This week we discuss the even-lower-than-before interest rates, keybox openings and home sale numbers compared to last week.
We also talk about the hot housing market and what has been contributing to it this year.
Curious what your home is worth in today’s market? Find out here – http://bit.ly/38qh6z1
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, welcome to week 29 of our Monday Market Update. And you’re probably already aware of this, but the national housing market is just doing great. For the last four months, unit sales have just been going up and up and up, and August actually had the highest month of unit sales since we’ve seen since 2006, which is pretty incredible.
And of course you know, the low interest rates are definitely fueling that market, Millennials are fueling that market, and we do expect that the housing market to remain strong, primarily because so many Millennials are now able to jump into the market which is super cool.
2.75% for 30 year
15 year 2.125%
Jumbo rates are coming down as well, 2.875%
So it’s just crazy, crazy numbers, but yeah, so if you haven’t refi’d people, you might wanna get out there and check into doing a refi.
Last week, there were
243 homes for sale,
there were 65 new listings. 75% of those were vacant.
Pending sales. 38 homes went pending with an average market time of 10 days.
Homes that went pending inspection were 21 with an average market time of 23 days,
and closed sales, 44 homes closed in Northwest Seattle with an average market time of 11 days.
And the average price per square foot went up a little bit, and it’s now $531 a square foot.
Our local market has just been doing great. And then looking at keybox openings system-wide, you know, again, I actually thought that showings were down a little bit, but system-wide, it’s showing that they’re actually up like 6.7%, which is really kind of nice to see.
And then too, the number of homes going under contract for the last three weeks, or excuse me, the first three weeks in September, 2020 versus 2019, 2020, we are up 142% of that same volume from 2019, and again, it’s the low interest rates that are really fueling this market, and you know, Millennials, you know, they’re hot to buy right now.