Monday NW Seattle Real Estate Market Update | August 31st, 2020
As we enter the end of August, we continue seeing the hot Seller’s market that has been happening this summer. The numbers are dipping slightly but that makes sense with the holiday coming up next week and school starting up again.
As always, we keep you up to date on the current interest rates and the real estate numbers in the NW Seattle area. Next week our update will be sent out on Tuesday since Monday is Labor Day.
Check out our brand new “Seattle Seller’s Toolkit” page that’s full of helpful resources for all your home selling needs!
Hey, so welcome to week 25 of our Monday Market Update. And you know, the market continues to just be humming along.
Interest rates are still great. They did pop up a little bit from the previous week, so they are at
3% for conforming for
conforming 15 year, 2.5%, which is crazy low money.
And jumbo is still remaining at 3.125%, again, just super, super cheap money.
VA conforming is at 2.75%
So again, pretty awesome low rates there. And Steve, what has been happening around Northwest Seattle in real estate? In real estate, in Northwest Seattle, there were a total of
203 homes for sale.
There were 52 new listings, and 71% of those listings were vacant.
Pending sales, 30 homes went pending with an average market time of 13 days.
15 homes went pending inspection with an average market time of 18 days,
52 homes closed with an average market time of 17 days,
and the average price per square foot jumped up a little bit to $506 a square foot.
Yeah, and then I did notice that homes that went under contract last week were actually down from the previous week, they were down by about 35% in Northwest Seattle. Which sounds like a lot, but of course, you know, things kind of change week by week and Seattle-wide, they were down by 13%. And keep in mind too, you know, it is the week before the holiday, school starts this Friday. So as Steve says, not all eyes are on real estate, even though we keep our eye on real estate, not everybody else does. So I wouldn’t have a panic that contracts were down by 35%, just something that we will pay attention to and keep watching, and of course keep you informed week by week.
But also, so we are super excited. We have been working on this little project for awhile now, and our Seattle Seller Toolkit website is launched. So Steve, what will people find there? Well, when you go to that page on our website, you will see a resource for all your home selling needs. There’s lots of videos there, there’s tons of information.
We think it’s super cool. Right, and then also on that link, you can find out what your home is worth. So again, think of it as a resource, we will be constantly adding to it and yeah, have an awesome week.
And we will be back, actually next week, I guess our Monday Market Update will be on Tuesday, because Monday is a holiday. I’ll still pull the stats for Monday so that we’re staying the same each week. But yeah, you probably won’t see it until Tuesday. So have a safe and awesome week, everyone.
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 📲 (c) 206-769-9577 📧firstname.lastname@example.org
Sandra 📲 (c) 206-271-7100 📧email@example.com