Monday NW Seattle Real Estate Market Update đź“…June 1st, 2020
It has been a difficult and stressful weekend across the US. This injustice has released a deep well of anger and frustration for millions of people. Amid the violence, we are heartened by the displays of love, hope and unity. It may seem inappropriate to talk about Seattle real estate when millions of people are hurting. Many of us find comfort in thoughts of home at such times. We hope our Monday Market Update might be a little oasis of good news amidst the turmoil.
This week we discuss interest rates, NW Seattle market numbers, and keybox openings.Â
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Here we are at week 12. And I have to say, It doesn’t feel like it’s been three months, but I guess it has, which is kind of crazy to me. So we have this amazing tool that we thought that you guys might actually enjoy. Steve and I each have it set up for our own homes. It’s called Homebot. And it is a once a month email, and its a great tool to just help you track the value of your home and what’s happening, but also to track your equity. So you can go in there… I just did a refinance, so I went in there and they didn’t have the loan parameters quite right, so I adjusted it. But what’s really cool is you can play around with- okay if I added an extra hundred dollars, how much would that save me over the life of the loan? So you can really kind of play around with it. It is a good way to definitely track your equity. And then what I was pleasantly surprised to see was that the value was actually the value that it had appraised for. So I thought that was kind of cool, that it was actually the correct value. Because you know, Zillow, it’s not always accurate.
The other cool feature of it is that you can find out how much you can save if you refinanced. It gives you a tool to figure that out too. So I think that’s a pretty neat feature since we’re in this time of interest rates going down. So figure out what you can save and like Sandra said, if you pay interest every month what could you save? or how could you shorten the length of the loan? There’s lot of cool features.
Right, yeah so, click above for more information, and then of course if you have any more questions definitely just give us a call.
Here we are, week 12 of our Monday market update, and what is happening, or what has happened in the last seven days?
Interest Rates are 3.25 for conforming and jumbo loans and that’s from Wells Fargo, and 15 year conforming loans are 2.5 percent. So what’s happening in Northwest Seattle? Last week there were 173 homes for sale. On the previous week there were a 178. About the same. New listings that came on last week. 48 new listings in Northwest Seattle, the previous week 50, so that’s about the same. Pending sales, homes that went under contract after inspection, ready to close. 39 homes with an average days on market of 30 days. The previous week, 40 homes went pending sale, with 14 days on market. So they’re a little bit slower to sell, but the same number of homes.
Let me interject on that. There were two homes that had gone pending–
That skewed it?
Yeah, they had really high days on market, one was 370, the other was I think 211. But the homes that sold in nine days or less, it was actually two-thirds.
Okay, okay, so good numbers. Pending inspection, so homes that have gone pending inspection. 12 last week with an average days on market of 25. And the previous week 19 went pending inspection with an average of 19 days on the market. Closed sales, homes that have sold. Last week, 25 homes sold with an average day on market of 19 days. And the previous week, 38 homes sold with an average days on market of 16 days. Homes that went temporarily off the market for some reason, maybe they needed to do a repair or something like that, that’s typically why they go off market. We had one go temporarily off market last week, and six the previous week. So that’s what happened on week 12.
Oh actually you know what, it was just one last week. I gave you the wrong data on that. So that hadn’t changed.
Oh okay, clarify that one more time so that everybody knows what happened.
So there was no change. This week and and the previous week, it was just one listing each week. Not six the previous week.
What was really nice to see is that homes going under contract were definitely keeping up with new listings coming on the market. Which is keeping Northwest Seattle being a very robust market. And then again, that was true across the board for Seattle and King County-wide. And then two, you know, I was looking at system-wide, so again our entire MLS. And kind of the same thing. That homes are just moving along nicely. And comparing week 21 for 2020 versus 2019, what was interesting is that this year we actually had more homes that went under contract than we did in 2019 so that was kind of a first. So It will be interesting to see. But closed homes were down in week 21 down by 35 percent and then in week 20 they had been down by almost 50 percent. But now that pending homes are kind of keeping up or even surpassing 2019. I think in the next four-ish weeks we should start to see closed homes actually keeping up with 2019 numbers.
Yeah, and then what was also interesting too, is that keybox openings, and this actually surprised me, so we had a home that came on right before memorial weekend, and we planned it that way, right? And we thought that, “oh, more people will be out looking at homes.” But what was interesting was that keybox showings for that week that ended on the 24th were actually down just slightly, about 1.1 percent, from the previous week which had been up about 21 percent. So that was actually just kind of a little bit of a surprise to me. I don’t know. But yeah, so everything is moving along great. If you have any questions about your home specifically, your neighborhood specifically, get in touch with us. We would love to chat with you.
If you guys have any questions about real estate, give us a call, make a safe week, and we look forward to talking to you next week about this week’s stats.
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
