Monday NW Seattle Real Estate Market Update | September 14th, 2020
In this week’s short and sweet update, we update you on the current interest rates, review last week’s housing numbers for NW Seattle and discuss keybox activity – which was a bit down. We hope you’re staying safe and avoiding this smoky air we’ve been experiencing in Seattle.
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.
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Hey, so welcome to week 27 of our Monday Market Update. And interest rates continue to be phenomenal.
30 year fixed rates, 2.75.
15 year rates for conforming 2.25, super cheap money.
And then jumbo 3%.
I don’t know if it can go lower. It may, I don’t know.
And then key box openings. So we didn’t talk about key box openings last week because it actually wasn’t in our MLS, but they did update it and key box showings were down for the week ending on Labor Day. And I went back in history just to look, and that was the trend for the last couple of holiday weekends. So it is kind of expected. And then I have noticed too, that with the smoke, with the bad air quality that I think key box openings have been down as well. I’ve chatted with some agents over the weekend and they had a lot of buyer clients who canceled because of the poor air quality. So it will be interesting to see how that pans out next week, as far as the number of homes that go pending.
What has been happening in Northwest Seattle? Last week there were a total of
235 homes for sale,
75 new listings, and 72% of those homes were vacant.
Pending sales, 38 homes went pending sale and the average time on market was 10 days.
Pending inspection, 14 homes went pending inspection with an average market time of 24 days.
And closed sales, 41 homes closed with an average market time of 19 days.
And the average price per square foot was $495, which was up a little bit from the week before.
So it is still a really good sellers market, quite frankly. That is true. I have noticed that because we’ve been watching this week by week and this is the third week in a row that homes going under contract have not quite kept up with new homes coming on the market. And you know, it could be just kind of a factor of that it is technically summer and we do always slow down in the summer. But again, that’s just something that we will be watching.
Stay safe out there! Stay inside, the air quality is horrible. You gotta feel sorry for our southern neighbors. Yes it’s supposed to rain on Wednesday, so hopefully that’ll give us a little reprieve.