If you are in the market to list or buy homes for sale in Seattle, WA, you will want to find a Seattle Realtor and understand the current Seattle Real Estate market conditions. A Seattle Realtor can 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 both parties. 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!
While the Seattle real estate market has actually cooled, sellers still get good news this month knowing that prices are up. The average sold price for homes for sale in Seattle is up 13.2% at $798,862 from this time last year. This also got a little bump from just last month. The median sold price for Seattle, WA homes for sale is up 12.9% from this time last year at $700,000. This number is actually the same as last month. The average percentage of list price, however, is down from this time last year AND last month. The average percentage of list price is an important tool as it suggests your negotiation power when accepting or making an offer. While this tells us that on average, Seattle, WA homes for sale are going for over asking, due to the cooling of the market, this number is starting to come down. Your realtor in Seattle, WA can further explain this number.
As far as inventory goes, the amount of new listings is up 7.1% which is great for buyers! homes for sale in Seattle, WA in general are also up 15.4%. Pending sales and closed sales are both down around 6%. The month supply for Seattle real estate is actually up 10% at 1.1. This is big for buyers. The month supply determines the amount of inventory and who has control of the market. We need a 6 month supply to be considered balanced and anything less than 4 is a seller’s market. So while we may still be in a seller’s market, the more inventory, the better. Days on market are still 8 for the median and 17 for the average, so no change there. 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! For more market reports, visit our team site at www.teamshutes.com