Monday NW Seattle Real Estate Market Update August 3rd, 2020
Usually we advise our clients not to list their homes in August, but 2020 is a whole different story. Since our Spring market was delayed, it’s causing the Summer to be hotter than usual and not just in temperature!
We take a look at last week’s numbers, check in on interest rates and keybox openings and give a reminder about our upcoming workshop. Spots are filling up, but there is still room!
To register your spot, click here
Welcome to week 21 of our Monday market update, and also welcome to August. One more month of summer left and you know, in the past, Steve and I have always said that if you could avoid listing your home in August, please do so. I think 2020 has kind of thrown all of those past rules just out the window, because I think what has happened is our spring market got delayed and is now showing up in July and August. So that rule about August is no longer applying.
In Northwest Seattle last week, there were a total of 187 homes for sale. 63 of those homes were newly listed and 60% of those were vacant. Pending sales, 38 homes went pending sale and their average days on market was 22 days. 15 homes went pending inspection and their average market time was 13 days. And then homes that closed, 55 homes closed last week in Northwest Seattle with an average market of 20 days. And the price per square foot last week dropped a little bit. It went from $525 the week before to $484 last week.
Yeah. So it’s more just kind of watching the trend. Is it trending down? Is it trending up? Is it just kind of staying in this little micro range, but yeah, you know, it just continues to be just a super robust seller’s market. I mean, last week we did have more listings come on than those that went under contract, but again, you know, that happens. It’s watching the trend. Is that happening week over week or is it kind of going back and forth, which it is right now because the previous week we definitely had more homes go under contract than we had that came new on the market. So we’re still doing great. And then interest rates still remained awesome. So conforming and jumbo, and this is courtesy of our friend, Katie McGovern at Wells Fargo, are 3.125%. So super cheap money and 15 year was 2.625%
And then keybox openings were down a little bit as well. And again, this is system-wide. And for two weeks, basically the period from July 13th through the 26th, keybox openings system-wide were down by 5%, but again, that’s not something to be too terribly alarmed about because it still is July and people are on vacation. So, you know, there are a few that are going, out camping or to the lake or whatever, just taking time off and having a staycation. But we also wanted to remind everybody about our easy home improvement workshop, which is coming up on Wednesday evening, August 12th at 5:30. So there will be a link below or a link, I don’t know where it’s at actually, a link to sign up for the webinar. And yeah, it should be a ton of fun. We’re gonna have a lot of before and after photos and yeah, you can ask us your questions and it will be webinar form. So, you know, you don’t have to worry. Your video won’t be showing. And if you have any questions, you know, definitely just reach out to me.
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.
And as always, if you have any additional real estate related questions, feel free to call/text us any time! We are always here to help!
Steve 📲 (c) 206-769-9577 📧email@example.com
Sandra 📲 (c) 206-271-7100 📧firstname.lastname@example.org