Monday NW Seattle Real Estate Market Update | August 17th, 2020
It continues to be a robust Seller’s Market in Northwest Seattle and across our region. Steve took a couple days off so it’s just Sandra this week, discussing the current real estate market. As always, we keep you up to date on the current interest rates as well as the real estate numbers and keybox openings in the NW Seattle area.
🏡To find out what your home is worth in today’s market: Visit http://bit.ly/38qh6z1
Welcome to week 23 of our Monday Market Update. And Steve is taking a long weekend off for some relaxation and hiking. So it’s just me this week.
So we’ve been saying this for a long time now, that our spring market has been delayed by a few months. Well, now realtor.com is reporting the same trend nationwide. They’re basically stating that, “August is now the new May”, and then Freddie Mac’s chief economist recently stated, that home buyer demand remains strong, especially for those in search of entry-level homes, where the improvement in affordability via lower mortgage rates has a material impact. And of course, we’ve been seeing that locally since the end of April.
Interest rates did tic up just a hair and are at 3.125% for both conforming and jumbo. And then 15 year is at 2.625, so super cheap money.
Here’s what’s been happening in Northwest Seattle last week.
So we have 195 homes available for sale. We had 66 new listings, 70% which were vacant.
50 homes went pending with an average days on market of 10, and 85% of those sold in nine days or less. So, super fast moving market.
25 went pending inspection with 42 days on market, 50% of those sold in nine days or less. So big difference between a pending and pending inspection.
We had 40 homes close, with an average days on market of 21
Average price per square foot of $509. And we’ve kind of been bouncing in this range between, you know, like four, what 484 to about 510. So we’re, still kind of staying in that same little range.
System wide, Keybox Openings were up by 5% for the last two weeks ending August 9th.
It continues to be a super strong sellers market. And with the low interest rates, buyers are able to purchase a lot more house for the same monthly mortgage payment. And if you have any questions related to real estate, maybe you’re curious what you could do to improve the value of your home, or maybe you would like to know what your home might be worth right now. Definitely reach out to us. We are here to help in any way we can, and it’s gonna be a warm one out there. So stay cool and stay safe. And that’s it.
We understand that it is a confusing time right now. Each Monday, we will be sending out an update based on our experience over the past week to give you the NW Seattle Real Estate Market’s “Temperature”. We want to make sure that you are as informed as we are. Please don’t hesitate to give us a call or shoot us an email if at any point you have additional questions or questions that relate to your specific situation. We are always happy to help.
Steve 📲 (c) 206-769-9577 📧stevehill@windermere.com
Sandra 📲 (c) 206-271-7100 📧sbrenner@windermere.com
