If you are in the market to purchase homes for sale in Seattle, WA or list Seattle, WA real estate, there are two ways you can experience success in this competitive market. The first thing you can do is work with a qualified Seattle, WA realtor. The second is by understanding the local Seattle, WA real estate stats which you can get from your Seattle, WA realtor. Stats like days on market, average and median sold prices and the month supply can help you prepare regardless of what side of the transaction you are on. So how is he Seattle, WA real estate market looking? Let’s check it out below.
The average and median sold price for homes for sale in Seattle, WA are up. The average sold price for Seattle, WA homes for sale is up 13.5% at $766,525 while the median price is up $16.2% at $680,000. The price per square foot is up 12.4% at $470. The percentage of list price is up 1.8% at 105.4%. This last number is a great way to evaluate your negotiation power when it comes to making an offer as well as accepting one. While these prices are high for the national average, they are lower than Bellevue, WA real estate and what is being reported in the new for Seattle, WA real estate. The reasoning is that this is for Seattle as a whole. There are several neighborhoods in the city that have an average sold price over $900,000 while there are several that are lower. If you are looking for homes for sale in Seattle, WA, it is important to work with your realtor in Seattle, WA so they can give you a custom analysis of your specific neighborhoods of interest as the numbers do vary.
As far as inventory goes, there is not a lot of relief for buyers. The amount of new listings is barely up at 1% while the amount of Seattle, WA homes for sale is down 9.4%. Pendings are down 0.4% and closed sales are down 5.1%. Days on market is at a record low with a median of 8 and an average of 17. The month supply is at a 1. A balanced market needs 6 and anything less than 4 is considered a seller’s market, which we are very much in. If you are looking for a Seattle, WA realtor, feel free to give me a call. I would be happy to help.