If you are in the market to list or buy homes for sale in Seattle, WA, you are about to enter one of the most competitive markets in the U.S. right now. With little to no inventory and record high demand, you will want to make sure you start off on the right foot regardless of what side of the transaction you are on. There are two ways you can do this, both of which ensure success. The first is finding a Seattle Realtor and the second is understanding the current conditions of the Seattle Real Estate Market. When you align with a Seattle realtor to represent you who is qualified and professional, you can be confident that you have an advocate equipped to guide you through the process. A Seattle Realtor can also give you an accurate update on how the Seattle Real Estate Market is doing and its impact on you as a buyer or seller. Knowing things like days on market, average and median sold prices for homes for sale in Seattle and month supply can benefit you as both a buyer and a seller. As a buyer, you can work with your realtor to craft a competitive offer that stands out in the stack. As a seller, you can price according to market which ensures a short market time and attracting multiple good offers. So how is the Seattle Real Estate market doing? Let’s take a look!
As far as the average and median sold prices for homes for sale in Seattle goes, prices are up. The average is up 13.8% from this time last year at $777,163 and the median is up 16% at $690,000. To understand how much negotiation room you have, the average percentage of list price is currently 105.3%. Ask your realtor in Seattle how you can use this to your advantage but note that at the time this blog was published, Seattle homes for sale are going not only for asking, but over.
As far as inventory goes, the amount of Seattle homes for sale is down 11.7% while the amount of new listings is down 1.9%. Closed sales are down 6.9% and pending sales are down 2.4%. This decrease in inventory is a result of a low month supply. Real Estate in Seattle has been making headlines for some time thanks to high demand and record low properties for sale. This number is down from this time last year by 1.2% at 0.9. To understand the importance of this number, this dictates what kind of market we are in. Anything 6 or over is considered balanced while anything less than 4 is a seller’s market. Your realtor in 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 Seattle homes for sale is 8 while the average is down to 17.
If you are looking for a Seattle Realtor or Seattle homes for sale, feel free to give me a call. I would be happy to help!