Seattle real estate was named the hottest market of 2017 and is expected to be the number #1 market for 2018. While this is great for sellers, this isn’t exactly the best news for buyers as it means that the market will be competitive with inventory still at record lows. As a result, you can expect to deal with rising prices, multiple offers and crafting a competitive bid with your Seattle Realtor. As a seller, you can expect a quick sale with over asking. Of course, this is as long as you price according to the market conditions. We are still seeing some over priced Seattle homes for sale sitting on the market. As homes for sale in Seattle are already higher than the national average, buyers don’t want to spend more than they have to. Regardless of what side of the transaction you are on, there are two things you can do for a successful Seattle real estate experience. The first is to pick a qualified Seattle Realtor. We have the experience to help you navigate the process as well as any tricky scenarios that may arise. The second is to arm yourself with knowledge on the market that comes straight from the MLS. Not a Zillow Zestimate, but the actual statistics from our own Multiple Listing Service. So how is the Seattle real estate market doing this month? Let’s take a look!
According to the Northwest MLS, the average and median sold prices for homes for sale in Seattle have increased. Not just compared to this time last year, but also by last month. While homes for sale in Seattle vary based on a variety of factors, the average sold price has increased 11.9% at $731,910 while the median is up 16.1% at $649,950. The average price per square foot is up 10.7% at $446. I wish there was good news for buyers as far as increased inventory levels, but that number is down 2.6% while the amount of homes for sale in Seattle have gone down 16.7% compared to this time last year. Pending sales have seen a very slight increase at 0.1% and closed Seattle homes for sale are down 3.3%. The median days on market is still 8 while the average is 19. These numbers are down a substantial amount compared to this time last year, however this is the same as last month. While we are discussing things that have stayed the same, the month supply is still down 16.7% at 1. As I have discussed in other blogs, a balanced market needs a 6 month supply. So aligning yourself with a qualified Seattle realtor is necessary for success in this market. If you have more questions, feel free to reach out. I would be happy to help!