Seattle prices continue to decline slightly for single-family homes, with a 4.6% decrease from the first quarter of 2018 to the first quarter of 2019. However, it’s important to note that we hit the peak of our market in spring 2018, so prices were near their highest point last March. Condos are where we’re seeing the biggest changes, with a significant amount of inventory on the market and a 9.6% decrease in prices. With our increased inventory we’re seeing that the number of days it’s taking a property to sell has increased substantially. But for properties priced properly, they are selling quickly, often on the first day it comes on the market and often with multiple offers. Yes, multiple offers are back, and not just 2 or 3 offers, but more than 10 on many properties.
What does this mean for you? If you’re a homeowner considering selling your property, do NOT overprice. Price is the number one determinant of buyers coming to see your home and placing offers. Overpriced homes will sit on the market. And as we’re now in spring, the busiest time of the year for our real estate market, do not wait to list your home.
Buyers, this is a great time for you. With the increase in inventory, you have many more choices. Interest rates are the lowest they’ve been in the past 12 months, so your money will go further right now. It’s definitely the time to buy.
Let’s talk about your real estate needs. Give me a call at (206) 790-0081 or email me.