If you are thinking of buying or listing homes for sale in Magnolia, Seattle, this summer, there are a couple of things you will need to do to get the process started. This first is finding a Magnolia, Seattle Realtor. The second is understanding what is happening in the Magnolia, Seattle Real Estate Market. When you pick a qualified and professional Magnolia, Seattle Realtor, you can have the confidence that you have an experienced professional representing you. Additionally, a Magnolia, Seattle Realtor can help you understand what is happening in the Magnolia, Seattle Real Estate Market. You can use details like average and median sold prices for homes for sale in Magnolia, Seattle and month supply towards your success. As a seller, this insight gives you an idea of how to price appropriately for the current market. This ensures you sell quickly while getting multiple offers. As a buyer, you understand your position in the market and can use that to your advantage by learning what makes a competitive offer, which is important when you are dealing with little to no inventory. So how is the Magnolia, Seattle Real Estate market doing? Let’s take a look!
As far as the average and median sold prices for homes for sale in Magnolia, Seattle goes, prices are up. The average is up 13.2% from this time last year and is officially over the million-dollar mark at $1,004,578. The median sold price is up 16.1% at $871,250. To understand how much negotiation room you have, the average percentage of list price for this neighborhood is at 104.1%. Your realtor in Magnolia, Seattle will further explain how you can use this number to your benefit, but in a nutshell, this indicates your negotiation power as well as tells us that Magnolia, Seattle homes for sale are going for over asking.
As far as inventory in this neighborhood is concerned, the amount of Magnolia, Seattle homes for sale is down 4.3% while the amount of new listings is barely up 0.4%. Closed sales are down 0.2% and pending sales are down 3.3%. The decrease we are seeing in these categories is simply a result of a low month supply. This number is down from this time last year by 21.4% at 1.10. The month supply dictates what kind of market Magnolia, Seattle real estate is in. Anything 6 or over is considered balanced while anything less than 4 is a seller’s market. Your realtor in Magnolia, Seattle will be able to share what this number is as it changes with the market. Both the average and median days on market are down. The median days on market for Magnolia, Seattle homes for sale is 8 while the average is down to 17.
If you are looking for a Magnolia, Seattle Realtor or Magnolia, Seattle homes for sale, feel free to give me a call. I would be happy to help!