Monday NW Seattle Real Estate Market Update 📅April 20th, 2020
This week we discuss Seattle Area numbers and how they have changed from last week. We go over our listings, and offer review dates. We also talk about the next upcoming month, and where we see the market going with Buyer Confidence rising.
This is our sixth Monday Market Update. We are noticing that there are less properties on the market that are waiting to review offers.
We did list one a week and a half ago and we waited for offers, we knew that would be in a multiple offers situation, and it was, and it went over asking and of course, everybody was happy about that.
And then we had one come on last week, and we did put a review date on it. So you know, it just kind of is how we think that the market’s gonna respond to a property.
Homes are still going under contract at a really good rate still.
So the last seven days in Northwest Seattle, we 35 new homes come on the market. Six of those were actually a relist, and I hadn’t been looking at how many homes in previous weeks were relists. So I might start looking at that with a little bit more detail. So if you throw out those relists, 50%, it was kind of a 50/50, were waiting to look at offers, and the other 50 did not have an offer review date.
So 37 went under contract. 22 went pending, 15 went pending inspection, and the previous week, so we actually did really well over the previous week, because we had 37 this week in Northwest Seattle, and last week we had 29. So that was really good. Inventory levels are kind of slowly creeping up. We have 160 homes available for sale in Northwest Seattle, and last week we had 155, and when we first started our Monday Market Update, which was Monday, March 16th, we had 114 homes available for sale. So as you can see, things are creeping up, which is what happens in a typical spring market. So it’s nice to see that we’re having a pretty typical spring market.
Buyer confidence is out there. The stock market is still doing okay.
What did we find out today?
Found out, since all of our hair is going crazy, that they are going to, as of today, May 18th is gonna be the day that barber shops and salons can open. So we’re all gonna be happy about that.
Seattle’s doing well too. It’s keeping pace as is King County. Things are just moving along nicely.
We did have a conversation with one of our potential upcoming sellers last week, and they’re kind of on the fence, “Oh do we go on the market now, or do we wait “until all of the buyers are back?” ‘Cause you know, let’s face it. Not all of the buyers are back right now, right. I mean some people probably still are sitting on the fence to see when the state completely opens back up. And you know, and our attitude was, you know, hey, we know what the market is right now, we don’t know what the market’s going to be at the end of May or June, which is probably realistically when the state would really be opening up more. And we really highly anticipate that there’s probably a lot of sellers that are thinking that, you know, that are kind of on the fence. Ah, you know, do we list now or do we wait until everybody’s back?
So I do think that when the state opens back up, that there will be a flood of new listings. I think there’s just gonna be this pent up flood of new listings. And our attitude is always, you know, hey you want to be on the market when there’s not a lot of competition.
Why be competing with more sellers?
There will be more buyers out when the state opens up, but this is my own opinion, I do kinda think that probably when the Stay Home, Stay Healthy order lifts, that we will actually have more new listings coming on versus more new buyers coming into the market.
So anyhow, if you’re ever curious how things are going, you want something specific for your neighborhood, always feel free to reach out us.
And in the meantime, be safe, again be safe.
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 firstname.lastname@example.org Sandra 206-271-7100 email@example.com