Monday NW Seattle Real Estate Market Update
March 16th, 2020
We understand that it is a confusing time right now. We decided that going forward, 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.
-Steve & Sandra
Steve 206-769-9577 firstname.lastname@example.org
Sandra 206-271-7100 email@example.com
We are here with our Monday morning update which we will probably doing for the foreseeable future, based on current events.
Yeah, so, we’ve been getting a lot of calls from our seller clients, wanting to know what’s going on in the current market with everything, so yeah, we just thought it would be a great idea just to get a Monday wrap up. So, Steve and I both had open houses over the weekend. Mine was in Loyal Heights, and I have to tell you, I had a ton of people through. I think I probably had at least 50 groups throughout the entire weekend. Saturday was a little bit more busy than Sunday. And actually what I found super interesting was that none of the buyers, zero buyers, asked me about my thoughts on the market, like, what’s going on with the stock market, is this a good time to buy. Nobody asked those questions. I had three neighbors come in, they were all super curious about that, and then there were two people who came in that are listing their homes in the next 30 days, so of course, they were super curious about what’s going on in the market, and how is the Corona virus and the stock market affecting buyer confidence.
My open house was great. So, I had a little one bedroom condo open in Lynnwood, and I had decent traffic, all things considered. I was pleasantly surprised, and all the buyers that came through were super motivated.
Yeah, so, I didn’t know how the announcement from Inslee last evening about restaurants closing down, health clubs closing down, how that would affect buyer confidence. It’s really honestly all about buyer confidence. How are they feeling, are they gonna be moving forward on purchases. So what I did this morning, is I talked to four different agents that had listings all over the city, to find out, are you expecting offers. A couple of people were expecting offers tomorrow. Yeah, I think it was tomorrow. One, I think one today. But, pretty much three of them were expecting offers, and one was not expecting any offers, but she also did say too, that her listing was over-priced. So, she wasn’t actually surprised that she wasn’t expecting offers. But then too, I asked all of them, are you working with buyers, how many buyers, how are your buyers feeling. And all of them, their buyers are feeling super confident. So, even today, with all of the announcements. So, that gave me hope
It’s positive news, in a not-so-positive news era.
Just to give you a little snapshot on what’s happening in northwest Seattle. So as of today 3/16/2020
Current inventory level today in northwest Seattle is 114, and in the last seven days, we’ve had 51 new listings, 13 went pending inspection with the average days on market of 37 days, and 32 pending homes, so those days on market were only 7 days, and then 31 sold. So, it’s still a decent market.
We had 51 listings, and then 44 of them went under contract. So that’s like almost 100 percent absorption rate. So again, that’s telling us that buyers are, for at least the last seven days, are feeling really good.
And then interest rates are still great.
3.625 percent for a 30-year fixed. As of today.
You’re just gonna get more updates from us once a week, just so that we can take the temperature of the market every week.
We want you to know that we are always here if you have any questions. You do not need to wait for the Monday update. Call us any time. We’re here to help in any way we can.
Thanks so much.