The Seattle real estate market has been making headlines across the nation and it doesn’t look like it is stopping anytime soon thanks to strong economic growth, daily transplants looking for housing and a record low inventory level. Because of this, the current Seattle real estate market is so competitive right now that buyers are feeling the pressure and getting a bit frustrated. As sellers have the upper hand, this is a fabulous time to list homes for sale in Seattle but it is a tough time for buyers trying to get into a home for sale in Seattle. Whether you are buying or selling, the use of a qualified Seattle realtor is so important. As a seller we can help you pick the appropriate list price as well as get your home ready for the market. If you are a buyer, working with an experienced Seattle realtor will help you in a few ways. First, we have good working relationships with other brokers, which can aid in making a strong offer. Second, we know of properties that haven’t yet hit the market, but will. Which means, you could get a first look at homes for sale in Seattle before anyone else can. Additionally, we are able to guide you every step of the way using our expertise. So how is the current Seattle real estate market looking? Let’s take a look.
According to the Northwest MLS, the average and median sold prices have increased. This is great news for sellers as it means that they can list their homes for sale in Seattle and make money at resale. While every home varies, the average sold price is up 10.7% at $721,555 while the median is up 14.2% at $636,000. The average price per square foot is up 9.7% at $440. Unfortunately for buyers, the amount of new listings available is down 3.6% while the amount of homes for sale in Seattle is down 16.9%. Pending sales have seen a small decrease at 0.1% and closed homes for sale in Seattle are down 0.8%. The median days on market has decreased to just 8 while the average is 19. While we are on the topic of decreases, the month supply is down 16.7% at 1. As I have discussed in other blogs, a balanced market needs a 6 month supply. So currently, working with a qualified Seattle realtor is necessary for success in this market. If you have more questions, I would be happy to help!