Magnolia, Seattle Real Estate Update

If you are thinking of listing or purchasing Magnolia, Seattle real estate, knowing the current market conditions are necessary for a successful real estate experience. As a seller, you can be aware of what is an appropriate price to list your Magnolia, Seattle home for sale. This is actually one of the most important things you will do when listing a property. After selecting a qualified Magnolia, Seattle realtor of course. When you price too high, you risk your Magnolia, Seattle home for sale sitting on the market too long. This can cause people to think that there is something wrong with the home and results in prospective buyers passing over it completely. If you price it too low in hopes of starting a bidding war (which is a very common thing in the current Seattle real estate market), you could end up leaving money on the table if you pick the wrong bid. Truthfully, when you list at a fair market value, you actually have a better chance of your home selling quicker and for more money. Discussing pricing with your Magnolia, Seattle realtor ensures you have the most accurate information to come up with that perfect number. As a buyer, you can use these stats to help guide your purchasing and negotiation power. So how is the market looking in our neighborhood? Let’s take a look:

Both the average and median sold price for Magnolia, Seattle real estate is up! The average is up $913,661 (up 15.6% this time last year) and the median is up 10.9% at $767,475. New listings are also up 14.8% which is great news for buyers. Obviously there isn’t enough inventory to satisfy the current demand, but any extra bump is helpful. Pending sales are up 21.2% and closed sales are up 17.1%. The two things that are down are the days on market and the month supply. Both of which indicate that this neighborhood is in a seller’s market. The median days on the market is 8 days, which is a quick sale! The average is 22, which is still fast considering the national average is still around 40 days. The month supply is also incredibly low at 1.5. In order for the market to be considered balanced, there really should be a 6 month supply. Of course these statistics change every month, so it is important to stay in close contact with your Magnolia, Seattle realtor. They can help you navigate how to successfully buy or sell a Magnolia, Seattle home for sale.

For more information on Magnolia, Seattle real estate, give me a call! I would be happy to help.