Monday NW Seattle Real Estate Market Update | February 22nd, 2021
If you didn’t know, here in Seattle, we are experiencing a HOT Seller’s Market! If you’ve been thinking about selling your home, you should strike while the iron is hot in order to get the most for your home. We can’t stress enough how great it is out there for Sellers.
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In this week’s update, we touch on interest rates. They have gone up just a tad from last week, but are still lower than they are typically. This is great news for Buyers! If you are thinking of Buying a home in Seattle, make sure that you and your agent have a game plan because inventory is very low and it can be challenging to get your offer accepted.
If you saw our update last week, then you got to meet Clarence, Sandra’s newest member of her flock. In just 1 week, he is almost fully feathered! He makes a nice addition to our weekly updates.
We hope you have a great week!
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.
𝐴𝑛𝑑 𝑎𝑠 𝑎𝑙𝑤𝑎𝑦𝑠, 𝑖𝑓 𝑦𝑜𝑢 ℎ𝑎𝑣𝑒 𝑎𝑛𝑦 𝑎𝑑𝑑𝑖𝑡𝑖𝑜𝑛𝑎𝑙 𝑟𝑒𝑎𝑙 𝑒𝑠𝑡𝑎𝑡𝑒 𝘰𝘳 𝘥𝘰𝘸𝘯𝘴𝘪𝘻𝘪𝘯𝘨 𝑞𝑢𝑒𝑠𝑡𝑖𝑜𝑛𝑠, 𝑓𝑒𝑒𝑙 𝑓𝑟𝑒𝑒 𝑡𝑜 𝑐𝑎𝑙𝑙/𝑡𝑒𝑥𝑡 𝑢𝑠 𝑎𝑛𝑦 𝑡𝑖𝑚𝑒! 𝑊𝑒’𝑟𝑒 𝑎𝑙𝑤𝑎𝑦𝑠 ℎ𝑒𝑟𝑒 𝑡𝑜 ℎ𝑒𝑙𝑝!
Steve 📲 (c) 206-769-9577 📧firstname.lastname@example.org
Sandra 📲 (c) 206-271-7100 📧email@example.com
Hey, welcome to week 50 of our Monday Market Update. And just so you know, little Clarence who was in last week is doing really well and he’s getting most of his feathers in, he just has two little naked patches under his arm. But that is how pleasantly odd I am which.
And I have to say, I told Sandra, earlier this morning, I said, I thought she was kind of brownish colored but she’s always been white. So apparently I had some filters over my eyeballs or something, who knows.
Yeah. And I’m referring to him as a he, hence the name Clarence. But of course who knows. Maybe, maybe it might be a Claire or Cadence. Well, we’ll find out. But hey, back to what has been happening in Northwest real estate.
So interest rates have actually popped up a little bit. Last week they were like at a 2.625 or something like that. 30 Year and Jumbo, this week, are at 3%. So, you know, not a big difference but they’ve definitely popped up a little bit. And then VA, last week they were 2.25. And then this week they are at 2.625%. It’s still the super cheap money. You know, and interest rates do fluctuate. So I wouldn’t really worry about that. But so Steve, it’s still a super, super hot sellers market.
Sandra, it is so hot. I’m sweating. So in Northwest Seattle last week, there were only 96 homes for sale. I mean, that’s like half of what we normally have. It’s crazy. 47 new listings, 79% of those were vacant and 85% of the homes for sale last week had a review date. Pending Sales 23 went pending with an average market time of 29 days. Pending Inspection, homes that want pending inspections, there were only eight. And there were an average market time of 48 days. So closed homes, 28 homes closed last week with an average market time of 18 days. And the price per square foot, it’s up there at $581 a square foot. But if you took out the two homes that sold last week that had an average square foot price of $900, we’d be at an average of $545 a square foot for the home. So still a great number for sellers. Just that hot sellers market is driving that price per square foot up, up, up, up.
Yeah. Well, and then too what I’ve noticed this week is more town homes actually had review date. It’s a pretty robust market. I think in pretty much all of the segments. If you’re a seller or you’re thinking about selling definitely you want to get on the market sooner rather than later. Buyers hang in there, interest rates are phenomenal. More and more inventory will come on the market as we get later into the year.
But that is it for us this week. Have an awesome week. And we will see you next Monday.