Medina, WA Real Estate Update

If you are looking to buy or sell Medina, WA homes for sale, knowing the current market conditions can make a big impact on your success. It isn’t news that both Bellevue, WA real estate and Seattle, WA real estate are dealing with incredibly high buyer demand and incredibly low inventory. The lack of inventory makes it hard for sellers to let go of homes for sale in Medina as not having a new property to move to creates an obvious issue. Meanwhile, buyers are dealing with multiple bids and over asking offers. Sellers stand to benefit from this as they can make quite a bit of profit at resale. Regardless of what side of the transaction you are on, knowing things like median and average sold price, days on market and month supply can guide you in crafting a competitive offer as a buyer, and which offer to accept as a seller. Of course, choosing a qualified Medina, WA realtor also makes a difference as an experienced professional can help guide you from start to finish. With how competitive the current market is, it is more important than ever to work with a long time, local Medina, WA realtor.  So how is Medina, WA real estate doing? Let’s take a look!

The good news for sellers is that the median and average sold prices for Medina, WA homes for sale are UP! The median sold price for homes for sale in Median has increased 30.2% compared to this time last year at $2,800,444. This also happens to be up almost $600,000 from last month. The average sold price for homes for sale in Medina, WA is 30.3% at $3,502,173. This is also up over $500,000 from just last month. The average price per square foot is up 25% at $839. The new listings have seen a small 1.2% increase compared to this time last year while Medina, WA homes for sale have gone up 7.1%. Pending sales have seen a 3.5% increase while closed homes for sale in Medina, WA have seen a 14.8% increase. The average days on market is now at 42% while the median days on market are 11. The month supply has seen no change and is at a 3. A balanced market needs 6 months while anything less than 4 is considered a seller’s market. If you are looking for more information on Medina, WA real estate, feel free to reach out. As a resident of Medina and a Medina, WA realtor, I have my finger on the pulse of the market and am able to help you navigate this sought-after neighborhood.

Posted on January 8, 2018 at 8:34 pm
Britt Wibmer | Category: Britts Picks

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