Welcome to week 18 of our Monday Market Update. And of course, we did have holiday the previous weekend. You know, the holiday always does affect what happens in real estate. So it’s interesting, the last seven days, the homes going under contract in North West Seattle were about 37% of what they were the previous week which is kind of a big drop. But I went and looked at keybox openings, and keep in mind, keybox openings are kind of a week behind, and keybox openings for the week of June, 29th were down by 19%, which was again quite a bit. But then when I looked at the daily, it was really easy to see why it was down by so much. So, you know, Friday was the holiday. That actually wasn’t down so much, but Saturday and Sunday were down by quite a bit, which makes sense that then there weren’t a lot of homes going under contract this past week because there weren’t as many showings, right?
So, last week in North West Seattle there were 193 homes for sale, 69 new listings came on the market, 13 homes went pending sale so that’s where the number really, really dropped because the previous week it was 46 homes that went pending sale. So that’s pretty significant, but again, I think we attribute that to the holiday. And then homes that went pending inspection. Same number, 13 homes went pending inspection, and 41 homes closed compared to 50 the previous week. And then the average price per square foot dropped a little bit, but that fluctuates up and down a lot so that number doesn’t really, you know, it dropped but it doesn’t bother me. It went from $535 a square foot to $491 a square foot. Again, that number is always up and down. I would look more long term on trends with that.
Well, and then, also to, this week I also started tracking how many homes came on the market were actually vacant. And so that will be kind of an interesting number to track. So I think that out of the 69 new ones, I think it was 65% of them were vacant. And so, again, that will be an interesting number to track, and how it correlates to maybe how our COVID numbers are moving in King County, ’cause you would think that as those numbers rise that the number of homes being vacant would probably rise. I mean, that’s just, I don’t know if there’s going to be a direct correlation, but I was thinking about that last week and I thought, you know what? That’s another really good metric to start tracking, which is what we’re gonna be doing from now on. And then two interest rates are really great.
3% for conforming, yes, and 3.25% for jumbo money which is amazing, and then VA loans, 2.75% We don’t get a lot of VA loans around here but you know, in markets farther north of us like Everett, Mukilteo, they probably do have more VA loans. One thing I did wanna mention to you regarding the number of homes, so we did have 69 this week which was a high number, but the previous week, because it was the week of the holiday, we had a pretty low number. And so, what I’ve noticed is that on average, every two weeks, we have about 100 listings that come on the market. So, it’s not surprising that this week we did have a lot of new homes come on the market. We were pretty much expecting that. But what was nice to see is that it did stay within that kind of 100 range for that two weeks.
It’s a great market out there for sellers, and if you are curious what your home might be worth right now, definitely get in touch with us. You don’t need to be selling to know what your home is worth. You know, it’s like checking your stock account, right? You just always wanna know, where is your asset? So, that’s it, have a safe and happy, sunny week here in Seattle.
I’m looking forward to the sun, finally! It’s supposed to start July, 5th but it’s starting a week late.
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 & Sandra
Steve 206-769-9577 firstname.lastname@example.org
Sandra 206-271-7100 email@example.com