Monday NW Seattle Real Estate Market Update 📅June 8th, 2020
This week we discuss NW Seattle market numbers, keybox openings, Absorption Rate, and how 2020 is comparing to 2019.
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Hey, so welcome to week 13 of our Monday Market Update. And of course, it continues to be like a really strong seller’s market. You know, with everything going on I’m surprised that it’s as good for sellers as it is.
It’s been really kinda crazy out there. So if any of you are curious what your home might be worth, definitely get in contact with us, send us an email, give me a call. Or click below and we can email out your market analysis.
I always think it’s a good thing to know what your home is worth, regardless of whether you’re wanting to sell or not. I think it’s just, you know, this is your asset, so it’s kinda like your stock portfolio. I mean, you should always be monitoring it. So regardless of whether you’re actually planning on selling or not, we are happy to give you market price opinion of your home.
So let’s jump into what has happened last week.
So last week the total number of homes for sale in Northwest Seattle was 168, and the previous week it was 173, so not much change. New listings that came on the market Northwest Seattle, were 42 previous week 48. Pending sales there were 34 that went pending sale within days of market time of 14, and the previous week 39 homes went pending with days on market of 30. Days on market certainly, they cut in half. And then homes that went pending inspection, 16 homes went pending inspection with an average days market of 18. And the previous week 12 homes went pending inspection with 25 days on market. And then closed sales, homes that sold, 37 homes sold last week in North Seattle with an average market time of 14 days and the previous week 25 homes sold with an average market time of 19 days. And the average price per square foot of homes, last week was $486 a square foot, and the previous week, it was $505 a square foot. So again, not a huge change.
Right, yeah and and again, you know, what’s been happening each week is that the number of homes that are going under contract are surpassing the number of homes that are coming on the market. You know, I always look at the system wide, you know, keybox openings, and for the last three weeks, they have been averaging like 46,000. So they’ve been, so that’s 46,000 openings per week, and again, system wide. So that’s been really consistent.
I also thought it would be kind of fun to look at, what’s been happening so far in 2020, versus what has happened in 2019. So in 2020, and this is just for Northwest Seattle that we’re talking about right now, we’ve averaged like 135 homes for sale each month in 2020. And that basically ranged from a low of 98 to 178. And then in 2019, we actually had an average of 240 homes per month, so quite a bit higher. And then that ranged from a high, when was that in June of 325, to a low in December of 104. And while it’s interesting and of course, you know, it’s really easy to see the market trends, you know, as we look back, and so it’s really obvious looking on the graph, that things started to change in November. And I know that like you and I really started to feel the market change in December. That’s when we saw that homes were going under contract faster. But the market actually did start to shift in November of 2019.
So absorption rate based on pending properties, the absorption rate is really the indicator of what is happening in our current market. The number of homes coming on the market are getting surpassed by the number of homes going under contract. In 2020, the average absorption rate was 120%. I mean, that’s just like really high. I mean, we had a low of 89 in April. I mean, obviously, if things had not happened the way they did, I don’t think we would have seen 89. The high was in March and 135%. So 135% in March down to 89 in April, and then just kind of looking at the average price per square foot and again, comparing 2019 over 2020 and in Northwest Seattle, home sellers have had a 7% appreciation in 2020 over the average of 2019. And then Seattle Metro has seen an appreciation rate of 5% and then both King and Snohomish counties have seen an appreciation of 4%. Yeah, you might be curious what your home was worth based on that and of course if you are, you know who to reach out to.
Wear your masks, stay safe, stay healthy and enjoy some sunshine that we might have coming up this week, maybe.
I’m not sure when that is. You know what? We’ll have our sun starting on July 5th.
Yes, that is when Seattle summer starts so, yeah.
That’s right, okay, everybody take care.
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.
-Steve & Sandra
Steve 206-769-9577 email@example.com
Sandra 206-271-7100 firstname.lastname@example.org