Should I buy new construction or resale in Seattle?

Deciding between new construction and resale in Seattle depends on your priorities. The overall market shows prices have dipped slightly, and there are more homes available than a year ago, which can be good news for buyers. Right now, the median listing price in the Seattle area is $750,000. This price is down by 3.2% compared to last month and also 3.2% lower than the same time last year. This means homes are listed for a bit less money than they were recently. There are more homes on the market now, with active listings up 27.3% over the past year, totaling 12,712 homes. More options can give buyers more choices and potentially more room to negotiate. New listings are also up by 10.2% compared to a year ago. Homes are taking a little longer to sell, staying on the market for a median of 45 days, which is up 2.3% from last year. Also, nearly a quarter of all listings, 23.1%, have had their prices reduced, an increase of 3.1% year-over-year. These trends suggest sellers might be more willing to negotiate. For you as a buyer, these numbers suggest a market with more choices and potentially better negotiating power than in the past year.

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.