Should I buy new construction or resale in Seattle?

The available data gives a general picture of the Seattle market right now, but it doesn't separate information for new construction versus existing homes. This means we can't directly compare the two options using these numbers alone. Right now, the median listing price in the Seattle area is about $749,970. This price has stayed about the same from the previous month, but it's a bit lower (down 2.4%) compared to this time last year. There are many more homes available for sale than last year, with active listings up by 28.5%. However, fewer new homes are being put on the market (down 7.4% year-over-year). This suggests that while there's more to choose from overall, fewer brand new listings are appearing. Homes are taking a bit longer to sell than they used to, sitting on the market for an average of 51 days. This is almost 10% longer than a year ago. Also, one out of four homes has dropped its price, which is slightly more than last year. Given these trends, buyers have more choices and a bit more time to make decisions. Homes staying on the market longer and price reductions suggest there might be room for negotiation.

It's a good time to consider resale homes in Seattle because prices have come down a bit and there are more options available. This means you might find a better deal on an existing home compared to new construction. Expect to see prices that are a bit lower than they were a year ago. The average listing price is down 2.5% over the past year, and the median listing price has dropped 1.3%. This can save you money on your purchase.There are also more homes to choose from right now. The number of active listings has increased by 21.4% compared to last year. This gives you more options and potentially more negotiating power.Homes are staying on the market longer, with the median days on market up 11.4% from last year. This extra time allows you to thoroughly consider your options without feeling rushed.Roughly 23% of homes have had a price reduction, which is slightly more than last year. This tells you that sellers are willing to adjust their prices, which could lead to better opportunities for you.Given the current trends, focusing on resale homes could give you more choices and potentially a better price in Seattle.