Not surprisingly, the week of Labor Day weekend we didn’t have very many listings come on the market – only 32, instead everyone waited until last week to list when we had 75 new listings.
We actually had more homes go under contract the previous week. Buyer activity remained steady over Labor Day weekend, meaning that if you were a Seller on the market that week, you had higher odds of selling because you had less competition.
Homes going under contract have dipped over the past two weeks. In August we averaged 55 homes per week going under contract, and for the past two weeks, we’ve averaged 45 per week going under contract. However, the number of new listings coming on the market for the past 7 weeks have averaged 54. It will be interesting to see if that trend continues over the next couple of weeks. If it does, then inventory levels will start to move up, which will be a welcome relief for Buyers.
Conforming interest rates have remained steady hovering right around 3% and Jumbo rates just under that. We expect rates to remain steady.
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
Welcome to our NW Seattle Real Estate Market update for Sept 13th. Not surprising the week of Labor Day weekend we didn’t have very many listings come on the market – only 32, instead everyone waited until last week to list when we had 75 new listings.
Sandra
This was potentially a mistake, because we actually had more homes go under contract the previous week. Buyer activity remained steady over Labor Day weekend, meaning that if you were a Seller on the market that week, you had higher odds of selling because you had less competition. Homes going under contract have dipped over the past two weeks. In August we averaged 55 homes per week going under contract, and for the past two weeks, we’ve averaged 45 per week going under contract. However, the number of new listings coming on the market for the past 7 weeks have averaged 54. It will be interesting to see if that trend continues over the next couple of weeks. If it does, then inventory levels will start to move up, which will be a welcome relief for Buyers.
Steve
With interest rates still at 3% or below, Buyers are eager to get under contract so they can lock in those low rates. We will of course update you on how the NW Seattle real estate market is trending on our next market update on September 27th.
Sandra
If you are considering selling, we are hosting our next Home Selling Seminar on Zoom on Thursday September 30th. This is an informative, no obligation class packed with information on the complete selling process. Also on hand will be our preferred mortgage professional and our favorite home inspector. If you are interested in attending please email me and we will get you the Zoom link.
Steve
Thanks for watching – please like this video and subscribe to our channel.
