Lots of homeowners in Seattle are wringing their hands over what’s been called a slowing residential housing market, but real estate analytics company Zillow has some reassuring words.
Seattle ranks No. 3 in the United States for best markets for sellers, behind only two other tech hubs, San Francisco and San Jose. The analysis by Seattle-based Zillow is based on a sale-to-list price ratio, which in Seattle is 96.6 percent.
The percentage of listings in Seattle with a price cut is 15.2 percent, and median days on the market is 77. The median home value is $489,700.
San Francisco ranked No. 1 and San Jose No. 2.
“These are also three of the priciest markets in the country,” Zillow noted in the analysis.
The company last week announced that co-founder Rich Barton would replace another co-founder, Spencer Rascoff, as CEO after Zillow reported disappointing earnings Feb. 21. Zillow last year acquired Mortgate Lenders of America to grow its Zillow Offers product, where Zillow buys a seller's house, prepares it for showings and lists it for sale. The company recently announced it was expanding the service to Dallas, making it available in nine cities across the U.S., but not in Seattle.