. It also informs us that homes, on average, are selling for over asking.

Inventory has decreased in all categories except new listings. Those have seen a minimal 1% increase. Not much, but hey, we’ll take it. The available number of Seattle homes for sale has decreased 8.9%. Pendings have decreased 0.7% and closed sales have decreased 5%. The average days on market is 17 while the median is 8, which hasn’t changed from last month. The month supply is still at a 1 which it has been for the past several months. A balanced market needs 6 months and anything less than 4 is considered a seller’s market.

If you are interested in buying Seattle real estate, working with an experienced Seattle realtor is going to make the difference. For my sellers, I exhaust all marketing efforts in order to attract a qualified buyer and top dollar for your home. As a buyer, I help you craft a competitive offer that sellers will find enticing. For more information, give me a call. I’d be happy to help!

Posted on May 5, 2018 at 1:31 pm
Molly Shutes | Category: Uncategorized

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