In the past two weeks we’ve had 156 new homes come on the market and in that same timeframe we had 149 homes go under contract. So homes going under contract are pretty much keeping up with new inventory. This is why we haven’t seen our monthly inventory levels climb very much.
We often do see a bit of a surge in September after the holiday and school getting back in session, so it will be interesting over the next couple of weeks to see if this trend continues. If it does continue, it will indicate that our current Sellers Market is heating up even more.
We review the other market numbers this week and discuss interest rates.
If you are thinking of selling in the next year or so, we are hosting our next Home Selling Seminar on September 30th on Zoom. In the seminar you will learn about the Home Selling process, including pricing your home, getting your home prepared for the market, and working with offers. We’ll have our favorite home inspector and our favorite mortgage lender on hand, too.
If you are interested in joining us at the Home Sellling Seminar, please email Sandra at sbrenner@windermere.com.
Video Transcript:
Steve:
It is September 27th and time for our Northwest Seattle Monday Market Update. In the past two weeks, we’ve had 156 new homes come on the market. And in that same timeframe, we’ve had 149 homes go under contract. So as you can see, homes going under contract are pretty much keeping up with new inventory. This is why we haven’t seen monthly inventory levels climb very much. What was really surprising to me for the past week were how many homes went under contract in four days or less, which were 20, or nearly a third. This is the most we’ve had since mid-March, when we started tracking this particular stat. As part of those 20 homes, we did have eight new town homes that came on the market and pretty much went immediately under contract.
Sandra”
Yeah. We often do see a surge in September after the holiday and after school gets back in session. So it will be really interesting over the next couple of weeks to see if this trend continues. Because if it does, it will indicate that our current seller’s market is heating up even more. Remember, one of the key indicators to watch to gauge whether the market is heating up or slowing down is the days on market, or how many days it takes to sell a home. We still have a good portion of homes that are selling above their list price. Over the past two weeks, 38% of the homes that sold closed on average 9% above their asking price. And this has been pretty consistent over the last couple of months, with the average ranging week to week anywhere from 8% to 14% above the asking price.
Steve:
Interest rates did pick up just a bit this week but are still great. 30 year conforming rates are just 3.135%, and jumbo, get this, 2.875%. Good news for both buyers and sellers. Interest rates for the near term are expected to remain low. The general consensus is that this should be the case through 2022.
Sandra:
That is good news for our local real estate market. And if you like this information, which we hope you do, please like this video and subscribe to our channel. Have a great week, everybody, and we will be back mid October for our next Northwest Seattle Real Estate Market Update.
Steve:
Thank you, everybody.
