Monthly Magnolia, Seattle Real Estate Update

Whether you are buying or selling Magnolia, Seattle Real Estate, knowing what is happening in the neighborhood is the key to a successful transaction. As a seller, you will know you listed at a market appropriate price. This prevents your home from sitting too long. When a home is priced over market value, buyers can bypass it completely. If it is priced according to demand, you have a higher chance of sparking a bidding war. As a buyer, you get an idea of how much you could spend based on the average and median sold prices as well as the percentage of list price which essentially indicates your negotiation power. Of course, whether you are buying or selling Magnolia, Seattle Real Estate, choosing a qualified Magnolia, Seattle Realtor is key. We work as not only your advocate, but your guide throughout the entire process. So, how is this neighborhood doing this month? Let’s take a look.

The average sold price has gone up 13.9% and is currently at $933,027, which is up from this time last year and last month! The median sold price is up 7.9% at $783,000, once again up from this time last year and last month. The average price per square foot is up 12.3% at $439. This is good news for sellers as it means the value of their home for sale in Magnolia, Seattle real estate has increased. Also up are new listings at 15.7%, homes for sale at 11.1%, pending sales at 20.8% and closed sales at 17.9%. Now the good news for buyers is that our month supply has gone up 8.3% from this time last year, although it is no different than last month at 1.3. Magnolia, Seattle real estate is still in a seller’s market as we need a 6 month supply before we are considered balanced. The average percentage of list price is 103.4%, which indicates a buyer’s negotiation power. This basically means that homes are going for not only the full amount of the asking price, but over. This is due to high demand and low inventory resulting in bidding wars and homes getting over the asking price. This information can help guide your decisions which have a huge impact on whether or not your experience is a success. As a long time Magnolia Seattle realtor, I would be happy to give you more information. Whether you are looking to list or buy a home for sale in Magnolia Seattle, working with a Magnolia Seattle realtor who knows what is happening in the market is crucial.