With the current status of the hot housing market in Seattle, it is not surprising to see increases in median home prices, low housing inventory, and properties spending less time on the market.
A recent study by Zillow has found that Seattle has the fourth strongest seller’s market in the country, trailing just behind San Francisco, San Jose, and Denver. The study ranks cities based on the number of days a property spends on the market as well as the percentage of listings with prices cuts. In a seller’s market you can expect to see homes spend less days on the market and fewer homes with price cuts and even properties selling for above asking price. In contrast, a buyer’s market sees homes stay on the market for longer and prices cuts more frequently.
Zillow has found that in Seattle, only 6.6 percent for sellers cut their home prices while the average time on market is 53 days. In perspective, the #1 city, San Francisco, only 5.4 percent of the homes see a price reduction and the average time on market for properties is 50 days.
When examining the Seattle housing market, you can use the principles of time on market and price reductions to study which areas in the region are the most buyer friendly and which are the most seller friendly.
Kirkland is currently the top seller’s market in our region, as detailed in a recent Puget Sound Business Journal article by Marc Stiles. Only 1.9 percent of listings in the area have had a price cut, which is much lower than the average of 6.6 for the Seattle region. Homes also only spend an average of 47 days on the market. These two factors create a seller’s market where homes are frequently being purchased for above asking price.
If you are interested in selling a property, the Realogics Sotheby’s International Realty Kirkland team is more than happy to assist you with all of your real estate needs. To contact a Kirkland broker, please visit: RSIR Kirkland.
To read the full article, please visit: Puget Sound Business Journal | Here’s why it’s good to be a seller in Kirkland but a buyer in Eatonville