🏡This week we discuss how the Seattle market is chugging along through this disruption. We cover keybox openings and go over the market numbers compared to last week! 🤔Curious about the value of your home?
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Hello, and welcome to week 10 of our Monday Market Update. You know, I think we always say this each week, but we’re just so pleasantly surprised at how well the Seattle market is doing. And if anybody’s ever interested how much their home is worth in our current market conditions, just check the notes below and go to our website and you can plug in all your information and we can put together a market analysis of your home. Or if we’ve done a market analysis on your home and you would like an updated price opinion. Just get in contact with us. Anybody that has a market analysis done on their house, you’re gonna be pleasantly surprised.
So, week 10 rates are incredibly low. Oh my goodness, they are 3.25% for conforming loan and for a high balance. It’s only 3% and if you’re doing a 15-year loan, conforming, it’s 2.5%. I mean, what is this? I’ve never, these numbers have never existed before. Ever!
In Northwest Seattle this week there are a total of 181 homes for sale. Last week there were 189 a little down tick in inventory, which is probably a good thing. New homes for sale 45 this week and last week there were 55. So we’re you know, that’s just proving we have active market. Pending sales, there are 42 pending sales. That means homes under contract. The days on market for those 42 homes, the average was 27 days. Last week, there were 25 homes that were pending sale. Again, a good sign. Pending inspection, there were 14 this week with an average market time of 32 days and last week there were 13 so that’s pretty much a wash. Closed sales, homes that sold this week in Northwest Seattle, there were 29 that sold in the last week with the average days on market of 60 days. And last week, closed homes were 24. So again, great numbers for this this last week. The market just keeps, you know, just keeps kind of chugging along.
Keybox activity just keeps creeping up. And again, that is for the MLS wide the first part of March, the number of new listings coming on the market for 2020 was actually a little higher than 2019 and then about the third week in March when everything started to happen then of course, you know, new homes coming on the market came down, and then of course you know, sales really kind of tanked you know, those first couple of weeks after the stay home stay healthy order. But what was really interesting and again, system wide, is how much homes going under contract are actually keeping up with homes coming on the market. So, while we do have a lot less homes that are coming on the market compared to last year, and it’s really down anywhere from 25 to 50%, but the homes going under contract are just really keeping pace. So, that’s just kind of a nice thing to see. And again, I think it’s just the interest rates and that you know, people who are buying feel pretty comfortable with their own current economic situation.
So and then next Monday is Memorial Day, so we probably won’t have our Monday Market Update until Tuesday. I will still pull the numbers on Monday so that we’re always talking apples to apples.
And so we just hope everybody has a safe week. A fun Memorial holiday weekend. It’s not like you can go out and do anything. Barbecue at home.
Also too. So if you don’t want somebody coming through your house because I totally understand that not like everybody wants that an agent to walk through their home. We could always do, like a Zoom call, we could do FaceTime call. I mean, you know, you could walk us through your home and we could still put together kind of a rougher price opinion for you.
Have an awesome week and stay safe, stay healthy, and I guess stay at home for right now.
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 206-769-9577 stevehill@windermere.com
Sandra 206-271-7100 sbrenner@windermere.com
