When looking at Queen Anne, Seattle Real Estate, the latest statistics from the Northwest Multiple Listing Service confirm that this sought after neighborhood is definitely in a seller’s market. The average sold price is up 15.6% at $881,209 while the median sold price is up 13.2% at $765,000. The percentage of list price for Queen Anne, Seattle real estate saw a minimal 0.2% increase and is now at 102.8%. This means that, on average, homes are going for over list price. Knowing this information is great for negotiating when putting in an offer. You get a heads up on how much people are going over. Of course, your Seattle realtor will advise on what is an appropriate offer, being informed ahead of time is incredibly beneficial when navigating a market like the one we are currently in. Closed sales are up 16.7%, pending sales are up 15.2% and new listings are up 11.9%. More new listings is welcomed news for buyers as Seattle real estate has had record low inventory, making it hard for people to find Queen Anne, Seattle real estate. Additionally, this has caused rent to sky rocket forcing would be buyers to pay the same amount they would pay for a mortgage, for rent. This lack of inventory has understandably caused some frustration. While new listings are up, the month supply is still down at 1.2. In order for a market to be balanced, there needs to be a 6 month supply. This neighborhood, and much of King County, is still in a competitive sellers market. Whether you are looking to buy or sell, it is more important then ever to work with a qualified Seattle realtor. Having been in the local industry since 1989, I take great pride in guiding my clients so that they can make an informed decision on one of the biggest financial decisions they will make. If you are looking for an experience Seattle realtor, I would be happy to help you navigate this market.
Whether you are looking to buy or sell Magnolia, Seattle real estate, knowing the current market conditions is the difference in having a successful real estate transaction. As a seller, you want to rest assured that you listed at market value. An over priced home for sale in Magnolia, Seattle can sit and “grow stale”. Generally, if a home is active for too long, potential buyers will overlook it as they assume there is something wrong with it. After all, if there wasn’t, it would have sold already. Not exactly accurate, but this is why Seattle realtors stress the importance of listing at market value. Additionally, you don’t have to worry about leaving money on the table. As a buyer, you want to feel confident in your purchase and that you didn’t overpay. Truthfully, Magnolia, Seattle real estate is all about making sure both parties got what they wanted for the price they wanted. So how is our local neighborhood doing? Let’s take a look.
The good news for sellers is that the sold price for homes for sale in Magnolia, Seattle have gone up. The median sold price is $751,000 while the average sold price is $893,353. The average percentage of list price is up 0.2% at 103.1, which means that in most scenarios, Magnolia, Seattle real estate is going for over asking. Pending sales are up 20% and closed sales are up 7%. The good news for buyers is that new listings are up 17.5%. This is a little bit of relief to buyers looking to purchase a home for sale in Magnolia, Seattle. Although, unfortunately, while the month supply is up 27% from this time last year, it is still very low with a 1.4 month supply. If you are not sure what month supply is, this determines what kind of market we are in. A balanced market needs a 6 month supply, which we are not even close to. Sellers would stand to gain from listing right now as there is absolutely buyer demand. In order for buyers to have success in this competitive market, it is crucial for them to work with a local Seattle realtor. As a long time Seattle realtor since 1989, I can help you navigate this market whether you are buying or selling.