Whether you are listing or buying homes for sale in Magnolia, Seattle, knowing the current market conditions can be very helpful. Using details like days on market, average and median sold price and percentage of list price can help you have a wonderful Magnolia, Seattle real estate experience. As a buyer, you can use this information to come up with a competitive offer. This is important, especially since homes for sale in Magnolia, Seattle are pending in record time. As a seller, you can use this info as a way to come up with a market appropriate list price. This assures your home will sell quickly. The best way to get this information is from a Magnolia, Seattle realtor. Let’s take a look at how our neighborhood is doing!
When it comes to listing Magnolia, Seattle homes for sale, now is a fantastic time as you are likely to get the most money at resale! The average and median sold prices have gone up compared to this time last year. The average is up 14.3% at $964,795 and the median is up 13.7% at $836,000. Both of these numbers are up by about $10,000 compared to last month. The average price per square foot has gone up 12.2% and is now at $452. The average percentage of list price has hiked 0.8% and is now at 103.6%. Both of these last two numbers are up compared to this time last year, but unchanged from last month. The percentage of list prices tells us that homes for sale in Magnolia, Seattle are going for not only the full amount of the asking price, but over on average. Median days on market are 8 and the average is 23. Buyers & sellers can both use this information to their advantage as well. As a buyer, you know you have to move quickly and not wait to make an offer. As a seller, you have the heads up that this will likely be a quick sale so you better start packing!
If you are a buyer and you were starting to feel frustrated by the increasing prices, we have some good news for you too. New listings have gone up by 21.1% while the amount of Magnolia, Seattle homes for sale have increased by 15.6%. Pending sales are up 19.3% and closed sales are up 16.8%. While we are thrilled with all this increase in activity, the month supply is, unfortunately, very low at 1.3. This is the number we have been sitting at for the past few months. 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. 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. I can help 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!