Monday NW Seattle Real Estate Market Update | October 19th, 2020
This week we begin with Freddie Mac’s Quarterly Forecast for the rest of 2020 and for 2021. We then discuss the (still phenomenal) interest rates & the housing stats for NW Seattle.
We’ve got 1 month to go until our Virtual Home Selling Seminar, so if you or someone you know is thinking about selling in the future, we’d love for you to join us. Sign up below!
Virtual Home Selling Seminar on Thursday November 19th at 5:30PM on Zoom.
Let us know if you’d like to attend or visit http://bit.ly/FallHomeSellingSeminar to register!
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 are getting real time updates from our Lender each week as well. 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.
Cheers!
Steve & Sandra
Steve 📲 (c) 206-769-9577 📧stevehill@windermere.com
Sandra 📲 (c) 206-271-7100 📧sbrenner@windermere.com🔗 Brennerhill.com
Hey everybody, welcome to week 32 of our Monday market update. Last week, Freddie Mac came out with their quarterly forecast. Annually they are projecting home prices for 2020, to go up by 5.5%. And of course this is nationwide. Seattle we’ve seen a lot higher rates growth than that. But what was interesting, is that their forecast for 2021, was only 2.6%.
Interest rates remain the same as they did last week. Which is phenomenal. 2.75% for, conforming, and 15 year conforming 2.25%. And veterans. Oh my goodness. Veterans. Your 30 year conforming rate for a VA loan is 2.25%. I mean, that’s just amazing. And I just think that that’s awesome. Jumbo rates remained the same as well, 3%. And so Steve, what has been happening in Northwest Seattle? I think we’ve been trucking along pretty well.
We have. And let me tell you what’s happening in Northwest Seattle. So last week there were
231 homes for sale.
There were 57 new listings, and the average vacancy rate on the listings were 79%. That’s one of the higher ones we’ve seen.
Pending sales, 43 homes went pending, with an average days on market of 15 days.
Pending inspection, 15 homes went pending inspection with an average market time of 24 days.
And homes that closed. Sold homes. We had 38 homes sell with an average market time of 15 days.
And the average price per square foot was pretty competitive this last week at 483 dollars per square foot.
Yeah. It’s kind of interesting. The last couple of weeks, the price per square foot has been in that 480. I think prior to that it was in the fives for sure. So that’s kind of something we will be watching.
Finally homes going under contract kept up with new homes coming on the market. So that’s good. ‘Cause we had kind of dipped down and then we were slowly rising back up. So now we’re kind of on par. Which is really nice to see. And we will be watching of course what happens during the election.
That will be very, very interesting.
Yes. Week by week. I think it will be super interesting. But then I’m just kind of a nerd that way, I like seeing those week by week numbers, and seeing a trend. But that’s it. So we just hope everybody has an awesome weekend. Stay safe, stay healthy. Don’t forget to vote. Oh, and what, what do we have coming up in November? Besides voting
We have… Besides voting we have our Home Selling Seminar next month. Thursday the 19th at 5.30.
it usually lasts about an hour and a half or so. So, click on the link. Two hours. Sandra says two hours, ’cause we do chit chat. Click on the link to find out more. It’s always super popular. We have, of course Sandra and I there talking, and we have our preferred lender Dietrich Miklauch from Guild mortgage. And we have our favorite inspector Brandal Gehr from V.I inspections. Who will be talking about preparing your home for sale. So join us on November 19th. It’s a lot of fun.
Let us know if you’d like to attend or visit http://bit.ly/FallHomeSellingSeminar to register!
Thanks everyone.
