Monday NW Seattle Real Estate Market Update | April 26th, 2021
This week we discuss the new listings coming on the market, and how they are impacting the number of days homes are taking to Sell. We’ve been hearing a lot about how tough it is out there for Buyers, with listings receiving multiple offers and selling well above asking price, but there is another side to the Spring market.
Now that there is more competition coming to the market for Sellers, it is more important than ever to price accordingly. The longer a home is improperly priced, the longer it will stay on the market.
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-Steve & Sandra
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Steve π² (c) 206-769-9577 π§stevehill@windermere.com
Sandra π² (c) 206-271-7100 π§sbrenner@windermere.com
Video Transcript:
I think we all know by now that the Greater Seattle area is experiencing a super hot seller’s market.
Right, but what you might be surprised to learn is that out of the that 135 homes that are currently active in Northwest Seattle nearly 60% have been on the market for over 10 days, and they average 66 days on the market and have had a price drop of about 2%. Welcome to week 59 of our Monday Market Update.
You’ve probably been hearing about all of the multiple offers and how tough it is for buyers right now, which is definitely true, but that is just one side of this market
Right, the other side is that the majority of our current inventory is taking longer to sell. And in our current seller’s market, if you’re priced appropriately, you should be under contract in about a week or less.
But Sandra there’s always exceptions to this rule. But in general, this rule holds true. Sellers, the longer you were on the market at your current list price, the lower the chances of actually getting that price.
Right, and as inventory levels start to rise and we start to move away from a super hot seller’s market, it’s going to take longer for your home to sell. We will, of course, keep monitoring this side of the market and keep you posted.
So new listings were down last week in Northwest Seattle to just 63 homes, compared to 80 the previous week. But homes going under contract were up 25%.
Yeah, this was the first week in four weeks where homes going under contract surpassed new listings coming on the market. Interest rates have dipped to 3.125% for 30-year conforming since mid-April. So I don’t know maybe, this has spurred a little extra buying activity.
True, again this week we saw three homes going pending inspection, after just a few days on the market. One of them was a home that did have a review date and Sandra, believe it or not, they took an early offer with a buyer inspection contingency.
Ugh, I know we have said this in the past but this drives us crazy.
Cray, cray.
Cray, cray. In my humble opinion, this is a listing broker that doesn’t have a listing plan in place and is not skilled at negotiating.
True, we had 51 homes close last week in Northwest Seattle with 62% of the homes selling above asking price at an average of 110%. The average price per square foot moved up from $537 the previous week to $550 this week.
Yeah, so the sold price per square foot has been jumping around in that mid 500s since mid-February and this is a dramatic shift upward caused by homes that were listed in January starting to receive multiple offers. So this just reiterates that the first quarter of 2021 has been a much stronger market than fourth quarter of last year.
So are you curious what your home might be worth in our current market? Click to find out, all we need is your address and email. And if you tell us a little more about your home, such as any improvements you’ve made we can give you a more accurate estimate of your home’s value.
Right, so once we get this information we will get your customized report right out to you, via email. Thanks so much for watching. Please like and subscribe and have an amazing week.
