If you are thinking of buying or listing homes for sale in Magnolia, Seattle, the first step is finding a Magnolia, Seattle Realtor. The second is understanding what is happening in the Magnolia, Seattle Real Estate Market. 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, month supply and days on market to strategize. As a seller, you know how to price appropriately for the current market. As a buyer, you understand your position in the market and can use that to your advantage by learning what makes a competitive offer. 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 11.8% at $1,040,419. The median sold price is up 17.4% at $910,000. To understand how much negotiation room you have, the average percentage of list price for this neighborhood is up 0.5% compared to last year at 103.8%. Your realtor in Magnolia, Seattle will further explain how you can use this number to your benefit, but this indicates your negotiation power.
In regards to inventory, the amount of Magnolia, Seattle homes for sale is up 11.1% while the amount of new listings is down 6.7%. Closed sales are down 17% and pending sales are down 21.5%. These decreases are a result of a low month supply. The current month supply is up 8.3% at 1.3. Anything 6 or over is considered balanced while anything less than 4 is a seller’s market. The median days on market for Magnolia, Seattle homes for sale is 8 while the average is 21.
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! For more market reports, visit the team site www.teamshutes.com