Magnolia, Seattle Real Estate Update

When it comes to listing or buying homes for sale in Magnolia, Seattle, it is important to stay educated on the neighborhood market conditions. Regardless of whether you are the buyer or the seller, things like days on market, average and median sold price and percentage of list price can help you have a successful Magnolia, Seattle real estate experience. As a buyer, you can use this info to create a competitive offer. Which is so important in our local market as homes for sale in Magnolia, Seattle are pending in record time. As a seller, you can use the local comparable sales as a way to figure out an appropriate list number. When you list according to the local Magnolia, Seattle real estate values, you can rest assured your home will sell quickly. The best place to get this information is from a Magnolia, Seattle realtor. An experienced, local professional is the best resource to find out what is happening when it comes to Magnolia, Seattle homes for sale. Let’s take a look at how our neighborhood is doing!

When it comes to listing Magnolia, Seattle homes for sale, now is a great time! The good news for sellers is that the average and median sold price is up compared to this time last year AND last month. The average is up 15.2% from this time last year at $989,423. The median sold price is up 15.4% from this time last year at $850,000. The average price per square foot is up 11.1% compared to this time last year at $459. The average percentage of list price is up compared to this time last year 103.9%. which is actually unchanged from last month. If you are wondering the relevance of this number has, it simply indicates your negotiation power. It also tells us that homes for sale in Magnolia, Seattle are going for over asking on average. Median days on market is just 8 and the average is 23.

As far as the inventory goes, we are happy to report that seller’s aren’t the only ones who get great news this month. New listings are up 6.9% while the total amount of Magnolia, Seattle homes for sale are up 6.4%. Pending sales are up 10.5% and closed sales are up 11.1%. The current month supply still remains incredibly low at a 1.2, which has been the magic number for a couple months now. Us Magnolia, Seattle realtors look for a 6 month supply in order to consider the market balanced. Anything less than 4 is considered a seller’s market, which we are very much in at the moment. The best piece of advice I can give anyone looking to buy or sell in this neighborhood is to work with a qualified Magnolia, Seattle realtor who knows the neighborhood. We act as your guide while helping you navigate the entire process from start to finish and beyond. If you are interested in more information, feel free to give me a call. I would be happy to help!