The Seattle real estate market has been a national hot topic thanks to low inventory, high housing demand and a rapidly growing economy. With the continued influx of people moving to the region every single day, there is no sign of it slowing down anytime soon. As a result, the current Seattle real estate market is incredibly competitive right now making it a fantastic time for seller’s to list their real estate in Seattle. On the flip side, it is a difficult 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 necessary. As a seller they 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, they will have good working relationships with other brokers, which can aid in making a strong offer. Second, they will know of properties that haven’t yet hit the market, but will. Which means, you have a good chance of taking a tour before anyone else knows about it. In addition to these two perks, they are able to guide you every step of the way using their expertise. So how is the current Seattle metro market looking? Let’s take a look.

Both the average and median sold price is up, which sellers will be happy with. The median is up 13.7% at $614,000 while the average is up 10% at 698,870. New listings in Seattle and homes for sale in Seattle are both down. Luckily, the decrease is minimal. New listings in Seattle are down 0.8% and homes for sale in Seattle are down 13%. Pending sales are up 3.6% and closed sales are up 4.1%. The percentage of list price (which helps determine your negotiation power) is at 104.2%. This basically means, on average, real estate in Seattle is getting over asking. The median days on market is currently 8 days while the average days on market is 26. Basically, homes are moving quickly. Which isn’t shocking given that the month supply is at a 1 right now. In order for a market to be considered balanced, there needs to be a 6 month supply. With a market this tight, be sure you have chosen a long time Seattle realtor to help you navigate it. For more information on real estate in Seattle, give me a call!

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.

If you are thinking of selling or buying Ballard, Seattle real estate, knowing what is happening in the local market ensures you have a good experience as a buyer and a seller. As a buyer, knowing what is happening in the Ballard, Seattle real estate market allows you to be confident in your offer price. As a seller, you know you priced according to market value. This keeps your home from either sitting past the desired window (generally two weeks, depending on the property) or selling too low if you decided to price well below market value in the hopes of starting a bidding war. Truth be told, when priced according to the comparable sales, quick sales and bidding wars resulting in over asking offers are common in the Ballard, Seattle real estate market. It is a highly desired neighborhood with top ranked schools that is conveniently situated close to Seattle’s best amenities. With demand so high and inventory so low, homes for sale in Ballard, Seattle move quickly. Of course, working with a qualified Ballard, Seattle realtor who can guide you in both selling and buying makes a huge difference. So how is this neighborhood looking currently? Let’s take a look!

The good news for homeowners thinking of selling real estate in Ballard, Seattle is that prices have gone up! The average has gone up 14% at $702,256 while the median has gone up 15.4% at $675,000. Interestingly, while these are considered higher price points in general, these are still lower compared to some of the other nearby sought after neighborhoods. New listings are down 2.5%, homes for sale have taken a hit at 14% but pending sales and closed sales are up between 1.1%-2.3%. Whether you are buying or selling in Seattle, you likely already know we are in a seller’s market. However, this neighborhood in particular is dealing with some VERY low inventory. The month supply is currently 0.6. In order to be considered balanced, a market should have a 6 month supply. Also, the median days on the market (which is the amount of time a home goes from active to pending) is 8, with the average being 16. Now, The average percentage of list price (which basically determines your negotiation power) is 105.3%. Which means on average homes are not only going for asking, they are getting well over in most scenarios. As a buyer, this sounds frustrating. Our only recommendation is choosing a qualified local Ballard, Seattle realtor. You want someone who has local ties and good working relationships with other brokers so they are aware of Ballard, Seattle real estate before it even comes on the market. This ensures you get to see it before everyone else does and hopefully get one of the first offers in. Not to mention, there are other fabulous perks that come with working with a Ballard, Seattle realtor that knows the local market and industry like the back of their hand.

If you are thinking of buying or selling real estate in Ballard, Seattle, give me a call. I would be happy to help you navigate this competitive market.